The San Isidro Court of Civil and Commercial Appeals approved the bankruptcy proceedings that had been requested by the fintech.
Room II of the Chamber of Appeals for Civil and Commercial Matters of San Isidro approved the bankruptcy that had been requested by the fintech Wenance.
The fintech Wenance that defaulted on payments to clients who deposited their savings in private trusts for more than $35 billion, laid off 200 employees and accumulated complaints from around 3,000 investorshad requested a meeting of creditors at the beginning of August and had annulled the restructuring plans.
However, in the first instance, the Civil and Commercial Court No. 9 of San Isidro rejected the request after the judge Gabriela Paladin was declared “incompetent” to decide on the request for a meeting that the CEO of the firm had presented, Alexander Muszak.
Furthermore, the judge based the rejection on the fact that the aforementioned signature was not a competitive subjectby assimilating it in practice to a financial entity.
Now, the Chamber indicated that the judge “is competent due to the territory and the subject matter to intervene in the present preventive bankruptcy requested by the company “WENANCE SA”, and that the aforementioned firm is a subject susceptible to bankruptcy.”
Source: Ambito
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