Fourth Superior Tribunal confirms settlement approval and attachment lift in BDT v. Lisa
Oct 1 2024
4th Superior Tribunal
Edict No. 249-24, posted on October 1, 2024, publishes the ruling of the Fourth Superior Tribunal of the First Judicial District of Panama confirming in full Order No. 898 of April 12, 2022, entered by the Twelfth Circuit Civil Court. In that order, the trial court had approved the extrajudicial settlement submitted by BDT Investments Inc. and Lisa, S.A. within the Simple Executive Proceeding, Case File 31638-12, and directed the lifting of the precautionary attachment imposed through Order No. 1838 of December 12, 2012 over shares, dividends, bank deposits, and other rights belonging to Lisa, S.A. in various companies of the Avicola Villalobos Group and in Villamorey, S.A.
The Fourth Superior Tribunal, on appeal, determined that the settlement complied with the requirements of Article 1082 of Panama's Judicial Code, confirming 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 appellate confirmation 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.