Oct 27 2008
11th Civil Court
The secured amount comprises $236,772.91 in principal, $45,355.94 in costs, and $34.00 in provisional expenses, totaling $281,172.85. The measure attached two categories of assets:
Shares. Lisa, S.A.'s holdings in eight Avícola Villalobos group companies:
Dividends. All sums Lisa, S.A. was entitled to receive as declared dividends from any of the above entities.
Because seven of the eight companies are incorporated under Guatemalan law, the court ordered letters rogatory to notify the precautionary measure and constitute those companies as judicial depositaries of the attached dividends under Article 536(4) of the Judicial Code. Villamorey, S.A.'s president was notified directly as a Panamanian entity.
The response was swift. On November 25, 2008, less than a month after the decree, Juan Luis Bosch Gutiérrez, as Villamorey, S.A.'s legal representative, informed the court through <doc id="pty-556-99-2008-11-25-a" /> that the board of directors had implemented the order and that the retained dividends were at the court's disposal, formally assuming the role of judicial depositary.
This precautionary measure established the mechanism that, a decade later, the court would use to extinguish the entire judgment debt through set-off against the retained dividends, as ordered in <doc id="pty-556-99-2018-12-05-a" /> of December 5, 2018, entered within the Ordinary Lawsuit of High Value <law id="pty-556-99" />. The outcome preserved Lisa, S.A.'s shareholdings across the Avícola Villalobos group, which the opposing party had sought to auction.