The creditors' committee of Moviflor, the furniture company that went bust last November, is to meet tomorrow.
The committee consists of five members representing workers, suppliers, the Tax Authority and those banks with sizeable debts (Banif and BCP).
The objective is to sell off any remaining company assets during February and to distribute them.
The former Moviflor directors have presented their evidence, through their lawyers, surrounding the collapse of the company.
If the judge considers that there has been any wrong doing, which seems likely, this information will be forwarded to the prosecutor.
The provisional debt total was around €128 million when the Lisbon court declared Moviflor insolvent.
In late September 2104 the management of Moviflor sent an email to all employees explaining that the stores would temporarily close as from October 1st as workers claimed they were owed wages and other benefits. The stores never reopened.
Moviflor managed to be granted a Special Revitalisation Process (PER) in May 2013 to try to and sort out its financial problems, but the directors failed to adhere to the agreed plan, leaving workers without wages and questions raised as to the intent of the management to follow through the process.
The retailer’s days may already have been numbered, certainly in the Algarve with its remaining store threatened by IKEA due to open near Faro.
