It’s the final stage of a long process. The Commercial Court of the County of Madeira declared insolvent the company owner of the resort and hotel Quinta do Lorde.
The decision opens the possibility for the company owner of Quinta do Lorde to present a recovery plan within the next 30 days, which should be done. For now what is taken for granted is that the insolvency action presented by BPI, claiming a credit of 50 million euros, was considered by the judge. That means that as of the date, the assets of Quinta do Lorde SA is now managed by an insolvency administrator.According to us, Ricardo Sousa will not give up on what was the dream and the biggest project of his business life. In this case, the company also loses its concession to operate a marina, which is located in the public sea domain.
Another huge blot on the landscape of Madeira, that will probably just be left to go to rack and ruin, more than it already is. It was never going to work and just another example of Madeira’s government and brown envelopes no doubt.