Credito Real’s Ex-CEO Pushed His Own Company to Liquidation (1)

The former chief executive of Mexico’s non-bank lender Credito Real SAB has pushed his own company into liquidation, setting the stage for a legal brawl over the best way to repay creditors owed $2.5 billion.

Angel Francisco Romanos Berrondo, who stepped down from the role last year, won an order from a Mexican judge to liquidate the payroll lender late last month, court papers show. The judge then tapped a restructuring specialist to sell off Credito Real’s assets and wind down the business.

The move is at odds with efforts of bondholders trying to force the lender to file ...