Post by xyz3600 on Feb 24, 2024 22:14:31 GMT -8
After nine years of a company going bankrupt without reaching an agreement on payments to creditors, the São Paulo Court of Justice validated the alternative proposal for the sale of assets approved at the meeting. The unanimous decision is from the 1st Reserved Chamber of Business Law. reproduction TJ-SP authorizes alternative proposal for the sale of assets to resolve bankruptcy that has been ongoing for nine years without a solution The rapporteur, judge Alexandre Lazzarini, applied article 145 of the Judicial Recovery and Bankruptcy Law to the case. The provision says that "the judge will approve any proposal to realize assets, as long as it is approved by the general meeting of creditors.
The approved proposal provides for payment of 100% of labor and tax credits in cash and in cash, payment of 30% of the expected amount to unsecured creditors and 0.1% to subordinates (the partners of the bankrupt estate), with the alternative of converting the credit in shares of a future company of creditors to be constituted after payment in cash. The plan was approved by the first degree, but the Public Ministry appealed, contesting Middle East Mobile Number List its legality. For the TJ rapporteur, however, there was no illegality. According to Lazzarini, there was no insurgency from any creditor against the plan. Therefore, he concluded that the provisions contained in the proposal approved at the general meeting and approved by court do not imply losses to unsecured and subordinated creditors. "Given the peculiarities of the bankruptcy in focus (long duration, failure of several attempts to dispose of assets from the bankrupt estate, high operational and administrative costs, scrapping of assets etc.
It is legitimately configured as the most advantageous way of making the bankruptcy economically viable. liquidation of the assets of the bankruptcy estate, with maximum attention to the common interests of creditors, which is why the ratification must be maintained", stated Lazzarini. The judge also considered that there was no offense to item XX of article 5 of the Constitution. The section says that "no one may be compelled to join". But, according to the rapporteur, the agreement did not provide for any obligation clause to adhere to the plan. Unanimously, the chamber upheld the approval of the proposal, classified as "creative" by the second judge, judge Azuma Nishi.
The approved proposal provides for payment of 100% of labor and tax credits in cash and in cash, payment of 30% of the expected amount to unsecured creditors and 0.1% to subordinates (the partners of the bankrupt estate), with the alternative of converting the credit in shares of a future company of creditors to be constituted after payment in cash. The plan was approved by the first degree, but the Public Ministry appealed, contesting Middle East Mobile Number List its legality. For the TJ rapporteur, however, there was no illegality. According to Lazzarini, there was no insurgency from any creditor against the plan. Therefore, he concluded that the provisions contained in the proposal approved at the general meeting and approved by court do not imply losses to unsecured and subordinated creditors. "Given the peculiarities of the bankruptcy in focus (long duration, failure of several attempts to dispose of assets from the bankrupt estate, high operational and administrative costs, scrapping of assets etc.
It is legitimately configured as the most advantageous way of making the bankruptcy economically viable. liquidation of the assets of the bankruptcy estate, with maximum attention to the common interests of creditors, which is why the ratification must be maintained", stated Lazzarini. The judge also considered that there was no offense to item XX of article 5 of the Constitution. The section says that "no one may be compelled to join". But, according to the rapporteur, the agreement did not provide for any obligation clause to adhere to the plan. Unanimously, the chamber upheld the approval of the proposal, classified as "creative" by the second judge, judge Azuma Nishi.