fintech wenance will not be able to carry out a bankruptcy that would allow ordering the payments owed to some 8,000 creditors for 35,000 million pesos, in the Argentinaalthough the company assured that it will appeal the ruling.
The Civil and Commercial Court No. 9 of San Isidro rejected the request after the judge Gabriela Paladin He declared himself “incompetent” to decide on the call request that the CEO of the firm had presented days ago, Alexander Muszak.
According to the judge, the rejection was due to the fact that the court is not competent to admit the request, since the real domicile of the company would be in the Buenos aires city and not in the Buenos Aires town of Vincent Lopezas the company indicated in its presentation.
In addition, although it recognized that the company is not a bank, given its nature as a non-financial credit provider, the regulation that applies to it is that of the Financial Institutions Law and not that of a commercial company, a competition that can be resolved by the federal Justice.
“Due to the domicile of the presenting company, the principle of reality and the true nature of a financial entity of Wenance SA, the intervention of the undersigned in the proceedings would lead to the violation of the constitutional principle of Natural Judge, not being competent on the basis of the factual issues analyzed,” said the magistrate in her ruling.
He added: “It would be unlawful and unfair to the public and the firm’s competitors to admit that the company is just any commercial organization.”
Wenance assured that he will appeal the ruling, since “the only thing that is achieved with this is to delay the process.” “What the company is most interested in is advancing with the bankruptcy to be able to put things in order. The company’s focus is to speed up the times to be able to pay creditors,” Wenance sources assured Télam.
In this sense, they pointed out that Wenance has registered its registered office in Vicente López since mid-2022 and that it does not carry out financial intermediation, so that “incompetence for these reasons seems more like an attempt to avoid intervening in a preventive bankruptcy of great magnitude”.
According to statements by its CEO, Wenance currently has some 8,000 investors -between large and small- who deposited their savings in trusts for more than 35,000 million pesos that have not been returned, after problems were alleged to collect loans granted and increases in the cost of operation.
In the case of Uruguay, there are 600 people who reported being scammed by fintech. These are two separate complaints and the amount of damage would exceed 10.8 million dollars.
In recent weeks, Wenance announced the dismissal of 200 employees in Argentina, Uruguay and Spain and assured that the decision to have appealed to the call for creditors is aimed at “continuing to function, in order to be able to offer the best possible payment proposals to its creditors.”
Source: Ambito
