A surprise with the end of a giant and traditional company in Brazil after declaring its bankruptcy and debts worth 6 billion Brazilian riyals
A famous giant and traditional company in Brazil, known to everyone who used its services, was declared bankrupt, with a debt of 6 billion Brazilian reals, and it ended after 50 years, which surprised everyone.
This information was published by the portal “Sorcery”, which reported in March 2018 that Judge Marcelo Sacramone, of the Second Court of Bankruptcy and Judicial Recovery of São Paulo, issued a decision to declare the bankruptcy of the Sahin Group, which owns giant companies, such as Sahin. Empreendimentos Imobiliários, Schahin Securitizadora de Créditos Financeiros, Schahin Desenvolvimento Imobiliário and many others.
According to the information, the decision to declare the bankruptcy of the Shaheen Group affected at least seven companies and took place two years after the recovery plan was approved, which means that the company failed to adhere to the business credit repayment plan, which stimulated and led to the end of the giant company.
According to the information, Shaheen was one of the companies investigated in the “lava plane” operation and had accumulated debts of no less than 6 billion Brazilian riyals.
At that time, the judge also justified the decision, saying: “The Brazilian judicial recovery system is based on the principle that there must necessarily be a division of burdens between the debtor and creditors, with the social value of the work and all the benefits arising from the work.” And maintaining productive activity,” he said and continued:
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“Companies that, in the event of a judicial recovery, will not generate jobs, income, taxes or circulation of wealth, services or products, do not perform their social function and, therefore, it is not justified to keep them operating under these conditions, bear all responsibilities and the burden of the action is on the creditors,” he explained. Without any social compensation.
It is worth noting that the Schahin Cury Engenharia e Comércio Group, SCEC for short, was founded in 1965 by three newly graduated civil engineers, and ended after more than 50 years of activity.
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