Camila Vieira Guimarães
Lawyer at Marcos Martins Advogados
An important decision by the São Paulo Court of Justice (TJSP) in an action to revise a banking contract, the object of which involves a Bank Credit Note secured by fiduciary alienation of real estate, where the manufacturing headquarters of an industrial company that is in judicial reorganization operates[1].
In a well-founded decision, the 13th Chamber of Private Law of the TJSP held that the property which is the subject of the action is essential for maintaining its business and complying with the judicial reorganization plan, despite the fact that the credit sought is not subject to judicial reorganization – as it is a bank credit bill secured by a fiduciary alienation – and that the stay period of 180 days has already expired, without any further extension. The TJSP considered that the property covered by the fiduciary guarantee is home to the company’s manufacturing yard, and also reaffirmed its established position that the court of judicial reorganization has exclusive jurisdiction to analyze acts of sale of the property, which may interfere with the preservation of business activity and the very survival of the company.
As a result, urgent relief was granted to keep the company under reorganization in possession of the property sold in trust, prohibiting any sale of the property until the reorganization court decides whether or not the asset is essential to maintaining the company’s business.
Marcos Martins Advogados is always aware of court rulings on this issue and is available to its clients to find the best solution for their needs.
[1] TJSP; Interlocutory Appeal 2068169-10.2020.8.26.0000; Rapporteur: Cauduro Padin; Judging Body: 13th Chamber of Private Law; Foro de Cubatão – 3ª Vara; Date of Judgment: 09/06/2020; Date of Registration: 09/06/2020.
