NEWS

03/07/2020
ETTORE BOTTESELLI ELECTED PRESIDENT OF THE UIA BRAZILIAN COMMITTEE

Today, Ettore Botteselli, senior associate of DDSA – De Luca, Derenusson e Schuttoff Advogados, was elected President of the Brazilian Committee of UIA – Union Internationale des Avocats.

UIA is the world’s largest international network of lawyers with 92 years of activity. At this moment, through its collective members (bars, federations, and associations) and individual members, UIA brings together two million lawyers from more than 110 countries.

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09/04/2020
THE INJUNCTION BY SUPREME COURT (STF) AND THE PROVISIONAL MEASURE 936/2020 LAY OFF ALTERNATIVES

On April 6 2020, an injunction by the Supreme Court (STF) was given in the context of a Direct Action of Unconstitutionality – proceeding # 6363/2020 – filed by Rede Sustentabilidade party. The decision prevents the use of individual agreements to implement the reduction of wages and working hours and the suspension of employment contracts as established by the Provisional Measures (PM) 936/2020.

According to Ricardo Lewandowski – appointed rapporteur, who issued the mentioned injunction – individual agreements to reduce wages and suspend contracts should only have full legal effects after the manifestation of the employees’ union. Therefore, while the decision is in force, individual agreements are only valid after collective bargaining with the union or if the union and the respective federation (or confederation) tacitly agree with them after due notification.

Companies and lawyers know by experience that collective bargaining can be a rather complex and not very agile process. Many unions do not even have the resources to negotiate during current isolation and social distance, which may force companies to take greater financial and legal risks, or more drastic measures such as massive terminations.

There is an expectation of a quick reform of such decision by the STF Plenary, with the anticipation of the judgment section to next April 16.

DDSA will be monitoring ADI 6363/2020 and is available to advise clients on this matter.

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08/04/2020
COVID-19: BRAZILIAN ENVIRONMENTAL DEPARTMENTS SUSPENDED DEADLINES FOR ADMINISTRATIVE PROCEEDINGS

With the purpose to reduce the impacts of COVID-19, Federal and State Environmental Departments suspended the deadline for the filing of defenses and appeal related to administrative procedure in course before such authorities.

Please note that each State authority set forth environmental specific and different regulations about such suspension, as well as in connection with the functioning of each department during the “quarantine”, that shall be observed by interested parties.

In addition, local authorities have also issued isolation and protection measures in view of the pandemic, within its jurisdiction. Therefore, it is important to check local environmental rules that may apply to your businesses.

Such suspension is only applicable to legal term for filing defenses and appeals. The term for the completion of any other environmental obligation, including the actions required for the validity of an environmental licenses, or those part of the investigation or remediation plans, as well as the ones provided for in consent decrees or set forth in any other agreement with the relevant authorities.

Federal Agency – IBAMA – has issued a Public Statement informing that all relevant environmental obligations shall be completed by the interested Party in due term, and if in any case the obligation is impaired in view of the COVID -19 crisis, such action can be suspended and resumed as soon as possible. IBAMA must be informed of all delays, with proof and evidence of the circumstance that hinders the environmental measures to take place within the term agreed.

At the State level the orientation is in line with IBAMA and any delays shall be fully documented and informed to the environmental authorities. Extension applications will be reviewed on a case-by- case basis.

We from the Environmental Department of DDSA – De Luca, Derenusson, Schuttoff & Advogados are welcome to assist You, please do not hesitate to contact us.

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03/04/2020
NEW LABOR MEASURES DUE TO THE CORONAVIRUS PANDEMIC

REDUCTION IN WAGES AND HOURS OF WORK AND SUSPENSION OF EMPLOYMENT CONTRACTS

PROVISIONAL MEASURE No. 936 OF APRIL 1st, 2020

Provisional Measure 936/2020 institutes the Emergency Employment and Income Maintenance Program and provides on supplementary labor measures to confront the state of emergency and the public health emergency resulting from the coronavirus (COVID-19).

The Provisional Measure creates the Emergency Employment and Income Preservation Benefit[1] (“Benefit”), payable by the Government in the following events:  (i)  proportional reduction in the hours of work and wages; and (ii) temporary suspension of employment contracts.

The DDSA Advogados Labor Law team prepared a complete table of contents with all the possibilities for receiving the benefit.

