White House Stores. Photo taken from Facebook.
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(CRHoy.com).- Francisco Luis Vargas, lawyer of the society Land Business CR –Casa Blanca store owner– and who is in charge of directing the judicial process that is carried out to liquidate the company, indicates that the compensation of the employees of the stores depends first on the payment made to the mortgage creditors and to the State.
The owners of the stores began the liquidation process because they cannot pay the debts they have with banks and it was not possible to reach an arrangement.
According to Luis Vargas, the Usury Rates Law was one of the aspects that affected the company’s process. “I would say very likely yes, because at a time when the company maybe could have made some adjustments, interest rates were capped by that law.” In addition, he added that customers who have debts will still have to pay them off, even if the stores go bankrupt.
What will happen to the employees?
According to the specialist, despite the fact that there is now a new law that regulates liquidation processes, the situation of how the compensation payment is distributed remains as it was previously.
In that sense, the state has priority to receive compensation in case there are debts with him by the company and also the mortgage creditors They are above the employees who work in the company.
Regarding the mortgagee, this corresponds to the one who made a loan with a mortgage, for which he has a legal guarantee to receive in case the payment agreed for the loan is not made. This type of creditor is usually a bank.
Taking into account that A bankrupt company has as its main characteristic that it does not have money to meet all its obligationsthe settlement payment for employees will depend on how much money is left over (if any) after paying mortgagees.
Vargas stated that:
The workers are among the privileged creditors, but not in the first order. Mortgages come first, even the State is above the mortgagees for property taxes, and after that come the workers and then come the creditors who don’t have any special guarantees.
For this reason, employees have no certainty of receiving benefits when the company declares bankruptcy. Although there is a possibility, it is possible that they receive it incomplete or not at all. This depends on whether there is still money left to compensate them.
When a company files for bankruptcy, it loses control of its assets. and they are now administered by a curator appointed by a judge, who is in charge of monitoring and ensuring that a company does not divert goods or money that, under this condition, must be used for the corresponding compensation.
Later, when the liquidation process is formalized, Vargas explained that a judge is in charge of appointing a liquidator responsible not only for monitoring, but also for making the corresponding compensation.
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