Insolvency Trustee
Total Page：16
File Type：pdf, Size：1020Kb
Insolvency Trustee Statistics of cases in which KPMG operated from 2010 to January 2018 www.kpmg.com.br Reorganization Bankruptcy Cases Number of Reorganization Bankruptcy proceedings KPMG, since 2010, has operated as insolvency trustee. We decided to prepare the statistical analysis for the period from 2010 to January 2018, assessing what occurred with all the reorganization bankruptcy proceedings in which we operated as insolvency trustees. In this period, we operated in 62 reorganization bankruptcy proceedings: 14% of these proceedings have already been closed and 34% are being complied with the plan, that is, paying according tográco the ratified 1 plan. There are 27 reorganization bankruptcyQtdade de proceedings nomeações which are still in a phase before the plan is approved and ratified. 8% of total reorganization bankruptcy proceedings in which we operated as insolvency trustees in the period were converted into bankruptcy. Phases prior to the Compliance with Ratified Payment Plan 44% Phase of Compliance with Ratified Payment Plan 34% Reorganization Bankruptcy converted into Bankruptcy 8% Reorganization Bankruptcy closed 11% Reorganization Bankruptcy closed No solution of merits 3% Active joinder In our surveys, we noticed that, of the cases in which we operate, 34% of the reorganization bankruptcy requests refer to active joinder. In these cases, the judge of the proceeding accepted the request of joinder in 86% of the cases and, within this percentage, in only one case theregráco was 2 presentation of an individual payment plan and consequentlyLitisconsórcio creditors Ativo meetings held separately. 2% Individual Payment Plan 86% Grant to all 34% Active joinder Term of the proceedings • During the analysis of the survey, we assessed the • The seven reorganization bankruptcy proceedings terms and noticed that the average term of grant for closed presented an average term of 39 months the reorganization bankruptcy request was 44 days. between the approval of the plan and the closing of At this average, we excluded three cases that did not the proceeding. comply with the rule, since the grant took more than • We noticed that the extension of stay-period within 360 days. the analysis period was approved only in 53% of the • As to the General Creditors’ Meeting (“GCM”), proceedings. we noticed that the average realization was three GCMs, and the maximum was eight GCMs and the minimum was one GCM. • We noticed that between the payment plan grant and homologation, an average term of 20 months had elapsed. Two reorganization bankruptcy proceedings had some GCM after the approval of the plan. 3 Classes of creditors When we compared the reorganization bankruptcy proceedings in which we operated as insolvency trustee under the concept Classes of creditors, we observedgráco that4 the majority, 24%, is comprised of ClassesClasses I, III and IV, followed by the complete group of Classes, representing 21%. 2% The creditors’ list was not presented 6% Debts in the Classes: III 21% 21% Debts in the Classes: I/II/III/IV 13% Debts in the Classes: I/III 2% Debts in the Classes: II/III/IV 3% Debts in the Classes: III/IV 13% Debts in the Classes: II/III 24% Debts in the Classes: I/III/IV 16% Debts in the Classes: I/II/III Classes 2% The creditors’ list was not presented 6% Debt in one Class 21% Debt in four Classes 2% The creditors’ list was not presented 6% Debt in one Class 21% Debt in four Classes 29% Debt in two Classes 29% Debt in two Classes 42% Debt in three Classes 42% Debt in three Classes Number of Classes I - creditors derived from the labor legislation or from occupationalin debt accidents. II - creditors with real guarantee. III - creditors of unsecured credits. IV - creditors qualified as microbusiness or small-sized business. I - creditors derived from the labor legislation or from occupational accidents. II - creditors with real guarantee. III - creditors of unsecured credits. IV - creditors qualified as microbusiness or small-sized business. gráco 6 Cidades com nomeação (qtdade) 18% São Paulo 10% São Bernardo do Campo 5% Araraquara 5% Barueri 5% Cajamar 5% São Carlos 5% Tatuí 3% Bragança Paulista 3% Espírito Santo do Pinhal 3% Nazaré Paulista 3% Ourinhos 3% Paulínia 3% Rio de Janeiro Appointments per city 3% Santa Cruz do Rio Pardo gráco 6 Cidades com nomeação (qtdade) 3% Três Rios 18% São Paulo 2% Campinas 10% São Bernardo do Campo 5% Araraquara 5% Barueri 2% Guarulhos 5% Cajamar 5% São Carlos 2% Itajubá 5% Tatuí 3% Bragança Paulista 2% Jaú 3% Espírito Santo do Pinhal 3% Nazaré Paulista 3% Ourinhos 2% Nova Odessa 3% Paulínia 3% Rio de Janeiro 2% Pindamonhangaba 3% Santa Cruz do Rio Pardo 3% Três Rios 2% Campinas 2% Porto Feliz 2% Guarulhos 2% Itajubá 2% Santa Maria de Jetibá