WILLEMSTAD – Nearly six years after the bankruptcy declaration of Banco del Orinoco N.V. (BDO), the trustees have presented their 18th report detailing the latest developments in the complex liquidation process. The report, dated August 27, 2025, highlights rejected claims, ongoing disputes, and uncertainty over the bank’s alleged assets.
BDO, once a prominent international credit institution based in Curaçao, was declared bankrupt on October 4, 2019. At the time, the bank employed 25 people. Its collapse left thousands of creditors worldwide entangled in lengthy legal and financial proceedings.
Creditors’ claims finalized
Following multiple delays, appeals, and contested verifications, the list of creditors has now been definitively closed. According to the trustees, 2,756 creditors have been formally recognized, with claims totaling USD 573.6 million. Another 151 creditors, with combined claims of USD 280.6 million, were definitively rejected after failing to substantiate their demands in court.
Alleged assets under question
One of the central issues remains the alleged existence of bond portfolios supposedly worth more than XCG 2.4 billion, said to be held by Farringdon in Singapore. However, when the trustees contacted Farringdon directly, the company denied that BDO or its affiliates were ever clients. Despite repeated requests, the so-called “Grupo Cartera” behind these claims has failed to provide credible documentation.
The trustees did recover modest balances from bank accounts at MCB and Novo Banco (Portugal) totaling just over USD 320,000, which have been transferred to the bankruptcy estate. Additionally, certain affiliated entities such as Plus Capital Markets (Panama) and Allbank (Panama) are also in liquidation, with overlapping claims and securities under review.
Unpaid debts and costs
The bankruptcy estate faces significant costs, including more than XCG 2.5 million in expenses, outstanding rent, and nearly XCG 370,000 in unpaid employee salaries and benefits. Curaçao’s tax authority has also lodged a claim of XCG 1.37 million, which the trustees have formally contested.
Failed settlement plan
An attempt by Grupo Cartera to push through a creditor settlement in late 2024 failed to win approval at the creditors’ meeting. The group has since claimed that 687 creditors accepted a private out-of-court proposal worth USD 381.7 million, but trustees say they have not received documentation to verify this assertion.
Uncertain path forward
The trustees, Mr. M.R.B. Gorsira and Mr. D.C. Narvaez, note that they are currently evaluating different liquidation scenarios, but stress it is too early to determine which route will be taken. They caution that much of the information available remains under investigation and could be adjusted in future reports.
The next report is scheduled to be published on December 10, 2025.
