This is how the Tame EP liquidation process will be

In this special delivery we review from the legal, cómo será the liquidation processón of the aerolístate line Tame EP after the presidential announcement.

Tame closes a story of meás de 57 años and m have been generatedúmultiple questions about how to beá the liquidation processón of the aerolínea, therefore this information has been preparedón especial, to understand from the legal point of viewómo será and witháhow long to takeá This process.

A través of Executive Decree No.. 740 of the 21 April of 2011, it fitsó nature swearsícompany nameñíto state TAME Línea AéArea of ​​Ecuador as Company Pública. This suitabilityón resulted in Company Púunit TAME Línea AéEcuador area ¨TAME EP¨, a legal personídica of law público, with own assets, equipped with autonomousíto budgetary, financial, económica, administrative, operational and managementón, in accordance with the Org Lawánica de Empresas Púwar.

Post written by: Chester David Salazar del Pozo
Aeron Lawyeráuseful
Twitter: @chestersdp

The main object of the Company Púunit TAME Línea AéEcuador area ¨TAME EP¨ includes transportation, commercial, aéreo, público, domestic and international passengers, cargo and mail; así What, in the field of defense and national security; and complementary activities related to the main object.

Process

Through Executive Decree No.. 1061 of the 19 May 2020, the President Lenin Moreno orders the extincióNo. of Company Púunit TAME Línea AéEcuador area ¨TAME EP¨. in addition, if you have it, liquidate it to usón of TAME EP under the provisions of the Organic Lawánica de Empresas Púwar, Executive Decree No.. 1061, the provisions of the Board; and, subsidiarily, Companion Lawñías.

From 19 May 2020 should beá add the words ¨in liquidationón¨ a la call usóNo. of Company Púunit TAME Línea AéEcuador area ¨TAME EP¨, to make known, in a p wayública, the liquidation processón running.

In Executive Decree No.. 1061 a deadline is establishedásixty (60) díso that the General Manager of TAME EP in coordinationón with the P Company Coordinating Companyúwar (EMCO) effectúand the actions necessary for the liquidationón.

In a first part, general manager[1] TAME EP standá in charge of making a pre-liquidationówhere it will be availableá the reductionón of operational structures and mustá establish an agreement plan with favorable conditions vis-à-vis third parties and othersás creditors.

The díourércoles 20 May 2020, the president of the P Business Coordinating Companyúwar (EMCO), Marco Andrés Ávila, indicó in a press conference that the liquidation processón of TAME EP beá from 60 a 180 días. This term alsoén it falls to othersás companiesúwars to be liquidated.

Once the aforementioned period expires, TAME EP enterá in liquidation processón; for which, the TAME EP Board of Directors, in a period mátenth of ten (10) días, dutyá choose, within a list (terns) sent by EMCO, to the liquidator of TAME EP. Once the liquidator is appointed, éyou are tenderá a term máximo of two hundred and ten (210) días to start the liquidation processón.

It is dueá carry out an inventory of the assets and liabilities of TAME EP, in order to monetize and quantify them to calculate and cross-reference values. One of the main liabilities of TAME EP beingán labor settlements to más de 930 workers[2] de TAME EP.

The president of EMCO indicatedó that a c has been carried outápreliminary calculation regarding the settlements of TAME EP workers, amount to arriveíto the 16 millions of dóhomes.

Regarding the assets máimportant s of TAME EP, their aircraft are located 2 Embraer 190 and 3 ATR42-500, which are locatedán, probably, within a panorama hindered by the fact of not finding purchase offers.

Once Company P is liquidatedública, the result or remainder of assets, marketá at the hands of the institutionón rector of the áevil of accióNo. of Company Pública that created itó, in this case the Ministry of Transportation and Works Púwar (MTOP).

