In just under a month after a request from TAP SA to an insolvency court to declare Siavilo (formerly TAP SGPS) bankrupt, a judge has accepted the request and declared the shell company insolvent.
The insolvency request was delivered at the Lisbon Commercial Court on July 10 with TAP asking for the case to be dealt with urgently.
TAP SA is the main creditor of Siavilo that had no assets and was effectively a shell company. It had had no management since all of the administrators resigned em masse at the end of March and start of June.
In a reply to a question from an MP, the Minister of Infrastructures, Miguel Pinto Luz admitted that TAP SA was the largest creditor of Siavilo owing over €1Bn.
“Even the creditor that holds the…