Portuguese entrepreneur and property developer, Emídio Catum, one of BPN's large debtors, has filed for insolvency as he owes €697 million but has one asset - an apartment worth just €53,000.
Catum's application for insolvency included an appeal for debt foregiveness for the next five years.
The court accepted Catum’s request for a five year rest period which will be reassessed in five years.
The former millionaire owes serious money to many of Portugal’s banks.
The Setúbal businessman owes the bust bank, BPN, about €350 million. This debt is in the hands of Parvalorem, one of the public companies set up to manage BPN’s toxic assets - in other words, yet again taxpayers have ended up underwriting this one.
Novo Banco is owed almost €170 million and BCP is owed about €100 million but Emídio Catum claims he only has an apartment in his name, valued at just €53,000, in addition to having €10,500 in the bank and a monthly pension of €3,601.
