The Fourth Superior Tribunal confirms Order No. 898 approving the extrajudicial settlement between BDT Investments Inc. and Lisa, S.A., rendering the 2012 attachment lift final.

Tribunal's Analysis

The Fourth Superior Tribunal, reviewing the trial court's approval of the extrajudicial settlement submitted by BDT Investments Inc. and Lisa, S.A. within the Simple Executive Proceeding, Exp. 31638-12, determined that the agreement complied with the requirements of Article 1082 of Panama's Judicial Code. It confirmed that the attorneys for both parties held the authority to settle and that the terms of the agreement did not contravene the legal framework. The ruling imposed no award of costs, as explained in the reasoning section of the decision.

The settlement approved through Order 898-2022 had directed the lifting of the precautionary attachment imposed on December 12, 2012 through Order 1838-2012 over shares, dividends, bank deposits, and other rights belonging to Lisa, S.A. in various companies of the Avícola Villalobos Group and in Villamorey, S.A. By confirming that order on appeal, the Tribunal foreclosed any further challenge to the judicial approval of the settlement and the lifting of the attachment, rendering both decisions final and fully enforceable. Following this ruling, the Twelfth Court proceeded to issue the corresponding official notices to execute the lifted attachment vis-a-vis Villamorey, S.A., the depositary banks, and the courts with jurisdiction over Lisa, S.A.'s assets, beginning with Official Notice 28.

Ruling

• Confirms Order 898-2022 of April 12, 2022, of the Twelfth Circuit Civil Court of the First Judicial Circuit of Panama, which approved the extrajudicial settlement between BDT Investments Inc. and Lisa, S.A. under the terms and conditions of the agreement
• No award of costs

Signatories

• Ana C. Castro U., Special Alternate (Magistrate)
• Jorge Luis García García, Magistrate
• Jesús Girón Cuan, Judicial Clerk