SBS orders closure of Peruvian cooperative due to capital loss: what is it?

//

News Team

The Superintendency of Banking, Insurance and AFP (SBS) has been taking measures to dissolve savings and credit cooperatives for various reasons, such as inactivity or loss of capital. One such cooperative that has been dissolved is Coopac Bienestar Perú, which had registered a negative equity of -S/1 million 815,352 until June 30, 2023. Due to this, the SBS subjected it to an intervention regime in December 2023.

As a result, the SBS has prohibited the initiation of judicial or administrative processes for the collection of debts, the execution of judicial resolutions, establishment of liens, making payments, advances, or compensations, or assuming obligations on behalf of the Bienestar Perú Savings and Credit Cooperative. The SBS has also ordered the closure of five cooperatives that have operations in different regions of Peru.

In addition, the SBS has appointed two temporary administrators to carry out the dissolution of the Savings and Credit Cooperative Bienestar Perú. These administrators have been given the authority to carry out various functions, including registering the resolution that declared the dissolution of the cooperative, taking immediate possession of all the assets of the cooperative, and preparing financial statements.

The SBS is also in the process of closing 22 savings and credit cooperatives. Other functions of the administrators include arranging the valuation of all the assets of the Bienestar Perú Ltda. Savings and Credit Cooperative Ltd. in dissolution, preparing the list of creditors, maintaining liquid resources, and delivering possession of all assets, books, files, and other documentation of ownership of the cooperative to the person in charge of liquidation.

The SBS has declared the dissolution of more than 130 cooperatives, with 84% of these entities being dissolved due to inactivity and 16% due to total loss of social capital and cooperative reserve. In its first intervention of 2024, the SBS ordered the dissolution of four Savings and Credit Cooperatives that were not authorized to capture resources from the public due to inactivity.

These cooperatives include Progresa Peruano Savings and Credit Cooperative (Cusco), Invercapital Savings and Credit Cooperative (Arequipa), Tconfia Savings and Credit Cooperative (Arequipa), and Cristo Rey Savings and Credit Cooperative (Piura). The SBS continues to take measures to dissolve cooperatives that are not in compliance with regulations and are at risk of inactivity or loss of capital.

Image Source: www.infobae.com

Business, Finance, World

Leave a Comment