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Cristóbal López has already asked to take advantage of the K moratorium to save his oil company Oil


Although the law that includes an exception to the employer's measure has not yet been regulated, the firm's lawyer seeks to speed up the process.

Lucia Salinas

08/25/2020 - 13:49

  • Clarí
  • Politics

With the moratorium law approved in Congress and awaiting its regulation, Cristóbal López's lawyer has already presented a brief before the Civil and Commercial Judge, Valeria Pérez Casado, which is carrying out the bankruptcy of the oil company Oil Combustibles, pointing out that they have "the will to achieve the agreement before the AFIP by applying to it (tax moratorium) once it is regulated and the respective formal requirements can be met."

With two measures, the owner of the Indalo Group hopes to save his company from the bankruptcy already decreed and which was beginning to pass through the Civil and Commercial jurisdiction, the final instance for the liquidation of its assets valued at 100 million dollars. Cristóbal López sought, on the one hand, to reach an agreement with all creditors - the main one being the AFIP - and secondly - and perhaps more importantly - that Congress approve the new tax moratorium law. 

With this last measure completed, they are now looking for the oil company to be able to benefit from an ease of payments plan and thus avoid the final liquidation of its assets. It is a race against the clock, but as the law approved by Kirchnerism in Congress is not yet regulated, through a letter that leads to the signature of the lawyer Eduardo Favier Dubois they  anticipate that they seek to benefit from the tax moratorium. 

2003: Cristóbal López with Néstor and Cristina Kirchner at the Río Gallegos casino.

The Civil and Commercial Justice had already rejected one of Cristóbal López's claims, with which it was intended that the procedures that are inherent to the conclusion of the Oil Combustibles bankruptcy process be suspended . That is, inform via the Official Gazette that there is a project for the distribution of funds among the company's creditors and that they have a period of ten days to carry out any observation time.

In this process, the distribution of 100 million dollars is pending  , resulting from the sale of the main assets of the oil company , which was carried out in the framework of the bankruptcy.

The defense of Oil Combustibles -the signature under oral trial in federal jurisdiction for not paying the Fuel Transfer Tax generating a debt of 8,000 million pesos-, maintained that they had already made a previous claim against the Judge's resolution July 27. In it, Pérez Casado resolved not to wait any longer for the moratorium to become law or for the agreement with the creditors to accept another payment method (settlement), and reactivated the bankruptcy. That fight to avoid liquidation is still open.

With the oil company in the process of bankruptcy, betting on a moratorium to pay off its debt was unthinkable. But the ruling party approved the project two weeks ago in Congress, which paved the way for Oil Combustibles: the new regulation incorporated as an exception that  companies that are in the process of bankruptcy will be able to access the tax benefit.

"Faced with the new tax moratorium sanctioned on 08/13/2020 under Law No. 27,562, which is in the process of being promulgated by the National Executive Power, this party expresses the will to achieve settlement before the AFIP by adhering to it once that it is regulated and the respective formal requirements can be met, "said Oil's lawyer in the brief accessed by Clarín.

Thus, López seeks that Oil's debt enters the moratorium and obtain a payment plan that also provides an interest reduction. The process is not immediate and you must meet some exclusive requirements.

By availing yourself of the moratorium, you will do so temporarily, and it will be effective only if you manage to conclude your bankruptcy within 90 days. To do so, you require the agreement of at least two-thirds of your creditors. In the case of Oil, the main victim is AFIP itself, which is driven by Mercedes Marcó del Pont.

Another discussion opens at this point. The lawsuit focuses on the period from May 2013 to August 2015. In that period, the accumulated debt -according to official expertise- was 4,200 million pesos, and the calculated interest amounts to just over 6,000 million. For this reason, the AFIP of the previous administration was going to claim 10,000 million pesos in concept of the unpaid ITC.

Cristóbal López maintains that as of December 2015 they only owed 600 million pesos, because Oil had availed itself of two payment facility plans granted by the controversial Article 32, a discretionary power of the Administrator of the AFIP.

There is another recent claim by the Treasury: they claim a debt of 20 million pesos generated during these two years of their bankruptcy process. The figure that Oil could finally incorporate into the moratorium thus opens another big question.

Another way that the oil company does not rule out is the agreement with creditors so that they accept another payment method. Judge Pérez Casado decided that, after 90 days and without having reached an agreement, they should not wait any longer and decided to reactivate the bankruptcy. This was opposed by López's defense, and once again asked that said process be suspended.

On this point, the brief maintains that they are "compiling and analyzing the documentary" of the bankruptcy "that corresponds to the verification file of the AFIP and where they are detailed, month by month and concept by concept, the fiscal obligations to include in the plans of payment ". They also indicated that the tax fair still prevails " which would prevent the deadlines for the issuance of resolutions by the Agency from running.


Source: clarin

All news articles on 2020-08-25

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