New manager of Shefa manifests itself for the 1st time after the company was declared bankrupt and highlights ‘preservation and appreciation of assets’

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Judgment was published by Justice last Wednesday (12). In the decision, the judge maintained the temporary operation of the company to preserve jobs. Shefa headquarters in Amparo Heitor Moreira/EPTV The new judicial manager of Agropecuária Tuiuti S/A, a dairy company known as Shefa, spoke out this Friday (14th) for the first time since the company was declared bankrupt by the Court , on Wednesday (12). In the decision, the court also determined the immediate removal of the former managers, on charges of fraud (see below), and the temporary maintenance of the company’s operation, with the judicial manager in charge of the work. “The court decision allows for better preservation and appreciation of the asset, with the aim of optimizing an exit route that allows prestige, to the best possible extent, to all stakeholders, preserving employment relationships, contracts, tax collection and other relevant social reflexes”, says the manager’s note. READ ALSO Understand the accusations of fraud that led Shefa to bankruptcy The business activity will be maintained until the liquidation of the bloc, as a way to preserve the employment of more than 300 employees and for the benefit of the collective of creditors. The judge also ruled that no contracts or obligations linked to Shefa be suspended. Check out the statement from Shefa’s new manager in full: “The court decision handed down on July 12, 2023, by the 1st Civil Court of Amparo, declared the company bankrupt, but also determined the continuation of business activities, with the maintenance of the validity of all jobs and contracts, as well as the appointment of a Judicial Manager, FKConsulting.PRO (FK), represented by the managing partner Mr. Frank K. Migiyama, replacing the company’s administrators. fully maintained by the court decision, with the Judicial Manager assuming the company’s management. stakeholders, preserving employment relationships, contracts, tax collection and other relevant social reflexes.” Accusations of fraud Accusations of fraud during the judicial recovery process led the São Paulo Court of Justice (TJ-SP) to declare Shefa bankrupt. g1 obtained access to the bankruptcy decision, in which Judge Fernando Leonardi Campanella, from the 1st Court of the Foro de Amparo, detailed the evidence of fraud related to the company. According to Campanella, in 2015, Shefa was already experiencing financial difficulties. It was then that a businessman began to inject capital into the company and gained ownership of the brand as collateral. The following year, the sale of Shefa was made official to a third party, but with two companies owned by the businessman who injected the capital as “guarantors” of the obligations assumed by the buyer. One of them was also a Shefa creditor. Shortly after the sale, according to the magistrate, there was the first indication of fraud. The then owner would have provided guarantees on behalf of the guarantor/creditor company, in order to cover past debts in the amount of BRL 35 million, which would be illegal. “The granting of guarantees for previously contracted debts, without having sufficient free and clear assets to settle the liabilities, is expressly prohibited”, says an excerpt. Another sign pointed out was when the owner recognized a debt in the amount of R$ 14,556,389.80, to be paid in 60 installments of R$ 795,999.39. The installment, with interest, raised the debt to R$ 47,759,963.40. “In other words, the owner of Shefa consented to his company paying 228% more in relation to the amount of the existing debt”, he says. Finally, in another confession of debt, the owner would have given the “Fazenda São Francisco” as a guarantee to the creditor and guarantor, the property where the company’s headquarters are located in Amparo. “Observing that the Shefa company’s finances were going badly and anticipating a future request for judicial recovery, an attempt was made to protect the referred to root asset, with a high market value and possible collection in that recovery request”, quotes the judge. What did the judge conclude? According to the Court, the guarantor/creditor was involved in the Shefa purchase process in order to work in the company and, at the same time, benefit as a creditor. See the points highlighted by judge Fernando Leonardi Campanella: The owner at the time was never, in fact, the controlling shareholder of the company under reorganization, acting as a true “orange”, aiming to ensure interests of third parties, contrary to those of “his” own company, future company under reorganization; the creditor company did not, in practice, carry out a predominant activity of promotion in favor of the company under reorganization, but rather an activity aimed at generating profits through disguised loans and controlled the company under reorganization, its debtor; debt confessions and guarantee institutions were not intended to safeguard the interests of the company under reorganization, but those exclusively of creditors linked to the guarantor. “Without a doubt, there was an abuse of rights and a breach of the duty of objective good faith, by transmitting to the Judiciary, at first, through this request for judicial recovery, the search for help; an encouragement to balance finances and organize debts unbridled, when, in fact, the true purpose was to defraud creditors”, highlighted Campanella. 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