Microplay, the video game and electronic products store, is looking for a new opportunity in the courts after having been rejected twice by the 11th Civil Court of Santiago in its bankruptcy application. The company’s lawyers hope that the third time will be the charm.
The company had informed the court that its liabilities exceeded $5.7 billion, while its assets did not reach $4 billion. However, the court argued that her financial situation did not represent insolvency and that there were no pending lawsuits with property effects against the debtor.
Microplay decided to wait and go to court again. Nelson Contador, lawyer representing the company, revealed before the court that there are already seven lawsuits pending against the store: five of them correspond to debts with other companies and the remaining two are labor lawsuits filed by workers.
Contador pointed out: “These lawsuits filed against Microplay SA after the resolution dated January 18, 2023 that denied processing the request for Voluntary Liquidation of the Company, constitute new precedents that correct that additional requirement that in the opinion of SS did not originally allow the request of my client to be processed ”.
The company reminded the court that the liquidation request was driven by the economic impact of the social outbreak and the pandemic, added to the economic crisis and the poor projections for the retail industry due to the contraction in consumption. Since then, Microplay stated, “the state of cessation of payments regarding obligations of various kinds continues and is aggravated by the delay in declaring the Liquidation of the Company.”
One of the legal processes against Microplay comes from the BCI bank, which in January indicated that the store had stopped paying credit installments. The bank claimed that Microplay owes it more than $377 million, just for principal. Likewise, Fujicorp indicated that the company maintained an outstanding balance in capital of $251 million, Intcomex reported a debt of almost $60 million and Air Ocean Cargo accused unpaid invoices for more than $97 million.
Previously, 77 Microplay workers had asked to join the cause, arguing that the company’s inactivity was affecting them. Last week, provider MB CSCC also joined the cause, targeting outstanding debts.
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