Summary.
The law recognizes Editora Panamá América, S.A. as owner of certain assets held by Editora Renovación, S.A., free of charges and liens. It also provides for the transfer of real estate titles and the payment of employment benefits.
What it covers.
- Recognition of ownership of movable and immovable property.
- The effect of charges and orders affecting that property.
- The registration of real estate title transfers.
- The determination and payment of employment benefits.
Who it applies to.
- Editora Panamá América, S.A.
- Editora Renovación, S.A.
- Employees of Editora Renovación, S.A.
- The Executive Branch (Órgano Ejecutivo) and the Director General of the Public Registry (Director General del Registro Público).
Key points.
- Recognizes Editora Panamá América, S.A. as owner, free of charges and liens, of the assets recorded in the name of Editora Renovación, S.A. that belonged to the former when its compulsory liquidation was ordered.Art. 1
- Removes, for the purposes of the law, the effect of charges, liens and orders affecting those assets due to acts, contracts or omissions of Editora Renovación, S.A. or the State after the compulsory liquidation.Art. 2
- Excludes liability of Editora Panamá América, S.A. and its assets for acts, contracts or omissions of Editora Renovación, S.A. that give rise to liability.Art. 3
- The Director General of the Public Registry orders the transfer of real estate titles to Editora Panamá América, S.A. upon presentation of an authenticated copy of the law; registrations or annotations affecting the property are canceled under the preceding article.Art. 4
- The Executive Branch, through the Ministry of Labor and Social Welfare (Ministerio de Trabajo y Bienestar Social) and by prior agreement, determines amounts owed to employees of Editora Renovación, S.A. through December 20, 1989. The decision has the effect of a final judgment, and the Executive Branch includes the agreed allocations in the next fiscal period’s state budget.Art. 5