With debts of €137.4 million, the Portuguese entrepreneur who made a fortune in the pharmaceutical industry and was a shareholder of the now bankrupt BPN and BPP, is to surrender his not inconsiderable assets to his creditors.Joaquim Coimbra's 32 creditors have nine days in which to confirm they accept his proposal, under a Special Agreement for Payment Agreement (PEAP) that has been submitted jointly by the businessman and his wife.
Coimbra will not be made bankrupt if the creditors agree but will lose just about everything, except an old-age pension of €3,816 a month.
Coimbra’s lawyer, Andrade Miranda, confirmed that "this proposal of payment reflects a controlled liquidation of the entire assets of Mr. Coimbra."
The lawyer said Coimbra wanted to face up to his creditors rather than just going bankrupt and hopes to be able to honour his commitments, in as much as he is able.
When everything is sold off and the money sent to Coimbra’s creditors, he no longer will owe any balance and will not be pursued.
In the meantime, Coimbra expects to win a legal action against EuroBic, claiming damages of approximately €43 million, but this fortune is as nothing when compared with his debts.
Novo Banco is owed more than €60 million, Parvalorem is owned €30 million, Sandalgreen is owed €9.1 million, BPP's insolvent estate is owed €9 million, BPI €7, 4 million, Santander €3.7 million and Caixa Geral as mere €4.4 million.
Surprisingly, Coimbra only owes the taxman € 241,000.
The Coimbras have a large portfolio of companies in the wine sector, catering, metals, air-conditioning, isothermal panels, renewable energy, real estate and tourism.
Coimbra’s current income is an old-age pension of €3,816 per month, while his wife has a salary of €2,500 (gross) from a pharmaceutical company. A comfortable pension but, presumably, they soon will be looking around for a place to rent.