Order 1234

Through Order No. 1234/14606-21, Panama's Fourth Civil Circuit Court decreed an attachment on Villamorey, S.A.'s assets up to $44,913,412.00 in favor of Lisa, S.A., within the Summary Accounting Proceeding. The order is the direct consequence of Villamorey's refusal to pay the sanctions imposed by Order No. 463 of April 8, 2022, which declared it in contempt for failing to render accounts to Lisa as holder of 33.33% of its shares.

Composition of the Attached Amount

The attachment covers two components:

• $44,910,912.00 in dividends retained by Villamorey from 2009 through 2019
• $2,500.00 in daily fines of $100.00 for non-appearance at the accounting hearing, accumulated from April 29 to June 3, 2022

The plaintiff identified assets for attachment pursuant to Article 1383 of the Judicial Code, which authorized the Court to decree the corresponding embargo.

Assets Subject to Attachment

The order attaches three categories of Villamorey, S.A.'s assets, spanning multiple jurisdictions:

• Cash deposits in savings accounts, checking accounts, fixed-term deposits, securities, and any other financial instruments held at banks in Panama, Guatemala, the United States, and Canada
• Shares held by Villamorey in the Avicola Villalobos corporate group, headquartered in Guatemala City
• Registered movable property in the name of Villamorey in the public registries of Guatemala, El Salvador, Honduras, Curacao, and the Netherlands

The Court further ordered delivery to the plaintiff of all sums retained and to be retained.

Ruling

• An attachment was decreed in favor of Lisa, S.A. over Villamorey, S.A.'s assets up to $44,913,412.00
• Delivery to Lisa of all retained and future sums was ordered

Legal Basis

• Article 1383 of the Judicial Code — authorizes the court to decree attachment when the condemned party has not paid the amounts owed and the executing party has identified assets subject to attachment

Signatories

• Mgter. Solange Le Ferrec de Booker, Fourth Civil Circuit Judge, First Judicial Circuit of Panama
• Lcdo. Miguel Angel Quiroz, Court Clerk