Understand the fraud allegations that led Shefa to bankruptcy

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Judgment was published almost six years after the brand filed for recovery. In the decision, the judge maintained the temporary operation of the company to preserve jobs. Shefa headquarters in Amparo Heitor Moreira/EPTV Accusations of fraud during the judicial recovery process led the São Paulo Court of Justice (TJ-SP) to decree the bankruptcy of Agropecuária Tuiuti S/A, a dairy company known as Shefa and which has been in the market since 1976. The decision was published this Wednesday (12), almost six years after the brand, which has a factory in Amparo (SP), filed a recovery request by bequeathing a debt of R$ 222, 5 million. 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. What are the signs of fraud? 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. The g1 tries to find those responsible for Shefa. How is it going forward? In addition to the bankruptcy, the Court also determined the immediate removal of those responsible. Business activity will be maintained until the block’s liquidation, as a way of preserving the employment of more than 300 employees and for the benefit of the creditors’ community. “The provisional operation, therefore, will aim at reducing liabilities, or at least avoiding their exponential increase; maximizing assets; and will make it possible to attract potential interested parties in purchasing the entire production unit during this time, solving a large part of a bankruptcy process all at once, saving you precious years of processing”, pointed out the judge. The magistrate also determined that no contract or obligation linked to Shefa should be suspended. “The bankruptcy decree always has an impact on creditors and the community in general, who believed in the uplift of the company. Thus, if there are ways to mitigate the inevitable consequences of the bankruptcy, the referred practices must be adopted”, he pointed out. During this period, Shefa will have a temporary trustee, which will be Brasil Trustee. In a note, the administrator highlighted the importance of taking care to preserve jobs. “The company’s bankruptcy was due to the fraudulent use of the law, such fraud having been unraveled, culminating in the Bankruptcy decree for breach of objective good faith. However, in the decision to breach, care was taken to keep the activity running , having been appointed a Judicial Manager, as a way of preserving jobs and aiming at maximizing the asset, for payment of creditors.” VIDEOS: All about Campinas and Region See more news from the region at g1 Campinas

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