Farmers to have specific rules for bankruptcy filings
Divergences between farmers and trading companies about bankruptcy filings by individual farmers made the federal government decide to organize the different proposals, trying to create specific rules for that group.
The model being gestated is of "pre-qualification." With it, farmers will be entitled to filing for bankruptcy protection if they present accounting information to providers of credit or inputs when making the contract. Only debts supported by those data could be object of renegotiation. Any other debts taken before or after that were not reported, therefore, could not be included in the filing for recovery.
Sources say the government fear negative impacts on farm loans from a possible stronger demand for bankruptcy protection, and is worried about the inclusion of debts related to official credit in those filings, causing spending to the Treasury.
Despite progress in the discussions, the lack of consensus on the inclusion of Rural Product Bills (CPR) in a bankruptcy reorganization still hampers the negotiations. CPRs let farmers raise funds in exchange of promised delivery of crops at a later time. The point is crucial and remains without definition. Farmers advocate the inclusion of the securities and the definition of criteria for their renegotiation. One possibility is to give more time to the delivery of production tied to the CPRs over several harvests. Yet trading companies and crop processors that provide the financing don't accept that option.
Since September, the Economy and Agriculture ministries have been seeking to mediate the creation of a bill to regulate the bankruptcy reorganization of individual farmers. Entities of the agricultural sector, trading companies, cooperatives and jurists are participating in the working group.The idea is to present the proposal as a clean bill to bill 6,279/2013 by its rapporteur, Alceu Moreira (Brazilian Democratic Movement, MDB, of Rio Grande do Sul), who is president of the Agriculture and Livestock Parliamentary Front (FPA). Agriculture Minister Tereza Cristina said he would ask the speaker of the Chamber of Deputies, Rodrigo Maia (Democrats, DEM, of Rio de Janeiro), to have the proposal being treated with urgency when presented.
Once passed, the text is likely to become rule for farm bankruptcy protection and fill a "legislative vacuum" that caused divergent interpretations of the rule in place - which only addresses corporate farmers - and big court disputes. A ruling by the...
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