ACCESS HERE

We explain that the text above is not exhaustive and neither represents nor substitutes a specific recommendation based on analysis of the case. The law firm DDSA Advogados is available to guide its clients with respect to the main legal measures adopted to confront the pandemic and its effects on the employment relationships, as well as with respect to the applicability of Provisional Measure 936/2020.


[1] The base of calculation of the Benefit shall be the monthly amount of the unemployment insurance to which the employee would be entitled to.
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02/04/2020
CORPORATE REPORT PROVISIONAL MEASURE 931 (COVID-19)

Change of deadline and forms of holding general meetings and its registrations before the boards of trade
The Provisional Measure no. 931, dated March 30, 2020 (“Provisional Measure”), change several provisions of the Brazilian Civil Code and Corporation Law with the scope of adapting the Brazilian corporation legislation to COVID-19 current context and, consequently, the public authorities’ recommendations of social isolation.

The main points of Provisional Measure are the following:

i. Approval of Accounts

The company whose fiscal year ended on December 31, 2019, may hold its annual general shareholders’ meeting or quotaholders meeting to approve its accounts, until July 31, 2020, instead of March 31, 2020.

Regarding the public held companies (listed companies), Brazilian Securities Commission (“CVM”) will establish the date for presentation of financial statements.

ii. Management

The management terms of the companies’ management members (managers, officers, members of the board of directors) will be extended, as the case may be, until the companies hold their next annual general shareholders’ meeting and quotaholders meeting, or the correspondent board of directors meeting.

In relation to the corporations, subject to a different provision in the bylaws and, as applicable, the board of directors will be responsible to resolve, ad referendum, urgent matters that are under the shareholders’ general meeting competence.

iii. Dividends in Corporations

In respect to the corporations, the board of directors, if any, or the board of officers may, regardless any amendment to the bylaws, declare dividends, until the annual shareholders’ general meeting is held by the company.

iv. Public Held Companies (Listed Companies)

CVM may, exceptionally during the 2020’s fiscal year, extend the terms establish by the Brazilian Corporation Law to the public held companies.

v. Virtual Meetings and Remote Participation

An important measure set forth in the Provisional Measure is the possibility to hold virtual meetings by public held companies, as well as, the authorization for the shareholders to remotely attend to general shareholders’ meetings and quotaholders meetings, in closely held companies.

Concerning the closely held companies, the Provisional Measure modifies the Brazilian Civil Code and the Brazilian Corporation Law, in order to authorize the shareholder/quotaholder to remotely attend to the general shareholders’ meeting in corporations, limited liability companies and associations. However, this provision is subject to the subsequent regulation by the National Department of Business Registration and Integration of the Special Secretariat for debureaucratization, Management and Digital Government of the Ministry of Economy. Please note that this provision already exists for public held companies (listed on the stock market).

The great innovation of the Provisional Measure is the authorization of virtual meetings for public held companies, therefore, meetings held entirely digitally. However, such provision must be regulated and authorized by CVM.

vi. Boards of Trade

During the COVID-19 crises and, particularly about the restrictive measures to the boards of trade operation:

(i) the corporate acts subject to registration and executed after February 16, 2020, will retroact to the date of the document, if they are filed before the respective board of trade within thirty (30) days from the date on which the respective trade board normalizes its regular operation. Please note that some boards of trade, which have digital registration form continue to operate normally.

(ii) the requirement of prior filing of an act for the issuance of securities and for other legal transactions is suspended as of March 1, 2020. The filing of such acts must be made before the respective board of trade within thirty (30) days from the date on which the respective trade board normalizes its regular operation.

DDSA Corporate team is available to clarify any doubts or assist in any matter related to corporate aspects.

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26/03/2020
DDSA NO LATIN LAWYER 250 | CLIENT- CENTRED EXCELLENCE

DDSA – De Luca, Derenusson e Schuttoff Advogados was recognized by the guide of the international Latin Lawyer 250, in its 2020 edition, as one of the best firms in Latin America. We were recognzed as a “CLIENT-CENTRED EXCELLENCE” due to our focused attendance of the clients’ needs. We were appointed in the areas of Aviation, Corporate and M&A, Labor and Tax, led respectively by partners Ana Luisa Derenusson, João Cláudio De Luca and Guilherme Filardi, Leila Pigozzi Alves and Claudia Derenusson Riedel and Sabine Ingrid Schuttoff. We thank the trust of all clients and partners for this achievement, which proves our daily dedication and commitment to ensure the best results.

