Welcome to Monday morning and the start of another week with Inside Timeshare, today we have a look at the latest developments in the Liquidation of Silverpoint. Many people seem to believe that this is just a simple procedure, wind down the company, secure the assets for creditors and that is it, unfortunately, when it comes to timeshare and Silverpoint in particular this is not the case as you will see. By the nature of the company setup, this is one very complex case.
One of the main law firms which are deeply involved in the liquidation procedure is Canarian Legal Alliance, they have been at the forefront of the moves by the authorities to investigate the dealings of the myriad group of companies of which Silverpoint is part, The Limora Group.
In their update to clients, CLA explains they have requested through the Mercantile Court, the “accumulation” of the procedures against Silverpoint, along with one called Oasis Investments SA, the former owners of The Paramount. This would mean that both liquidation procedures are joined, so far no reply to this request has been received from the court.
If this procedure is approved, CLA would then request that the actual Paramount building be reintegrated with Silverpoint which would raise the assets of the companies. The lawyers have also joined other actions requested by the Court Appointed Administrator where they have asked for Excel to return some of the assets. These were initially acquired in an operation which the lawyers at CLA classified as fraud.
Details of CLA’s March update on this can be found at the link below.
It was also reported that the Court Appointed Administrator and Excel asked for a suspension of hearings due to a possible agreement between the parties. This agreement establishes a reintegration of eleven thousand timeshare weeks, increasing the companies value. In exchange, there will be a recognition of debt in Excels favour of seven million euros.
The lawyers representing their clients have naturally opposed this agreement in part. They have accepted the reintegration of the weeks as it is in their clients best interests due to the increased value of the company. However, they do not agree with the recognition of any debts to excel as they do not believe them to be justified.
It will now be down to a Judge to study all the arguments presented and then base his decision on the facts.
The CLA Lawyers have also requested information on the criminal procedure as this appears to have gone a little cold recently. They have also made a request to the court to carry out the gathering of evidence, such as the interrogation of key staff, their legal advisors and also the Court Appointed Administrator, who should after all this time have a very good grasp on the Limora Group/Silverpoint set up.
As we stated in our opening, this is one of the most complicated liquidations which the courts have had to deal with. The whole Limora Group set-up was designed to divert money worldwide, using methods such as “inter-company loans”, one of the reasons behind the current liquidations. All this was expertly achieved by Kwang Boon Sim, the financial guru of the late Robert “Bob” Trotta, the full story can be read at the following link.
https://insidetimeshare.com/?s=Exclusive+Breaking+News%3A+The+Truth+Behind+Silverpoint+Exposed
There is a lot more going on than we are able to publish here, as and when it becomes public knowledge it will appear on these pages. In the meantime we must issue a warning, as you can see from this article, the liquidation process is complex and is going to be long and drawn out, so beware of the “cold callers” who will claim they have a “fast track” procedure to help you. Timing is down to the courts and the completion of any investigations, no law firm, lawyer or any other person can have any influence on the process, not even god.
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