Three years ago, the court granted Serlimar suspension of payments. Now that the suspension is over, Serlimar can resume its business expansion. Serlimar was unable to pay off debts that accumulated to around Awg. 20 million. On May 9, 2020, the Supervisory Board, and the Management of Serlimar requested a suspension of payments from the court to prevent Serlimar from going bankrupt.
The court granted this request on May 19, 2020, and Serlimar got a temporary suspension of payments. In April 2022, Serlimar appointed a new Supervisory Board, and through hard work, they convinced the judge to extend the suspension of payments on May 20, 2022. In the past months, they generated enough funds to pay the creditors and adjusted their fees. They increased their efforts to collect the subscription debts and thus made Serlimar financially stable. They introduced new software to improve payments and collections.
In 2015, the reorganization of the DOW street cleaning teams took place and transferred to the Serlimar without a budget, placing a significant financial strain on the latter. With the “Nos Tera Nos Pais” plan, they succeeded in transferring these teams to the Directorate of Nature and Environment (DNM) and Fundacion Parke Nacional Arikok (FPNA), Bureau City Inspector (BCI), and Santa Rosa, which helped reduce Serlimar’s expenses.
On August 28, 2023, the suspension of payments ended, and Serlimar can now make its own decisions. It means that Serlimar is on the right track, recovering financially, and can pay back its debts. Now it has the chance to reinvent itself and grow as a company. The government is processing the overdue periodicals or promotions performance appraisals. It is essential to have the legal status of the employees of the Serlimar to keep motivation high. Serlimar can now establish its position sustainably within the waste processing market.
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