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Who gets paid first when the company goes bankrupt

The Court of Justice of São Paulo determined right this moment (21) the chapter of Grupo Itapemirim, an airline company. The authorized rescue got here from 2016 with a complete debt of R$ 200 million and one other R$ 2 billion for pending bills and taxes and social safety…. – See extra from https://economia.uol.com.br/noticias/redacao/2022/09/21/more-than-2-billion-in-debts-to-be-declared-bankruptcy-of -itapemirim.htm?cmpid=copiaecola

The Itapemirim Group, a cruise and airline company, was sentenced by the Court of Justice of São Paulo this Wednesday (21). Since 2016 the authorized rescue has been carried out, and the quantity of the company’s money owed is 200 million BRL and one other BRL 2 billion for pending bills and taxes and social safety.

The group was thought-about one among the largest in the nation in intercity bus journey. In 2021, the flight will begin to be delivered, however it is going to solely be in operation for six months, leaving hundreds of passengers with out journey at the finish of the 12 months and producing complaints in client safety teams and lots of circumstances.

Before chapter, the company can apply for judicial aid, as with Grupo Itapemirim. The concept, on this case, is to attempt to attain an settlement between the company in hassle and all its collectors (folks and corporations which have one thing to achieve). Bankruptcy happens when a company’s restructuring plan isn’t accepted.

The technique describes easy methods to promote what’s left to attempt to repay the remaining money owed. In the case of Itapemirim, resulting from the resolution of the court docket additionally the property of Sidnei Piva de Jesus, the proprietor of the company, aren’t obtainable, as he knew that Piva Consulting, one other company of his, will seem the “complexity of patrimonial”, that’s, the revenue of two folks is legally blended.

When chapter is asserted, the company ceases operations and its property are offered to repay money owed. Items are collected, appraised and auctioned.

After that, collectors are paid so as of want, relying on the origin of the debt:

  • Labor gives as much as 150 minimal wages or accidents at work
  • Interests are secured by rights in rem, resembling actual property
  • Tax credit, resembling taxes
  • Earnings are very excessive

This record of preferences places employees and authorities in a first-rate place to achieve. They is probably not misplaced.

On the different hand, the suppliers at the finish of the line find yourself with nothing from the bankrupt company.

In the case of Itapemirim, the choose who declared the company bankrupt accepted a chapter contract with the provider Suzano, for at the very least one 12 months, to maintain the providers offered by the group.

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