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What is your debt recovery procedure?

In the unfortunate event that a promoter defaults and remains in arrears for an extended period of time, we will implement our credit recovery protocol in order to ensure the promoter fulfills their contractual obligations, hence protecting our investors. This is as follows:

  • Should a project promoter default on an installment 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 successfully recover part 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 pursue 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 time frame 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, ensuring the project is carried forward.

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