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20/03/2020
RELEASE: COVID-19 AND HOME OFFICE

Due to the COVID-19 pandemic outbreak and the necessary care and responsibility towards our lawyers, family members and clients, we inform that DDSA – De Luca, Derenusson and Schuttoff Advogados will be working in home office until April 1, 2020. We guarantee the fulfillment of all commitments to our clients, ensuring the continuity  of the efficiency and promptness of our services and maintaining the excellence in quality that is our brand. Our team will normally respond to demands via video and phone conferencing, emails and our PBX will continue to function normally at +55 113040-4040.

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12/03/2020
LACCA: Thought Leaders 2020 CORPORATE | M&A

João Cláudio de Luca, partner at DDSA – De Luca, Derenusson, Schuttoff Advogados, was recognized for his work in Corporate Law and M&A at LACCA: Thought Leaders 2020. The international publication highlights those lawyers who stood out in their practice area as reliable and excellent leaders. We thank all clients and partners for this achievement.

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13/07/2016
Brazilian court refuses to recognise BVI proceeding on public policy grounds

Wednesday, 13 July 2016 (5 hours ago) by Jack Barton

Brazil’s Superior Court of Justice has said it won’t recognise the liquidation of British Virgin Islands company Gutmen Investment Corporation, citing risks to the judicial recovery of the company’s Brazilian subsidiary.

In a judgment released on 4 July, a board of 14 ministers dismissed the application from Gutmen Investment Corporation for recognition of the appointment of Mark McDonald of professional services firm Grant Thornton as liquidator by the BVI’s High Court of Justice.

Recognition would have given McDonald rights through a shareholder agreement over Brazilian company Manacá, a farming product wholesaler which is 99.5 per cent owned by Gutmen.

Manacá, which has been in judicial recovery proceedings in the Civil Court for the District of Ibaiti in Southern Brazil since June 2013, contested the recognition with counsel from De Luca, Derenusson, Schuttoff e Azevedo Advogados.

Gutmen was declared bankrupt by order of a BVI court in July 2012, following a default on payments to German bank Gesellschaft fuer Absatzfinanzierung (GEFA), from which it had attained a loan for the purchase of an aircraft in the US.

GEFA, described as Gutmen’s only significant creditor, seized the aircraft but its value did not offset the entirety of the outstanding debt. Gutmen’s other assets include its controlling stake in Manacá, which is valued at 750 million reais (US$76 million) and is currently undergoing a restructuring led by São Paulo firm Oliveira, Carvalho & Ranzini Sociedade de Advogados.

Gutmen, advised by Brazil’s Krikor Kaysserlian Duarte e Forssell Advogados Associados, held that it met all requirements of universality under Brazil’s civil code to have the liquidation, and McDonald’s status as liquidator, recognised.

Manacá, whose other creditors include agricultural companies and labour groups, argued that recognising the BVI proceeding would give Gutmen priority creditor status, which is not intended by Brazilian legislation.

Manacá cited Brazil’s civil code, under which orders of foreign courts should be recognised providing they are not contrary to national sovereignty, public order and morality.

Manacá’s creditors are currently considering a payment plan, and the company’s counsel argued that disrupting this to give priority to a non-operating holding company and the claims of one foreign creditor, GEFA, would be in violation of public order and sovereignty.

They further held that such priority would never be allowed if all proceedings were taking place in the Brazilian court system.

The court held that it had no grounds to challenge the decision of the foreign court but unanimously held that recognition of this decision, and therefore subordination of the Brazilian proceedings, would be an offence to national sovereignty.

Luis Augusto Roux Azevedo, of De Luca Derenusson, says the Brazilian court agreed that it was important to protect the creditors in the Brazilian proceeding, as it was unclear how McDonald would treat the judicial reorganisation if recognised as liquidator.

“We argued that this was in violation of the principle of public order, as we do not know what the BVI liquidator intends to do with the Brazilian company and what this means for the Brazilian creditors,” says Azevedo.

He adds that “this decision is highly significant because the Brazilian court said it was its duty to protect the creditors who were subject to the Brazilian proceeding.”

However, McDonald described the court’s decision as concerning. “I believe the judgment is concerning for international investors because it demonstrates that the Brazilian courts will not readily protect their interests.”

