Fishing vessel Promarsa III docked in Puerto Madryn. (Photo: lu17.com)
AP Holding bankruptcy would cause Alpesca’s fishing permit loss
ARGENTINA
Tuesday, July 17, 2018, 22:00 (GMT + 9)
The Government of Chubut was notified of the bankruptcy proceedings of the company AP Holding before a commercial national court in Buenos Aires, and with it, the warning of a possible expiration of the fishing license and the Individual Transferable Catch Quota (CITC) on the freezer ship Promarsa III.
In addition, it is indicated that as AP Holding has 89 per cent of the shares of the limited company Alpesca, its bankruptcy would drag the same path to the latter.
However, the Federal Fisheries Council has resolved repeated justifications for commercial inactivity, and has put the CITC at the head of the Chubut state, indicating that Alpesca and AP Holding companies have already lost rights over them, magazine Revista Puerto reported.
In as much, it is necessary to remember that the Article 28 of the Federal Fisheries Law specifies that "the fishing permits are qualifications granted to the ships only to accede to the fishing ground, being necessary to exercise the fishing activity to have a capture quota assigned or an authorization of capture in the event that the species is not quoted."
In addition, the regulation establishes with express clarity that "fishing permits or authorizations granted to vessels belonging to companies or business groups to which the bankruptcy judgment is issued or had remained without commercial operation for one hundred and eighty consecutive days without any justification, according to what the Federal Fisheries Council establishes, they will expire automatically."
In a letter dated July 6, Rodolfo Martín Lenk Aleua informed the governor of Chubut, Mariano Arcioni, in his capacity as majority shareholder of AP Holding SA, that the company is currently undergoing bankruptcy.
In this context, the Provincial Government is informed that it has custody of the goods in question as a result of Law 527, which declared the public utility subject to expropriation, which the Document Letter "aims to inform the Governor that in the event that the bankruptcy of AP Holding is not paid by its partners and the imminent auction of the assets is decreed, the assets of the company, the assets it currently possesses and, above all, the fishing permit it holds over fishing vessel BP Promarsa III, the only vessel owned by the company, will be irretrievably lost. Such bankruptcy would inevitably result in the loss of the fishing permit of the Promarsa III and then its auction. "
"The bankruptcy of AP Holding also drags 89 per cent of the shares that AP Holding has on Alpesca SA, leading the latter to the same situation of bankruptcy with the consequent loss of fishing permits and the auction of all their assets", concludes the letter.
On the other hand, Revista Puerto reported that the processing of another case on the fraudulent sale of Alpesca continues to hamper the process of property expropriation, since the cause for the fictitious transfer of the shareholding package is not yet closed, and the commercial judge of Puerto Madryn, which has the file on the expropriation, submitted its decision to other criminal cases.
Source: Revista Puerto
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