Exp. 31638-12 · Simple Executive Lawsuit for Debt Collection
On May 28, 2025, BDT Investments Inc. filed two simultaneous requests for international letters rogatory to Guatemala, requiring both GTC Bank and Villamorey, S.A. to provide a complete accounting of the management and current status of the $19,000,000.00 deposit that Villamorey administered on behalf of Lisa, S.A.
BDT Investments Inc. filed a simple executive debt-collection proceeding against Lisa, S.A. before Panama's Twelfth Civil Court, obtaining in December 2012 an attachment for $19,184,680.00 over Lisa's shares, dividends, and bank funds in Avícola Villalobos Group companies and Villamorey, S.A. In 2022, the Court approved an extrajudicial settlement whereby Lisa assigned all its litigation rights in approximately 250 judicial actions to BDT in exchange for debt forgiveness, and ordered the attachment lifted, a decision confirmed on appeal in September 2024. Despite the final ruling, Villamorey and its general agent have not released approximately $19,000,000.00 held at GTC Bank, forcing BDT to pursue international judicial cooperation measures in 2025 to secure the release of funds and a full accounting.
The Twelfth Civil Court decreed an attachment for $19,184,680.00 over a broad set of Lisa, S.A.'s assets: shares in eight Avícola Villalobos Group companies (including Alimentos para Animales, S.A., Avícola Las Margaritas, S.A., Administradora de Restaurantes, S.A., Compañía Alimenticia de Centroamérica, S.A., Importadora de Alimentos de Guatemala, S.A., Industria Forrajera de Mazatenango, S.A., Inversiones Empresariales, S.A., and Villamorey, S.A.), declared and future dividends, funds deposited by Villamorey at GTC Bank, rights arising from the ordinary proceeding against Villamorey (Case No. 556-99), and Lisa's deposits at local banks.
The breadth of the attachment reflects the corporate structure through which Lisa held its investments in the Avícola Villalobos Group, securing the full universe of recoverable assets against BDT's debt. The attachment remained in force for over a decade, until April 2022.
Through Order No. 898, the Twelfth Civil Court approved the extrajudicial settlement executed on February 19, 2020, verifying that counsel for both parties held authority to settle and that the agreement did not contravene the legal order (Article 1082 of the Judicial Code).
Under the agreement, Lisa, S.A. assigns and transfers to BDT all rights and obligations arising from approximately 250 pending judicial actions in Guatemalan and Panamanian courts. BDT assumes all past, present, and future litigation rights, along with the obligation to cover legal expenses. In exchange, BDT grants Lisa full discharge of accumulated debt. The parties declare the agreement confidential and submit its interpretation to the laws of Barbados.
The Court ordered the lifting of the attachment decreed under Order No. 1838 over all previously encumbered assets, terminating the executive proceeding.
The Fourth Superior Tribunal confirmed Order No. 898 in full, determining that the settlement complied with the requirements of Article 1082 of the Judicial Code. No costs were imposed.
The appellate confirmation foreclosed any further challenge, rendering both the settlement approval and the attachment lift final and fully enforceable. From this point forward, BDT held the unqualified right to demand the release of funds and a full accounting from Villamorey, S.A.
On January 3, 2025, the Twelfth Civil Court issued three coordinated official notices to execute the attachment lift across all fronts: funds held by Villamorey, Lisa's litigation rights before the Eleventh Court, and Lisa's bank accounts.
Official Notice No. 28 formally notified Villamorey, S.A. that the attachment over funds it was required to deliver to Lisa, S.A. at GTC Bank, up to $19,184,680.00, had been lifted. The notice expressly references Official Notice No. 54 of January 14, 2013, through which the original attachment was communicated, and instructs Villamorey to make the corresponding legal annotations.
Official Notice No. 29 notified the Eleventh Civil Court that the attachment over Lisa's rights in the ordinary proceeding No. 556-99 against Villamorey had been lifted. The communication ensures that the Eleventh Court updates its records and removes any judicial restriction over Lisa's rights in that case file.
Official Notice No. 30 notified local banks that the attachment over Lisa's funds had been formally lifted, superseding Official Notice No. 56 of January 2013. This notice marks the beginning of the material enforcement phase of the settlement, although the effective release of funds would face obstacles in the months ahead.
Despite formal notification of the lifted attachment, Villamorey, S.A. did not voluntarily release the funds or account for their administration. BDT was forced to file multiple motions to compel compliance.
Counsel for BDT and Lisa jointly requested a letter rogatory to notify Guatemalan authorities that the attachment over Lisa's shares in Guatemalan companies had been lifted. The joint nature of the filing confirms that no dispute exists between the parties regarding the lifting, while the need for this step demonstrates that Lisa's shares remained formally encumbered in Guatemalan registries due to the absence of international judicial communication.
BDT requested that the Court issue a direct order to GTC Bank for the release of $19,184,680.00, after Official Notice No. 28 directed to Villamorey had not been complied with. This motion represents an escalation in BDT's enforcement strategy: seeking to reach the custodian of the funds directly, bypassing Villamorey, on the ground that the continued retention jeopardizes BDT's commercial operations.
BDT requested an international letter rogatory to Guatemalan judicial authorities requiring GTC Bank to provide detailed information on accounts linked to Villamorey's $19,000,000.00 deposit: current status, total amount, opening date, general terms, any withdrawals or transfers, beneficiaries, and the complete banking file. The request invokes Article 2(b) of the Inter-American Convention on Letters Rogatory as a mechanism for international judicial cooperation.
Simultaneously, BDT requested a companion letter rogatory addressed to Villamorey, S.A. in Guatemala, requiring a complete accounting of the management, disposition, and current status of the $19,000,000.00. Together, these two motions seek to foreclose any avenue by which Villamorey or GTC Bank could evade the obligation to account for the funds. BDT grounds the request on the absence of any legal impediment: no precautionary measure remains in effect that would justify refusal to disclose.
| Date | Document | Issued by |
|---|---|---|
| Dec 12 2012 | Order 1838-2012 | 12th Civil Court |
| Apr 12 2022 | Order 898-2022 | 12th Civil Court |
| Oct 1 2024 | Edict 249-24 | 4th Superior Tribunal |
Although the executive proceeding concluded with the judicially approved and appellate-confirmed settlement, the effective release of funds remains pending. BDT awaits issuance of the letters rogatory and cooperation from Guatemalan authorities to obtain the banking information and a full accounting from Villamorey, S.A. regarding the $19,000,000.00.