The insolvency of former TAP SGPS to be decided in August

TAP SA requested that the insolvency of Siavilo, formerly TAP SGPS, to be decided urgently at a court of justice on July 10 after informing the government of the same decision.  

Currently, as TAP moves towards privatisation, Siavilo has no management, assets and only debts and according to the business title Negócios, has asked for the case to be treated as “urgent” despite the fact that in August the justice system is running on half gas because of the summer holidays.

A period has been set for the interested parties to pronounce on the request made by TAP SA, – TAP being the main creditor of the effective shell company that has no assets or management since the board had resigned en-masse at the end of March and start of June.

Siavilo had more than €1Bn in debts to TAP SA and other creditors including the Brazilian airline Azul, and the State umbrella company that manages Portugal’s public companies, Parpública.