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The increase in defaults, aggravated by the pandemic and changes in interest rates, has put the Federal Government on alert.
Brazil Unwinds to Pay Off Debts: New government phase focuses on creditor inclusion and expands debt adjustment initiative
Faced with this obstacle, the government introduced the Desenrola Brasil para Quitar Dívidas project, an urgent measure in collaboration with the Department of Economic Adjustments of the Ministry of Finance. In essence, the initiative aims to confront defaults, provide support to debtor and creditor companies, and promote debt restructuring, reducing the economic burden that has impacted countless Brazilian citizens.
A new moment: creditor integration
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On Tuesday, August 29, a vital phase of the Desenrola Brasil para Quitar Dívidas project came into action. The Federal Government began accepting registrations from creditors – entities that have credits to receive – expanding the debt restructuring program that has already reached around 10 billion reais in adjustments.
Thus, this stage symbolizes a significant advance in the elaboration of a complete response that aims to favor indebted companies and citizens.
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Adjustment Tool: connecting creditors and debtors
The main feature of the Desenrola Brasil para Quitar Dívidas project is the development of a tool that functions as a reliable link between creditors and debtors. This tool aims to promote the adjustment of bank and non-bank debts, covering sectors such as electricity, water, retail, education, among others. Therefore, this digital space is designed to streamline dialogue between those involved, ensuring a clear and equitable procedure.
Engagement Guidelines and Recipients
The second stage of the Desenrola Brasil para Quitar Dívidas project focuses on entities that have credits to receive. Applications are open to all segments, including banks, merchants, water and energy suppliers, among others.
In this sense, with the aim of ensuring the participation of individuals in vulnerable conditions, the initiative highlights those who receive up to two minimum wages or who are registered in the Single Registry for Social Initiatives of the federal government (CadÚnico). In addition, the amount of debts to be restructured cannot exceed R$1,000,400.
Debt registration and review procedure
The act of registering for the Desenrola Brasil project to Pay Off Debts is straightforward and practical. Creditors have from August 29 to September 10 to complete their registration on the tool.
The Creditors Portal is the way in which interested entities can complete their registration. Access to the portal is done via the website, using the eCNPJ with digital authentication.
Steps to involvement
In general terms, to complete the registration, creditors must register on the Creditors Portal and digitally ratify the Participation Agreement using the eCPF of the legal representative listed with the Federal Revenue Service.
Subsequently, after registration, creditors will have access to the Creditor's Handbook. This is a detailed guide that illustrates the steps of the procedure and provides essential technical instructions. Furthermore, during the registration stage, creditors must update the data relating to the debts in question, providing all relevant information.
Competitive process and progressive discount auction
Read also: Learn all about Amounts Receivable
Once creditors complete the application phase and review their debts, the tool will conduct a competitive process through a progressive discount auction.
In short, this will define which debts will qualify for risk guarantee by the Operations Guarantee Fund (FGO). According to official data from the Federal Government, the window for creditors to propose discounts during this competitive process will be announced via the Creditors Portal and website. Therefore, it is essential to remain vigilant.
