Twelfth Civil Court notifies Villamorey that $19,184,680.00 attachment on GTC Bank funds has been lifted
Jan 3 2025
12th Civil Court
In Official Notice No. 28, dated January 3, 2025, the Twelfth Circuit Civil Court of the First Judicial District of Panama formally notified Villamorey, S.A. that the attachment over funds held by Villamorey for Lisa, S.A. at GTC Bank Inc., up to $19,184,680.00, has been lifted. The lifting resulted from the appellate confirmation of Order No. 898 of April 12, 2022, which approved the extrajudicial settlement between BDT Investments Inc. and Lisa, S.A. in the simple executive proceeding Case No. 31638-12.
The original attachment was decreed under Order No. 1838 of December 12, 2012 and remained in effect for over a decade. The parties' settlement was approved at first instance in April 2022, and the Fourth Superior Tribunal confirmed that approval on September 30, 2024, rendering it final. This notice executes that decision by directly notifying Villamorey, S.A. as the entity that controlled the attached funds.
The notice expressly references Official Notice No. 54 of January 14, 2013, through which the original attachment had been communicated to Villamorey, instructing the company to make the corresponding legal annotations to reflect the lifting. This notice was issued on the same day as the communications directed to the Eleventh Court and to banking institutions, as part of a coordinated series of notifications to effectuate the attachment's lifting on all fronts.