Panama's Eleventh Civil Court admitted Lisa, S.A.'s executive claim and issued a $51,643,208.80 payment order against Villamorey, S.A. for illegally retained dividends.

Admissibility and Procedural Cure

The order followed Order No. 2539 of December 15, 2021, by which the court directed Lisa, S.A. to correct deficiencies in its executive complaint against Villamorey, S.A. Once those deficiencies were cured, the Eleventh Circuit Civil Court of the First Judicial Circuit of Panama confirmed that the corrected complaint satisfied the admissibility requirements of Article 665 and the executive-process prerequisites of Articles 1613(3) and 1614(5) of the Judicial Code, and admitted the complaint as a simple enforcement proceeding of high value.

Basis of the Enforced Credit

The enforced credit rests on the Expert Report of August 26, 2021, which quantified at $44,910,912.00 the dividends declared and illegally retained by Villamorey from Lisa between 2009 and 2019, plus interest calculated at an annual rate of 3.25% corresponding to the yield on Villamorey's investment portfolio.

Notice and Warning to the Defendant

The order directs that Villamorey be notified of the payment mandate and warns that the defendant must appear within two days of notification to pay or identify assets for payment. Failure to declare assets is sanctioned as contempt of court (desacato), and false declarations trigger criminal liability with referral of the proceedings to the Public Ministry.

Ruling

• The corrected executive complaint filed by Lisa, S.A. against Villamorey, S.A. is admitted as a simple enforcement proceeding of high value
• A payment order is issued for $51,643,208.80, broken down as principal $44,910,912.00, costs $6,732,236.80, and provisional expenses $60.00
• Attorney María Luisa Villarreal Palacios is recognized as judicial representative of the plaintiff
• The defendant is warned to appear within two days to pay or identify assets, subject to contempt sanctions and criminal liability for false declarations

Legal Basis

• Article 465 of the Judicial Code — general provision on procedural representation
• Article 665 of the Judicial Code — admissibility requirements for all complaints
• Article 1613(3) of the Judicial Code — prerequisites for executive proceedings
• Article 1614(5) of the Judicial Code — instruments that constitute enforceable titles
• Article 1623 of the Judicial Code — payment order and warning to the judgment debtor

Signatories

• Licda. María Leticia Cedeño Suira, Judge, Eleventh Circuit Civil Court of the First Judicial Circuit of Panama
• Licda. Raquel Guzmán Fernández, Court Clerk