The fintech Wenance announced the decision to file for bankruptcy, as it said, to “restructure its liabilities and allow the company to continue operating and thus be able to meet its obligations.” There are complaints from 3,000 investors.
The fintech Wenance that defaulted on the payments of clients who deposited their savings in private trusts for more than $35,000 million, laid off 200 employees and accumulated complaints from around 3,000 investorsrequested the summons of creditors and annulled the restructuring plans.
The fintech led by Alejandro Muszak had made a proposal to its investors in mid-July, which separated creditors with less than $3 million in capital, offering them repayment in 12 installments starting in August and, later, 2 installments of compensatory interest; and for larger commitments, dollarize at the MEP exchange rate in July at an annual rate of 8%, to be paid in 18 months.
The proposal fell through after the company claimed to have received liens on its accounts by creditors who initiated foreclosures “trying to collect first than others.”
“This procedure allows all those who consider themselves creditors, suppliers, employees with labor debts, trusts, to demonstrate that they are genuine creditors of the company and are recognized as such,” they said in a statement. “If these embargoes are not lifted through a bankruptcy process, they will prevent it from continuing to function and therefore lead to a bankruptcy that will not allow it to meet most of its obligations,” Wenance said.
From the company they assure that the preventive bankruptcy is a mechanism through which “only those who act faster, more aggressively or better advised do not charge”, and that “Once the real liabilities of the company have been established, through a negotiation process, payment proposals will be made to the creditors so that they can give their agreement or not with them.”
“The alternative to this process is the bankruptcy of the company and as decades of court records have shown, bankruptcies only generate huge legal costs, jurisdictional waste, court time and almost non-existent recoveries for creditors. We understand and believe that this is the appropriate tool for the greatest benefit and justice of creditors, the continuity of the company and the maintenance of sources of work.“Wenance said in the statement.
Last week, The Federal Police carried out multiple raids in the framework of the case that is investigating three of the top managers of the fintech Wenancewho were formally notified of the formation of the cause and of the facts that are imputed to them.
One of them is Alejandro Muszak, owner of the fintech, who along with others responsible already has “several cases open in different courts in the Capital and different provinces, where presentations from different victims continue to be received”, according to legal sources. In addition to setting dates for them to make the investigative statement, they were prohibited from leaving the country.
Source: Ambito
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