Post by xyz3400 on Feb 19, 2024 22:58:30 GMT -5
Procedural consolidation is not to be confused with substantial consolidation, that is, the active joint venture does not take away the patrimonial autonomy of the debtors, who continue with their obligations towards creditors. reproduction Reproduction TJ-SP determines individual vote on substantial consolidation of Odebrecht With this understanding, the 1st Chamber of Business Law of the Court of Justice of São Paulo determined that the deliberation on the substantial consolidation of Odebrecht's judicial recovery respects the autonomy of each of the group's companies, collecting votes individually, in accordance with article 45 of Law 11,101/2005. The first instance court did not authorize the substantial consolidation of Odebrecht ex officio, but determined that the creditors should deliberate on the issue at the General Meeting, however, in a consolidated manner.
Votorantim bank, the contractor's creditor, appealed to the TJ-SP asking for an individual vote, a request accepted unanimously. According to the rapporteur, judge Alexandre Lazzarini, "if there was no assessment of the matter by the court, there is no need to hold a General Meeting of Creditors as if there had been approval". Lazzarini stated that the issue must be assessed by the creditors of each of the Honduras Mobile Number List recoveries, "who will exercise their right to approve or not the substantial consolidation in the exact measure of their credit". The rapporteur highlighted that substantial consolidation is an exceptional measure and can be applied in cases where the organization of the business group does not allow the presentation of different recovery plans, that is, when it is found to be the only means of uplifting companies.
Given the complexity of this judicial recovery, it is best for the creditors to decide on the possibility and viability of a single plan, explaining their reasons for approving or not the measure. However, there is no need to impose on them to vote in an already consolidated manner, with a single list and under the terms of article 42", added Lazzarini.According to the rapporteur, as the accounting company's revenues derive solely from the provision of accounting advice, the remuneration of which is considered to be of a food nature, there is no reason to classify the credits held by it and the individuals who perform the same in a different way. Activity. The minister also recalled that the recognition of a food nature in the revenues of a legal entity is not unusual in brazilian law. As an example, she mentioned article 44 of law 4,886/1965, which equates to labor credits, for bankruptcy purposes, the remuneration received by commercial representatives, even if these professionals are organized in a company article 1 of the law.
Votorantim bank, the contractor's creditor, appealed to the TJ-SP asking for an individual vote, a request accepted unanimously. According to the rapporteur, judge Alexandre Lazzarini, "if there was no assessment of the matter by the court, there is no need to hold a General Meeting of Creditors as if there had been approval". Lazzarini stated that the issue must be assessed by the creditors of each of the Honduras Mobile Number List recoveries, "who will exercise their right to approve or not the substantial consolidation in the exact measure of their credit". The rapporteur highlighted that substantial consolidation is an exceptional measure and can be applied in cases where the organization of the business group does not allow the presentation of different recovery plans, that is, when it is found to be the only means of uplifting companies.
Given the complexity of this judicial recovery, it is best for the creditors to decide on the possibility and viability of a single plan, explaining their reasons for approving or not the measure. However, there is no need to impose on them to vote in an already consolidated manner, with a single list and under the terms of article 42", added Lazzarini.According to the rapporteur, as the accounting company's revenues derive solely from the provision of accounting advice, the remuneration of which is considered to be of a food nature, there is no reason to classify the credits held by it and the individuals who perform the same in a different way. Activity. The minister also recalled that the recognition of a food nature in the revenues of a legal entity is not unusual in brazilian law. As an example, she mentioned article 44 of law 4,886/1965, which equates to labor credits, for bankruptcy purposes, the remuneration received by commercial representatives, even if these professionals are organized in a company article 1 of the law.