Simple Executive Lawsuit of High Value

Case File No. 117030-21 turns on the binding effect and continued enforceability of Order No. 2567-2021, through which the Eleventh Civil Court admitted the executive action and ordered Villamorey, S.A. to pay $51,643,208.80 in dividends long recognized by the courts as belonging to Lisa, S.A. This order—issued after years of litigation culminating in final and affirmed rulings—confirms the full extent of Lisa’s credit and requires the court to advance through the standard enforcement stages of embargo, deposit, and valuation under Articles 1138(2), 1640, and 1643 of the Judicial Code.

Although Villamorey filed an appeal, the appeal was granted in devolutive effect, meaning enforcement must continue while the appeal is reviewed. Legally, the payment order remains fully operative, and the court retains a non-discretionary obligation to implement the enforcement measures needed to secure collection. With a definitive payment mandate in place and a procedural framework designed to prevent delay, Lisa holds a strong legal position: the debt is established, the order is enforceable, and the mechanisms for execution are already triggered by law.

The record shows that Villamorey has resisted compliance for many years, including by withholding dividends beyond court-authorized limits and maintaining incorrect registry annotations. However, these actions do not diminish the validity or enforceability of the $51 million obligation. Instead, they provide a clear evidentiary basis for continued enforcement efforts. Lisa has already filed multiple embargo motions, enforcement requests, and constitutional amparos—steps that position the company to compel execution and ensure that the payment order is carried out as required.

Order No. 2567-2021 remains the operative directive, and the legal structure governing executive proceedings strongly favors its eventual enforcement. The outstanding issue is not the legitimacy of Lisa’s claim—which is firmly established—but the completion of the remaining procedural steps necessary to effectuate collection under Panamanian law.