Brazilian court freezes Varig's assets, All About Debts

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Brazilian court freezes Varig's assets

Debt Help A court has ordered a freeze Wednesday on the assets of Varig airlines to ensure the payment of monies owed to employees of the nearly bankrupt carrier, while Brazil's government took over the airline-sector pension fund.

Once your bankruptcy order has been issued by a court, you are supposed to produce a list of all your assets and debts to your Official Receiver or Insolvency Practitioner within 21 days.
Your increased income or assets must be declared to your Trustee.
If you are going to obtain a credit of 250 pounds or more from a person, you should inform him of your bankruptcy.
You are not supposed to make any direct payments to your creditors.
To attend the court is mandatory for you to give reasons for being in debt; otherwise you can be put to legal punishment.

Counseling Debt Judge Evandro Guimaraes in Rio de Janeiro imposed the embargo in response to a motion brought by several unions representing Varig's roughly 11,000 employees, plaintiff's attorney Jose Crescencio said.

When a company is struck off or dissolved, all of its bank accounts, property and assets are forfeit to the Crown, or to the Duchies of Lancaster. The only way a struck off company can continue to deal legally with its accounts, property and assets is to apply for a court order restoring the company with the consent of the Treasury Solicitor and Registrar of Companies. Until the company is restored by a court order, it remains unable to deal with its assets. The company must be restored in order to collect its debts, pursue tax and VAT claims, etc

Consolidation Consumer Debt Under the ruling, control of the carrier's assets passes to consultants Alvarez & Marsal, the firm Varig hired two weeks ago to manage the airline's efforts to get back on its feet.

Chapter 13 bankruptcy allows an individual to pay off his debt over time. The process starts when the individual files a petition with the bankruptcy court. This petition includes a complete list of all the individual's debts and assets. Additionally, the petition must include a payment plan that describes how the debt will be paid off over the next three to five years.

Debt Settlement Brazil's flag carrier, which was founded 78 years ago, has debts of 7 billion reais (about $3.25 billion) and entered a court-supervised recovery process last June. The decision to freeze Varig's assets will have to be approved by the court overseeing administration of the airline.

Among other news released yesterday the US TIC report, which measures the demand for US debt and assets, came in below expectations at $67.6 billion.

Debt Free The company's situation grew worse last week, when managers said they had run out of operating funds, though Varig's aircraft continued to fly their routes.

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