The liquidation of Promociones Isla Verde SA has taken on a technically complex dimension that goes beyond a simple accounting close. According to the official notice for the shareholders' meeting on March 18 in Arguineguín, the company seeks not only to approve the financial statements for 2023 and 2024, but also to manage the repercussions of a protracted legal battle. At the heart of the meeting is the enforcement of court orders against shareholder Santiago Santana Cazorla, whose frozen shares now open a window of preferential acquisition for the remaining shareholders—a move that could reshape the balance of power in the firm's final stages.
The liquidation process, far from accelerating, is facing a delay justified by the company's success in court. The sole liquidator, Ignacio Pérez Coloma, will inform the board about the impact of a September 10, 2025, ruling in favor of Isla Verde in a claim against Katanga SL. This legal victory has led to the discovery of new assets which, paradoxically, necessitate postponing the final closure in order to integrate these resources into the liquidation estate—a scenario that underscores the resilience of the current administration's legal strategy.
To adapt the company's structure to this new reality and the current legal framework, management is proposing a significant restructuring of its bylaws. Key measures include the redenomination of the share capital to euros and a capital increase of €42.071 through cash contributions. This adjustment is not merely formal; it aims to comply with legal minimums and streamline the shareholder base by canceling the old bearer shares, which will be replaced by a system of registered shares and a new share register, eliminating any remaining opacity in the company's ownership.
Finally, the board will address the professionalization of the liquidation body. The proposal to amend the bylaws to make the liquidator's position a paid one reflects the technical workload involved in the recent court victories and the management of the capital increase. With the notary's presence required to certify the agreements, Isla Verde's shareholders face a Solomon-like decision: capitalize the company to protect its recovered assets or allow the lengthy liquidation process to continue under the shadow of the litigation of the past decade.
