After a failed attempt at restructuring, the process that began in September 2014 with the cessation of payments by the financial company La Generosa today ended with a judicial declaration of financial bankruptcy.
Prensa.com explains that"...The measure involves the seizure of all assets belonging to the company, the appointment of a executor and José Luis Ford being banned from leaving his home where the bankruptcy was finalised, which is effectively an impediment to him leaving the country. "
The ability of the executive and legislative powers to effectively lead their country's economy is seriously diminished by the excessive actions of the judicial branch, especially the Constitutional Courts.
It is happening in Central America but it is a growing problem throughout Latin America.
The Superintendency of Corporations has ordered the opening of bankruptcy proceedings on the assets of Interbolsa SA, parent company of the Grupo Interbolsa.
A statement from the Superintendence of Companies of Colombia reads:
Bogota, Jan 4 (SS).
The Superintendency of Corporations in the exercise of its statutory powers 430-000043 January 2013 has decreed the opening of bankruptcy proceedings of the assets of Interbolsa SA, the parent company of Grupo Interbolsa.
A partnership has been formed between the Nicaraguan government and the Spanish group Barceló to build an international airport in the Montelimar resort, in San Rafael del Sur.
An article in Laprensa.com.ni reports that "The Government of Nicaragua and the Spanish hotel group Barceló have signed an agreement to build an international airport in the Montelimar resort, in the Pacific, officials said on Sunday. The agreement, which creates a joint partnership between the two parties was signed in a private ceremony in Managua by Nicaragua's Attorney General Hernan Estrada, and the group's director for Barceló Central and South America, Juan José Ribas. "
Those responsible for implementing the new "accusatory" penal system have presented the budget necessary for it to begin in Coclé and Veraguas.
The article by Yureth Paredes in Laestrella.com.pa indicates that, "Institutional Coordination Commission sub-committees created to implement the accusatory penal system (SPA) presented the total budget required for this new structure of almost $52 million".
Key figures for each country: Budget, Expense per capita, Case resolution rate, Transparency, Number of judges and courtrooms and Perception of independence.
A society’s development is heavily based on its ability to peacefully, rapidly and impartially resolve conflicts through its judiciary system. This is why modern societies work hard to have strong and efficient systems, way beyond the rhetoric and formal division of powers.
Carlos Castillo, lawyer of the Corporation, assured they will file an amparo action.
It will be filed before the Constitutional Court of the Supreme Court of Justice, in response to yesterday's ruling, which sentenced the corporation to pay $23.9 million to Salvadoran company Servipronto.
"We categorically state that a company has been sentenced to pay $23 million without any evidence.
Both construction entrepreneurs and the Minister of Public Works say that there are no flexible mechanisms provided to resolve conflicts.
The difficulties incurred in complying with the Law of Contracts and Procurement of Public Administration (LACAP), would result in multimillion dollar losses due to crippled projects, contracts not awarded and lengthy litigation, with the consequent loss of jobs and necessary dynamism in the construction sector.
An editorial in the January 28 edition of the Nacion daily reveals the intentions of the Full Court in Costa Rica to establish regulations to restrict the publication of personal information contained in judicial process and sentences on the Internet. This information, according to the law, is public and can be accessed in the physical files.
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