Order 2567

Admission of executive complaint and $51.6 million payment order.

The Eleventh Circuit Civil Court of the First Judicial Circuit of Panama, through Order No. 2567, admitted the corrected executive complaint filed by Lisa, S.A. against Villamorey, S.A. and issued a payment order in favor of the plaintiff. Lisa had previously filed the complaint, and the court, by Order No. 2539 of December 15, 2021, directed correction of certain deficiencies. Once those deficiencies were cured, the court confirmed compliance with the admissibility requirements of Article 665 and the procedural prerequisites of Articles 1613(3) and 1614(5) of the Judicial Code.

The enforced credit is grounded in 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 will be sanctioned as contempt of court, and false declarations will trigger criminal liability with referral to the Public Ministry.

Ruling

• The corrected executive complaint filed by Lisa, S.A. against Villamorey, S.A. is admitted
• 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