Governance and Recovery of Companies
Entrepreneur: ask bankruptcy is not a sin! Autor: Conrado Dall´Igna - Advogado – Área de Governança e Recuperação de Empresas – OAB/RS 62.603
Nowadays, all businesses, whether large, medium and small struggle daily to remain active and your bills on time, such is the amount of taxes, labor and taxes of various kinds.
Many establishments, either by mismanagement, a specific situation, for bank debt or excessive tax burden, credit lines increasingly rare or absence of working capital, reduced demand, etc.., Companies find themselves in difficulties increasing to receive from their customers, and thus honor their commitments to the bank creditors and suppliers, factors that could plunge the company into a crisis of no return, taking the same bankrupt.
Faced with a framework like this, how to pay labor charges, taxes and continue on active duty? How to avoid bankruptcy? The answer is in bankruptcy, based on Law 11.101/2005.
Require bankruptcy before the Judiciary is not a crime nor a sin, but a viable legal alternative to save the company, since the entrepreneur realizes the time signals that can push your business to the crisis, and admit that you need help .
Through Law 11.101/2005, Law of Bankruptcy and Reorganization, is in force since February 2005, when added to a responsible and comprehensive judicial recovery plan, as well as a careful renegotiation liability to creditors, the company can fetch the breath required to keep their activities, despite being in serious difficulties, thus avoiding a possible and imminent bankruptcy.
Legal redress for any type of business, from large to small firms, and may also be used by individuals, specifically in the case of the person to be farmers.
In practical terms, the entrepreneur, through a lawyer specializing in this field and a financial consultancy, before the Judiciary do you judge your bankruptcy filing, where, after granting the application will have 60 days to submit a restructuring plan , getting payments and lawsuits (executions, arrests and kidnappings) suspended for 180 days (Art. 6 § 4 of the LRF), for the Law 11.101/2005 gives the ailing company the means to negotiate equal footing with all your creditors, allowing the payment of fractional order through settlement of goods, more time to repay loans or even pardon them, adjustment and mitigation of interest and charges.
All debts are linked to the process of judicial recovery (with some exceptions) and there novation of debts.
Ie the bankruptcy gives the company the advantage of recovering involve all your creditors (labor, bank secured and unsecured factorings and encouragements, suppliers, etc.., With a few exceptions) in a recovery plan, feasible, dealing with all at once, allowing the payment of all its obligations.
In doing so preserve up jobs, generate revenue and keep up the function of the company, in order to avoid foreclosure of their activities, and enable inclusion of more credits, allow the company to have it sold, possibility of deadlines special conditions and payment obligations already accrued replacement of Directors, changes of control, the possibility of creditors elect directors, capital increase, rental property, including the company's own employees, salary reduction, payment in kind and novation of debts, partial sale of goods, provision of company creditors, enjoyment of company, company administration and issuance of securities.
The institute of business recovery is much more comprehensive than the old arrangement, bringing a range of legal possibilities that may mean the salvation of the company in crisis. It is up to the entrepreneur, time, reflect deeply on the situation of crisis, let prejudices aside and request expert help, just want to.
