The commercial bankruptcy of IFRC, a financial institution that defrauded more than 6,800 people, has begun a new chapter with the appointment of Miguel Escamilla Villa as trustee of this process, which, since its inception, in 2015, to date, has covered only 22% of a recognized debt close to 6.5 billion pesos.
After the resignation of Javier Navarro Velasco as trustee of this process, to become general secretary of the government of Nuevo León, from the fourteenth district court in Civil Matters in the Mexico City The resolution was issued that designates Escamilla Villa as the new receiver of the commercial bankruptcy of IFRC.
“It is designated as Miguel Escamilla Villa, as trustee at present commercial bankruptcy, for being duly registered in the Register of Bankruptcy Specialists”, Can be read in resolution 746/2015 held by this medium, signed by David Alejandro Valencia Leal, court clerk.
According to records of the commercial bankruptcy of IFRC, Escamilla Villa acted in different procedures as legal representative of this entity, which at the time functioned as popular financial society (sofipo).
The commercial bankruptcy of IFRC began in November 2015, almost a year after determining its revocation to function as a sofipo and subsequent liquidation, due to various failures to the Popular Savings and Credit Law and for alleged diversion of resources from savers to other companies belonging to Rafael Antonio Olvera Amezcua, the main shareholder of said financial entity.
According to the authority, the embezzlement could reach 2,700 million pesos; However, with the recorded assets of IFRC, in the commercial bankruptcy a total debt of the firm close to 6,500 million pesos was recognized with its close to 4,900 creditors, many of them senior citizens who saw how their money entrusted to this entity disappeared from one day to the next .
Within the functions of Escamilla Villa as new trustee of IFRC is to follow up on the recovery of disputed assets from Olvera Amezcua, currently held in a migration center in San Antonio, Texas, to monetize them in favor of creditors, as well as in the recovery of the portfolio of credits pending payment to this entity.
In these six years of the commercial bankruptcy, the receivership has managed to close agreements with Olvera Amezcua to transfer assets that are monetized in favor of the creditors; however, the process of taking possession of these has been slow. Likewise, it has not been possible to sell some assets of IFRC that were taken by the authorities once the embezzlement became known.
Although assets have been identified both in USA like in EuropeThe takeover of these and their subsequent monetization has been quite a legal odyssey.
Throughout the process of commercial bankruptcy, the receivership has managed to monetize about 1,400 million pesos in favor of the creditors, that is, the equivalent of 22% of the recognized debt or, where appropriate, 22 cents for each peso that is owed to the defrauded.
Reference-www.eleconomista.com.mx