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Credito Real’s Liquidator Wants Involuntary Chapter 11 Tossed

Sept. 15, 2022, 7:21 PM

A liquidator for Credito Real SAB is asking a Delaware bankruptcy court to toss an involuntary Chapter 11 case for the Mexican payroll lender that was filed by its creditors, hoping to proceed with its work of dissolving the company’s assets in Mexico.

The Mexico City-based company is undergoing insolvency proceedings in its home country. And the US Bankruptcy Court for the District of Delaware should instead recognize the Mexican proceedings as legitimate under Chapter 15, Robert Wagstaff, a foreign representative of the Mexican court-appointed liquidator, said in a Wednesday filing. Companies use Chapter 15 for bankruptcy proceedings that ...