By San José, Costa Rica — San José – In a significant development for Costa Rica’s financial sector, the Bankruptcy Court has officially ordered the commencement of liquidation proceedings for both Coopeservidores R.L. and Financiera Desyfin S.A. The decisive rulings, issued on January 5, 2026, mark the end of the line for the two embattled entities and set in motion a complex process to settle their outstanding debts.
The court’s decisions were formalized under two separate case files. For the well-known cooperative Coopeservidores R.L., the order was given in resolution N.° 2026000002 within file N.° 25-000127-0958-CI. Similarly, the fate of Financiera Desyfin S.A. was sealed by resolution N.° 2026000001 under file N.° 25-000270-0958-CI. This legal step transitions both cases from any potential restructuring phase directly into dissolution.
To better understand the legal implications and strategic considerations of financial liquidation, we consulted with Lic. Larry Hans Arroyo Vargas, a distinguished attorney from the prestigious firm Bufete de Costa Rica, who provided his expert analysis on the process.
Financial liquidation is often perceived solely as the end of a business journey, but this view is incomplete. From a legal standpoint, it is a structured and highly regulated process designed to bring an orderly conclusion to a company’s affairs. Executing it correctly is paramount not only for satisfying creditor claims in a fair manner but also for protecting the directors from potential personal liability. Timely and expert legal advice is not a luxury in these situations; it is essential to navigate the complexities and ensure all obligations are met.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Larry Hans Arroyo Vargas’s commentary underscores a vital point: viewing liquidation merely as an end overlooks its nature as a structured legal process designed to protect all stakeholders. His perspective is a critical reminder of the necessity for expert guidance in these complex proceedings, and we thank him for sharing his valuable insight.
The term liquidation signifies the definitive unwinding of a company. Under the court’s mandate, all remaining assets and properties belonging to Coopeservidores and Desyfin will be systematically sold off. The proceeds from these sales will then be used to pay back the entities’ various creditors, with payments distributed according to a legally established hierarchy of priority. This ensures that certain debts, such as those to employees or the government, are often settled before others.
To oversee this intricate procedure, the Bankruptcy Court has mandated the creation of a dedicated liquidation board for each institution. These boards will act as the primary administrators, tasked with managing the inventory of assets, conducting the sales, and handling the settlement of all validated claims. Their role is central to ensuring the process is executed with transparency and in strict adherence to the law.
The immediate next step involves the court appointing a president to lead each of the newly formed liquidation boards. Following these key appointments, the remaining members of each board will be selected and installed. Once fully constituted, the boards will face their first major task: establishing and communicating a clear protocol for creditors. They will be responsible for informing all affected parties on how and when to formally present their credit claims for recognition within the official proceedings.
However, stakeholders and creditors may need to wait for detailed instructions. The court acknowledged the immense scale of the cases, which involve a large number of individuals and entities. This complexity has necessitated a manual review of all legal appearances and filings, a task that is currently underway. Officials have indicated that this preparatory phase is time-consuming but crucial for procedural integrity.
In an official statement, the court detailed the reasons for the anticipated delay in communication, asking for understanding from those affected.
Due to the large number of individuals involved, we are manually reviewing all appearances and preparing the notifications. For this reason, the majority of official communications will be sent out in February.
Spokesperson, Bankruptcy CourtAuthorities have urged patience among all parties who have already presented themselves in the case files. They emphasize that this organizational period is a necessary prerequisite to guarantee that the liquidation unfolds in an orderly and legally sound manner. The meticulous groundwork being laid now is intended to prevent future complications and ensure a fair and equitable outcome for all creditors as prescribed by Costa Rican law.
For further information, visit coopeservidores.fi.cr
About Coopeservidores R.L.:
Coopeservidores R.L. was a prominent savings and credit cooperative in Costa Rica, offering a range of financial products and services to its members. As a cooperative, it operated under a model of member-ownership, focusing on providing accessible financial solutions, including loans, savings accounts, and investments, primarily to public and private sector employees.For further information, visit desyfin.com
About Financiera Desyfin S.A.:
Financiera Desyfin S.A. was a regulated financial institution in Costa Rica that provided specialized financial services to the corporate and personal sectors. Its offerings included business financing, leasing, international trade financing, and investment products. The company aimed to support the growth of small and medium-sized enterprises (SMEs) through tailored financial solutions.For further information, visit poder-judicial.go.cr
About the Bankruptcy Court (Juzgado Concursal):
The Juzgado Concursal is a specialized branch of the Costa Rican Judiciary responsible for overseeing all insolvency, bankruptcy, and liquidation proceedings in the country. It manages legal cases involving companies and individuals unable to meet their financial obligations, ensuring that assets are distributed to creditors in an orderly and lawful manner according to the country’s commercial code.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica operates on a foundation of principled integrity and a drive for legal excellence. The firm leverages its extensive experience advising a wide array of clients to spearhead innovation within the legal field. At the heart of its mission is a powerful commitment to social empowerment, actively working to democratize legal knowledge and cultivate a society that is both well-informed and confident in its rights.