His lawyer, Henrique Forsell of Krikor Kaysserlian, adds that “there is nothing in the application that requests that the foreign creditors of Gutmen be paid by Manacá. Creditors of Gutmen have to be paid with assets available to Gutmen. Creditors of Manacá will be paid with assets available to Manacá.”

McDonald intends to ask the court to clarify certain aspects of the judgment, including the payment of dividends from Manacá to Gutmen, the time period over which the court will refuse to recognise the Gutmen proceedings, and the approval process for the sale of the BVI company’s assets. He also plans to appeal the decision.

Gutmen Investment Corporation v Manacá SA Armazens Gerais EAdministração

Counsel to Gutmen Investment Corporation

Krikor Kaysserlian Duarte e Forssell Advogados Associados

Henrique Forsell and Octaviano Duarte Filho

Counsel to Manacá

De Luca, Derenusson, Schuttoff e Azevedo Advogados

Luis Augusto Roux Azevedo and Leandro Araripe Fragoso Bauch

For restructuring

Oliveira, Carvalho & Ranzini Sociedade de Advogados

Emmanoel Alexandre de Oliveira

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18/03/2016
DDSA WIN THE DEAL OF THE YEAR

We are very proud to announce that DDSA is the winner of the ‘DEAL OF THE YEAR’ of the English directory “LATIN LAWYER”.
LUIS AUGUSTO AZEVEDO ROUX and FERNANDO LOBO, partners of the restructuring and bankruptcy of DDSA received the award for the legal restructuring of the construction company OAS, where DDSA team acted for the representative of the trustee, Alvarez & Marsal Brazil, among other players of the operation.

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17/03/2016
DDSA Chambers and Partners 2016

We proudly inform our clients and friends that DDSA was appointed by the important directory Chambers and Partners, in its Global 2016 edition, as one of the most important offices of Brazil in the areas of Insurance and Tax. Once again we thank our customers, partners and team for more such recognition.

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16/03/2016
DDSA AT LL 250 -LATIN LAWYER

We were nominated one more time by the recognized directory Latin Lawyer as one of the best law firms in Latin America. We were recognized for our customized and efficient service and for our capability to globally lead with a client’s demand.

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14/03/2016
LEILA PIGOZZI ALVES AT LATIN LAWYER REFERENCE

Ana Luisa Derenusson é a autora do capítulo do Brasil sobre aviação do ICGL- International Comparative Legal Guides, um dos mais renomados diretórios jurídicos que traz a análise de experts do mundo todo sobre a legislação de uma determinada área.

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18/02/2016
ANA LUISA DERENUSSON WAS NOMINATED BY CLIENTS CHOICE 2016

The partner ANA LUISA DERENUSSON, was the only lawyer in Brazil appointed by the CLIENT CHOICE AWARDS 2016 in the aviation area.

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18/02/2016
DDSA IS IN THE SHORTLIST FOR THE LATIN LAWYER “DEAL OF THE YEAR 2016” AWARDS

The DDSA’s Bankruptcy and Restructuring team, headed by Luis Augusto Roux de Azevedo and Fernando Lobo was nominated for the “DEAL OF THE YEAR 2016” by the English directory LATIN LAWYER

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21/01/2016
DDSA IN CORPORATE-INTL

DDSA is in the special issue of the end of the year of CORPORATE-INTL magazine. Partners JOÃO CLÁUDIO DE LUCA and GUILHERME FILARDI talked about the success of the firm’s performance in 2015 in various sectors and the prospects of the future of Brazil and the new opportunities in the legal market.

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18/01/2016
DDSA IN LL REFERENCE: CORPORATE GOVERNANCE

Partners JOÃO CLAUDIO DE LUCA and GUILHERME FILARDI of the Corporate and M&A department, are the authors of Brazilian Corporate Governance page in Latin Lawyer Reference, which provides information about the main rules related to compliance issues and anti-corruption rules for domestic and foreign companies in Brazil.

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03/11/2015
DDSA at Latin Lawyer

Ana Luisa Derenusson, aviation department partner was interviewed by Latin Lawyer, regarding the Brazilian aviation market in the recession economic scenario. The partner speaks about the legislation and governmental incentives for this sector.

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25/09/2015
DDSA ON CHAMBERS 2016 EDITION
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