The Commercial Court No. 17 of Madrid issued an order denying the homologation of the Restructuring Plan of Wenance Lending de España S.A.
The judicial decision, based largely on the argumentation presented by the Kepler-Karst legal team on behalf of the creditors, highlights serious deficiencies in the restructuring process requested by Wenance.
Key elements in the court’s decision include:
- Deficiencies in the legal representation of the parties involved.
- Inadequate communication of the plan to creditors.
- Failure to recognize the privileged status of the Monachil investment fund's credit.
"This court order sets a milestone in the defense of the affectedcreditors and goes a long way towards disclosing the Wenance financial status as well as the fate of their investments," highlights María Bartle, partner at Kepler-Karst who, along with Davinia Sánchez de la Cruz, managing partner of the firm, led the insolvency strategy. Davinia also points out "given the number of victims and the seriousness of the alleged crimes, a swift and decisive legal response is imperative. We are committed to leading this effort on both sides of the Atlantic".
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