BES. Creditors affected by non-revocation of the license
Publication of a decree in late July enshrined the prohibition of creditors to enforce their rights before being revoked authorization for banking activity to the BES .
The Bank of Portugal, to not have revoked the authorization to conduct banking business to BES when applied the measure of resolution, August 3 last year, is harming the shareholders and creditors of the financial institution because it is to postpone its liquidation and is fleeing to judicial review.
If he had, the central bank would have had to apply, the competent court, and within 10 days of liquidation of the credit institution, putting all creditors equally.
More. From there, it would have opened, by virtue of article 8, 3 of Decree-Law No. 199/2006 of 25 October winding-up proceedings, in which applicants could lodge their claims and require the seizure of assets diverted the assets of Banco Espírito Santo.
The argument consists of an application submitted to the Court of Commerce Section of the District of Lisbon by a group of shareholders and bondholders harmed that hi had access where they argue that this is the relevant section to enact the injunction of seizure of property and assets of the BES.
The petition signatories point out that one of the “dramas of shareholders and creditors of Banco Espírito Santo is that, it seems, have” past “that financial institution for the bulk of the New Bank Heritage BES, without writing evidencing this movement, in consistent terms and in accordance with the laws of accounting. ”
They add that although the press announcing the “bankruptcy” or the “collapse” of Banco Espírito Santo, “are not known any measures to ensure the proper compliance with the principle that shareholders and creditors should not receive less than they would in insolvency proceedings. ”
Another of the arguments put forward to justify the trial of the injunction that instance relates to the publication of Decree-Law No. 140/2015, published on July 31, who came to say that the creditors of the institution Credit subject to measurement resolution can not exercise their rights as has been withdrawn the authorization to the bank operated upon.
The application considers that this decree has allowed the Bank of Portugal continue to move around the heritage constituted guarantee of BES’s creditors, “without any judicial review”.
He adds that “it is exclusively the Bank of Portugal apply, the competent court, the liquidation of the credit institution, within 10 working days after the withdrawal of authorization issued under Article 22 o the Legal Framework “, noting that this request has not yet input.
The action will be recalled, calls for the arrest of “all real property existing at the date of termination of the measure in the ownership of Banco Espírito Santo, provided they do not transferred to third parties by public deed or equivalent document signed for the management of BES. “
New manifestation Damaged BES ‘commercial paper returned yesterday to manifest itself in Oporto The demonstration, which began at 11 am in front of the headquarters of the New Bank, included concentrations near the Bank of Portugal and facilities balcony New Bank in Sá da Bandeira street, one of the arteries through which followed a protest march. Rui Alves, the Association of Indignados and Deceived Commercial Paper (AIEPC), said to journalists is already marked a new demonstration for Monday, in Guimarães, at 10 am and another scheduled for Thursday at 11 am in Vilar Formoso.
During the demonstration, which also counted on the presence of dozens of injured migrants, there was a moment of greatest tension in the morning when some of those present tried to enter the premises of the Bank in New Allies and were promptly removed by members of the PSP, despite still being thrown eggs and have been broken a glass of a window.
The lawyer representing the association, Nuno Silva Vieira, meanwhile told reporters that ” the street noise will be replaced by courts of silence in the coming days “, reaffirming that action be brought before the European Court of Justice.
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