The start of 2026 in the Canary Islands has brought the complex structure of one of the archipelago's largest business empires under intense scrutiny. The legal pressure on the Santana Cazorla Group has reached a critical point following the intervention of Commercial Court No. 2 of Las Palmas, where Judge Juan Avello Formoso has issued precautionary measures with systemic implications.
In a ruling dated November 11, 2025, the judge ordered not only the suspension of a previous decision by the Directorate General for Legal Security and Public Faith, but also the provisional registration of the lawsuit in the company's registry entry. This technical measure effectively shields the registry entry from any attempt at structural or asset alteration, sending a warning to the markets and ensuring that any movement of the group's assets remains under strict judicial oversight.
This intervention scenario overlaps with the forced restructuring of its subsidiaries, as is the case with Promociones Isla Verde, SA, a key entity currently in liquidation. At the last meeting of its General Meeting, held before a notary in Arguineguín, the sole liquidator, Ignacio Pérez Coloma, presented a report revealing the recovery of critical assets following a favorable ruling against Katanga, SL in a claim for recovery of property.
The emergence of these "unexpected assets" has forced a delay in the liquidation process, altering the payment schedule and returning assets previously considered lost to the company's balance sheet. This recovered "treasure" adds a layer of complexity to the process, forcing creditors to reassess the true value of the liquidation estate in an environment of high legal volatility.
The group's internal crisis is particularly evident in the control of its shareholding and the identification of its true owners. During the same meeting, the exercise of the shareholders' right of first refusal on the shares belonging to Santiago Santana Cazorla, which had been seized by the Court of First Instance number 3 of San Bartolomé de Tirajana, was addressed.
To ensure that there are no leaks of control to unwanted third parties, the company has proceeded with the complete cancellation of bearer shares and their replacement with registered shares, as required by the Spanish Companies Act. This process of "cleaning up" the registry aims to eliminate opacity in share ownership and establish a new Shareholder Registry that will reveal, by name, who truly holds political and economic power within the company.
This controlled dismantling process has required adjustments to internal rules, including modifications to the company bylaws to regulate the remuneration of the liquidation committee and the management of the annual accounts for 2023 and 2024. The Santana Cazorla case represents the end of an era of personalized management and the transition to a model of strict compliance and judicial oversight. What is at stake in Commercial Court No. 2 is not only the future of a series of real estate assets, but also the reliability of the Spanish land registry and judicial system in managing the collapse of large conglomerates that, for decades, were the cornerstones of tourism and logistics development in the Canary Islands.
