In the unfortunate event that a promote defaults and remains in arrears for an extended period of time, we will implement our credit recovery protocol in order to ensure the promoter full-fills their contractual obligations, hence protecting our investors. This is as follows:
Should a project promoter default on an instalment payment, our team will contact the entity in order to report the outstanding debt and request its prompt settlement. In order to compensate our investors for the delay in receiving their interest payment, we will charge an arrears interest rate for each day the outstanding amount is not settled, starting from the first day of default. The project investors will receive this interest once the payment has been settled.
Should the promoter be unable to settle the debt, GoParity shall maintain active communication with the promoter through all available means (e.g. email and phone). In the absence of voluntary settlement within 15 days, GoParity will assess the expected amount to be recovered from the project promoter. This will vary depending on the promoters, and is subject to factors such as the entity's activity, its assets, guarantees and the general liabilities involved.
Should GoParity be able to recover part or the integrity of the amount owed, and if this is sufficient to cover all associated recovery costs (i.e. internal resources, lawyers, enforcement agents, costs and taxes) as well as the reimbursement to investors, GoParity will promote a single class action lawsuit representing all investors.
As part of this joint class-action lawsuit, GoParity will aim to maximise the recovered amount due in the shortest timeframe possible. In certain circumstances, this may involve establishing judicial and / or extra-judicial payment agreements with the promoters, with the aim of establishing conditions for them to resume regular payments to investors, hence ensuring the project is carried forward.
GoParity is an impact investment platform that connects companies looking to finance their sustainable projects, with individuals and entities who want to invest sustainably. We are growing fast, both in terms of size and impact generated. We were born in Oporto in 2017, but have since grown to finance project in several countries around the world, with the help of a growing community of investors from around the world.
© 2021 GoParity
Part or all of your original invested capital may be at risk and the return on your investment depends on the success of the project invested in. Consider all risks before investing and read the Key Investment Information Sheet (KIIS) for each investment, available at www.goparity.com. Power Parity, Lda is a crowdlending platform authorized and supervised by CMVM (Portuguese Securities Commission). All payments, transfers and funds collection are assured by MangoPay SA, an electronic payments institution authorized and supervised by CSFF (Luxembourg Financial Authority) under the nº 8711.