gráco 6 2% Jaú Cidades com nomeação (qtdade) 2% Nova Odessa 2% Santo André 18% São Paulo 2% Pindamonhangaba 10% São Bernardo do Campo 5% Araraquara 2% Porto Feliz 5% Barueri 2% Santos 5% Cajamar 2% Santa Maria de Jetibá 5% São Carlos 2% Santo André 5% Tatuí 3% Bragança Paulista 2% Santos 2% São Caetano do Sul 3% Espírito Santo do Pinhal 2% São Caetano do Sul 3% Nazaré Paulista 3% Ourinhos 2% São José dos Pinhais 3% Paulínia 2% São José dos Pinhais 3% Rio de Janeiro 2% Sorocaba 3% Santa Cruz do Rio Pardo 2% Vinhedo 3% Três Rios 2% Campinas 2% Sorocaba 2% Guarulhos 2% Itajubá 2% Jaú 2% Vinhedo 2% Nova Odessa 2% Pindamonhangaba 2% Porto Feliz 2% Santa Maria de Jetibá 2% Santo André 2% Santos 2% São Caetano do Sul 2% São José dos Pinhais 2% Sorocaba 2% Vinhedo 5 Sector of activity of the clients The highest concentration of clients is in the industry sector, followed by trading and renderinggráco of 7 services. Ramo 15% Trade 3% Construction 3% Distributor 2% Sundry 52% Industry 2% Shipyard 3% Agribusiness 6% Oil & gas 2% Industrial Assembly 13% Rendering of services Terms of Ratified Payment Plans When analyzing the Ratified Payment Plans (“RPP”), cases we worked on, the average of discounts also has we noticed that the highest average grace period the highest index in class III, which is 48%, and the isgráco for class 8 III, of 19 months, and the highest is 60 highest discount identified is 80%. monthsPlano deand Recuperação the lowest is Judicialone month. Among the Class I Class II Class III Class IV Average - Grace period (months) 6 18 19 12 Average - Discount 7% 43% 48% 23% Average – Payment Term (years) 1 9 9 4 Restatement Index – Higher Levy TJ/SP TR TR TR Average – Interest Rate - 2% 2% 2% 3% RPP not presented 10% Ye s 42% Pending Finance approval of RPP 45% No Among 62 plans, 34 have already been evaluated and approved at creditors meetings. Out of these plans, 3% RPP not presented six included the sale of UPI and one included financial 10% Ye s contribution through DIP Financing. The existence of partner creditor occurred in 11 court-ordered reorganizations. 42% Pending gráco 9 gráco 9 approval of RPP Sale of UPI DIPDeep Financing Finance Credor Parceiro 3% RPP not presented 10% Ye s 45% No 42% Pending approval of RPP 2%Ye s 98%No 18%Ye s 26%No gráco 9 gráco 9 Deep Finance PartnerCredor Creditor Parceiro 45% No 2%Ye s 98%No 18%Ye s 26%No gráco 9 gráco 9 7 Deep Finance Credor Parceiro 2%Ye s 98%No 18%Ye s 26%No Bankruptcy KPMG, since 2010, has operated as insolvency trustee. proceedings. In 61% of these proceedings, we Therefore, we have decided to prepare the statistical were appointed in replacement for other insolvency analysis for the period from 2010 to January 2018, trustees and 31% of these proceedings are pending analyzing what occurred with all the bankruptcy under Decree Law No. 7661 / 45 (former Bankruptcy Falência proceedingsgráco 1 in which we operated as insolvency and Composition Law). Out of the cases in which we trustee.Qtdade de In nomeações this period, we operated in 67 bankruptcy operated, 21% had already been closed. Appointments Appointments under Bankruptcy in Replacement the Former Law Proceedings Closed 31% Ye s 79% No 61%Ye s 39% No 69% No 21% Ye s Term of the proceedings In our surveys, we noticed that out of the total bankruptcy proceedings in which we operated 19% were determined under the former decree and 81% already under the current law. 21% of the bankruptcy proceedings in which we operated have already been closed, and 79% of the proceedings were bankruptcy proceedings filed under the current law, that is, after 2005. On average, after KPMG being appointed as an insolvencyFalência trustee, the proceeding has taken two years tográco be closed. 4 Qtdade de nomeações 19% Before de 2005 14 Ye s 21% Before de 2005 81% After 2005 53 No 79% After 2005 Year of Filing Bankruptcy for Bankruptcy Closures Proceedings Closed Disregard of legal entity Falência gráco 5 Among the bankruptcy proceedings in which we operated,Desconsideração we noticed that dain ten Pessoa proceedings Jurídica the legal entity was disregarded. 15% Yes 85% No Disregard of legal entity Auction resultsFalência gráco 6 In 10% of the bankruptcy proceedings,Leilão com there Resultado were Positivo auctions with positive results and 51% are pending conclusion. 10% 39% 51% YES NONE PENDING 9 Falência gráco 2 Cidades 19% São Paulo 13% Ribeirão Preto 9% Ipauçu 6% Itapira 4% Catanduva 4% Suzano 4% Ibaté 3% Campinas 3% Barueri 3% Barretos 3% Taquaritinga 3% Indaiatuba 3% Mogi Guaçu Appointments per city 1% Santo André Falência 1% Guararema gráco 2 Cidades 1% São Carlos 19% São Paulo 13% Ribeirão Preto 1% Cascavel 9% Ipauçu 6% Itapira 4% Catanduva 1% Araraquara 4% Suzano 4% Ibaté 1% Nazaré Paulista 3% Campinas 3% Barueri 3% Barretos 1% São Bernardo