Post by account_disabled on Mar 7, 2024 3:29:58 GMT
The Rio de Janeiro Court of Justice upheld the conviction of Banco Rural and Investprev for fraud in bankruptcy proceedings consequently maintaining the legal disregard and blocking of R$ million from the companies. According to the rapporteur of the Judgment Mário dos Santos Paulo “the decision given in the first level of jurisdiction concluded through a thorough examination of the evidence and precise justification that there was a confusion of assets” which justifies the disregard of the legal personality
In the first instance the Court ordered the disregard of the legal entities of the companies involved in the fraud so that the debt could be collected from the controlling shareholders. As a result the companies' assets were blocked. But the companies filed an appeal claiming that they were not heard in the process. However even after this defect was remedied the Court still in the first instance upheld the decision.
In the TJRJ ruling the rapporteur highlights that from the BTC Number Data analysis of article of the Civil Code it can be concluded that the national legal system adopted the socalled Greater Theory of Disregard according to which it is required to demonstrate a deviation from purpose subjective theory disregard or property confusion objective theory of disregard the latter being proven in the case.
Furthermore the judge also explained that the first degree decision already pointed out that on the Banco Rural website there was information that the Rural financial system is made up of several companies including Investprev Seguros e Previdência SA and RS Previdência. “Jurisprudence has positioned itself towards the possibility of disregarding legal personality for companies belonging to the same economic group” stated Mário dos Santos Paulo.
As a result R$ million was blocked from the companies and the legal entity of both companies was disregarded so that the debt could be collected from shareholders. The ruling has not yet been published and the decision can be appealed.
Lawyer Eduardo Barros Miranda Périllier partner at Salusse Marangoni Advogados and representative of the creditors of the bankruptcy estate celebrated the decision. “The records prove that there was without a doubt fraud with misappropriation of assets and transfer of a source of income portfolio guaranteeing assets etc. from the debtor RS Previdência to the companies InvestPrev and Banco Rural while the revocation action was taking place” he highlighted remembering that there was even a police investigation to investigate possible crimes and that the Public Ministry took the same position on the case in the first and second instances.
In the first instance the Court ordered the disregard of the legal entities of the companies involved in the fraud so that the debt could be collected from the controlling shareholders. As a result the companies' assets were blocked. But the companies filed an appeal claiming that they were not heard in the process. However even after this defect was remedied the Court still in the first instance upheld the decision.
In the TJRJ ruling the rapporteur highlights that from the BTC Number Data analysis of article of the Civil Code it can be concluded that the national legal system adopted the socalled Greater Theory of Disregard according to which it is required to demonstrate a deviation from purpose subjective theory disregard or property confusion objective theory of disregard the latter being proven in the case.
Furthermore the judge also explained that the first degree decision already pointed out that on the Banco Rural website there was information that the Rural financial system is made up of several companies including Investprev Seguros e Previdência SA and RS Previdência. “Jurisprudence has positioned itself towards the possibility of disregarding legal personality for companies belonging to the same economic group” stated Mário dos Santos Paulo.
As a result R$ million was blocked from the companies and the legal entity of both companies was disregarded so that the debt could be collected from shareholders. The ruling has not yet been published and the decision can be appealed.
Lawyer Eduardo Barros Miranda Périllier partner at Salusse Marangoni Advogados and representative of the creditors of the bankruptcy estate celebrated the decision. “The records prove that there was without a doubt fraud with misappropriation of assets and transfer of a source of income portfolio guaranteeing assets etc. from the debtor RS Previdência to the companies InvestPrev and Banco Rural while the revocation action was taking place” he highlighted remembering that there was even a police investigation to investigate possible crimes and that the Public Ministry took the same position on the case in the first and second instances.