The countdown began for the Civil and Commercial Judge Valeria Pérez Casado to decide if Cristóbal López will be able to save Oil Combustibles from the final liquidation, his company tried in the criminal jurisdiction for fraud by not paying the Fuel Transfer Tax (ITC) in multimillion-dollar sums, according to the indictment. Within the framework of bankruptcy and thanks to the consent of the AFIP, its main creditor, the oil firm could be recovered by López despite being inactive and with its assets sold since 2018.
A month and a half ago, Oil achieved a favorable result from the AFIP. The body that directs Mercedes Marcó del Pont, gave consent for Cristóbal López to prevent Judge Pérez Casado from distributing 100 million dollars among the creditors of the oil company. This step was the final liquidation instance to conclude a process that began in May 2018, when it decreed its bankruptcy.
After entering the tax moratorium promoted by Alberto Fernández, which made it possible for bankrupt companies to obtain a payment facility plan, Cristóbal López began another process that obtained the approval of the AFIP. He looked for an agreement, that is, to obtain the agreement of all creditors to find another way to cancel the debt and thus avoid the liquidation of Oil. In recent months, López’s attorney, Eduardo Favier Dubois, filed reports showing the compliance of various verified creditors in the bankruptcy process.
On March 8, Judge Pérez Casado asked for more information in this regard. The truth is that, despite being bankrupt since 2018, inactive since then and with its main assets already sold, Oil has already managed to get its main creditor – the treasury – to provide compliance to avoid the liquidation of what remains of the company. If this AFIP proposal is successful, Indalo’s owner would be closer to lifting the bankruptcy of the oil company.
Now the lawyer Favier Dubois presented a new and perhaps last brief before Judge Pérez Casado, in which requests that the process be concluded after the deadlines stipulated by law have been met and because – he assures – presented the majority of the compliances on the part of the creditors.
“We come to request the conclusion of the process of this bankruptcy is declared by settlement“, he maintained in the letter to which he agreed Clarion. He also asked for a maximum term until July 12, 2021, “necessary to formalize a ‘complementary presentation’ in which the conformities in the course of negotiation will be accredited and the creditors who could not be found and who had not given their agreement will be determined”.
The lawyer provided the conformities of 22 creditors, “with which the figure of 261 is reached. If the AFIP’s agreement is added, it reaches 262. Another 35 conformities are in the process of negotiation, which motivates the request for deferral , which take the figure to 297 “. A) Yes, the former tenant of Cristina Kirchner, was one step away from rescuing his company.
The owners of Oil Combustibles are on the edge of the term that the judge had given them to present the documents that prove the consent of the majority of the creditors to Cristóbal López’s proposal to pay their debt and not liquidate the company.
It was a process in stages. In the middle of the pandemic, Cristóbal López took advantage of the tax moratorium promoted by Alberto Fernández. When the ruling party turned the bill into law, the opposition refused to accompany the measure, focusing on Oil’s debt and that it is a company with bankruptcy ruled since mid-2018 and completely inactive. “They are looking for a payment facility plan to cancel all of their tax debts verified in the bankruptcy (6,739,449,633 pesos), in bankruptcy (1,507,702,128 pesos) and pending resolution (3,548,496,183 pesos),” they said then .
In the federal jurisdiction, where the owners of the Indalo Group are tried for fraud, the previous AFIP management had claimed a debt with the AFIP of 10,000 million pesos. The numbers have not yet been clarified. But after entering the moratorium, López advanced with the agreement in order to achieve the rescue of Oil.
The oil company added another problem: in 2018 the bankruptcy was issued with continuity, and this generated new debts for “non-compliance with tax obligations under his charge, motivated by the continuity of the exploitation, “said AFIP, which also requires the payment of another 20 million pesos.
For Cristóbal López, the debt does not exceed 560 million pesos. But recently a ruling by Chamber D of the Civil and Commercial Court of Appeals reiterated its harsh terms. By rejecting a proposal from the businessman regarding when to start accounting for the default, the chambermaids indicated that Oil generated a “dramatic reality” that put the treasury in a situation of “difficulty in recovering its debts”, as a “direct consequence from an exorbitant fiscal debt whose existence cannot but be explained from the obvious complicity of state officials”, In relation to the AFIP of the Kirchner administration, led by Ricardo Echegaray.