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ARGENTINA | 09-07-2021 00:25

Correo Argentina reacts to bankruptcy ruling

Correo Argentino on Tuesday reacted to a court ruling confirming its bankruptcy with predictably strong criticism.

Correo Argentino on Tuesday reacted to a court ruling confirming its bankruptcy with predictably strong criticism, while Attorney General Eduardo Casal made a more oblique reference to the case, recommending to the Supreme Court that it withhold recognition from its City counterpart as an authority to review cases involving civil and company law.

The bankruptcy of Correo Argentino is one such case and Casal presumably made his recognition bearing in mind that future judicial reforms could leave the courts of the Federal Capital more open to government intervention.

Casal had previously spoken against the City’s powers of review in a case involving the exhibition proceeds from the controversial paintings of the late painter León Ferrari after the journalist Gabriel Levinas had appealed the sentence at City level instead of to the national Supreme Court.

In the case of the Correo Argentino the City Supreme Court had ordered the Commercial Appeals Court to resolve a challenge against judge Marta Cirulli. Casal’s opinion, which is not binding, denies the City Supreme Court’s authority to do so, saying that this can only be changed by the national Congress. No member of the Judiciary otherwise has the right to transfer national venues of jurisdiction to the local level, Casal insisted.

Describing judge Cirulli’s ruling as a "disastrous day for Argentine commercial justice" and "the worst of arbitrary," Correo Argentino SA echoed ex-president Mauricio Macri’s Sunday letter in blaming Treasury Prosecutor Carlos Zannini for being behind the "persecution and vengeance," accusing him of acting against the interests of the state and the people by insisting on bankruptcy instead of accepting the company’s offer to pay 100 percent of the debt, just as Macri had said in his letter. 

The company also underlined that all the post office’s creditors had accepted this offer and that the bankruptcy had been ruled by a challenged judge. 

"It is incredible that the state should expropriate the assets of a company while leaving its debts and not accepting a 100 percent payment in order to drive it into bankruptcy. All for vengeance and political interests. A further step towards Argenzuela," concluded the statement of the Grupo Macri holding.


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