Berardo contemporary art collection to be seized over €500 million debt

Caixa Geral de Depósitos, BCP and Novo Banco have decided that Joe Berardo is unlikely to repay around his massive bank borrowings and have started legal proceedings to seize 75% of the Berardo Foundation’s collection of modern art which was pledged as collateral.

The court will have to decide whether the Foundation is an entirely separate legal entity, or whether is it so inexorably linked to the well-known businessman, that the art collection can be auctioned off in settlement of Berardo’s debts.

———–

The above content produced by algarvedailynews.com is not intended for commercial use and may not be republished by third parties either wholly or in part unless permission is sought and granted and the source credited.

——————-