Nextón, it will be possibleá view  the detailed liquidation processón with the corresponding legal regulations:

Although the artíass 54 of the Org Lawánica de Empresas Púwar, onwards ¨LOOP¨, contemplates the possibility of applying the legal figureísays so much about fusión how to escisión in applicationón of the rules provided for in the Compa Lawñías, It is important to indicate that President Lenin Moreno's announcement does not contemplate legal figuresímentioned tips. On the contrary, President Moreno announces the legal figureítip  liquidación, same as is established in artíass 55 from LOEP, which indicates:

Art. 55.- ORIGIN.- When a company púwar has ceased to fulfill the purposes or objectives for which it was created or its operation is no longer convenient from the point of view of the economy.ínational or internationalés púwar and whenever its fusion was not possibleón, the ministry or institutionón rector of the áevil of acciócompany number pública or the máhighest authority of the autonomous governmentódecentralized nome will proposeá to the company's Board of Directors liquidacióI didn't extinguish itón, applying for this purpose the provisions of artíprevious ass. (The underlining belongs to me)

The procedure isá established in artíass 56 of the same Law, which mentions:

Art. 56.- PROCEDURE.- For the extinctionón of a company púwar is dueán observe the same formalities established for its creationón, owing the executive decree, regional standard or respective ordinance establish the form and téterms of its extinctionón and liquidationón.

Through an Executive Decree,á formally announce the liquidationón of the aerolínea with the respective guidelines and técorresponding terms.

Until a liquidator is appointed, Continueán those in charge of administrationón the officials who have been servingñI walk the same; However, his powers will be limitedán only to:

1. Represent the Company for the fulfillment of the indicated purposes;
2. Carry out pending operations;
3. Collect the creditsésayings; and,
4. Extinguish the obligations previously againstíthe.

In the case of extinctionóNo. of Company Púunit TAME Línea AéEcuador area ¨TAME EP¨, the Board of Directors appointá a liquidator. Based on the provisions of Artíass 58 from LOEP:

I won't be able toán be liquidators of a Company Púwar those who do not have civil capacity, nor its creditors or debtors, nor its administrators when the liquidationón of the company has been a consequence of its negligence or fraud.

The liquidator, themselvesúin the artíass 59 of the same legal norm, tenderá the following faculties:

1. Represent the companyública, legal, judicially and extrajudicially, for the purposes of liquidationón;Sign jointly with the administrator(s) the inventory and the initial liquidation balance.ócompany number, at the time of starting their work;
2. Carry out pending business operations and any new ones necessary for liquidation.ócompany number;
3. To receive, keep and safeguard the company's books and correspondenceúwar and ensure the integrity of its heritage;
4. Request the Superintendent of Banks for the provisionón that the banks and financial entities subject to its control do not carry out any operations or contracts, Not even the first ones pay checks drawn against the accounts of the company in liquidation.ón if they do not bear the signature of the liquidator, that for the effect to beá registered in these institutions;
5. Demand administration accountsón to the legal representatives and any other person who has managed the company's interests;
6. Collect and receive the amount of creditsécompany details, granting the corresponding receipts or settlements;
7. Arrange transactions or enter into agreements with creditors and subject the company to alternative procedures for resolution.óno of conflicts, when soí suits business interests;
8. Pay creditors; and,
9. Yield, at the end of the liquidationón, detailed account of his administrationón to the Company Directory.

Time

In the same Decree the following times are determined:

• In a period of mámaximum of up to 60 días deberá carry out the necessary actions to have the greatest amount of assetsíquids.
• Expiration of the period provided for in artíprevious ass, in meáximo 10 días the company dutyá appoint the corresponding liquidator.
• Once the liquidator is appointed, is availableá of a period máximo of 210 días to carry out the liquidation processón.

In this process defineá spaghettiéin the return processón of the values ​​corresponding to tickets previously purchased by passengers.

[1] correspondá to the General Manager (in charge), once Luis Miguel Reyes Garling resignedó under his charge 19 May 2020.

[2] 527 workers areán in suspensionón of working day, 63 on vacation and 342 with teleworking modality due to the health emergency.