Creditors try to overturn decision that suspended execution of R$ 93.5 million against Vasco | Vasco

+ Understand how Vasco suspended the execution of R$ 93.5 million and the club’s plan

The appeal had been filed last Friday, before the monocratic decision of the president of the TRT-1, Edith Maria Correa Tourinho, to suspend the payment of the millionaire amount at once. The piece with more than 30 pages requested the revision of the president’s first opinion, which stipulated a period of 60 days for Vasco to present a plan to pay off the debt.

Vasco Flag at São Januário Stadium — Photo: Staff Images / CONMEBOL

Last Wednesday, the Commission added to the appeal a request for urgent relief so that both decisions given in favor of Vasco in the TRT-1 so far be suspended. And so that there is, therefore, the resumption of the Special Forced Execution Regime (REEF) of R$ 93.5 million.

Lawyer representing creditors, Carlos Theotonio Chermont is mainly based on the understanding that the Centralized Execution Regime (REC), a possibility provided for in the recent law that instituted the club-company in Brazil and which gave Vasco the prerogative to choose how to pay his debt, is a resource available only to clubs that have formed Sociedade Anônima do Futebol (SAF).

– The Vasco da Gama Regatta Club did not set up its Anonymous Society of Football – SAF, so that it is completely unreasonable and illegal for its claim to obtain the benefits provided for in that law intended only for the sports clubs that created this new corporate model – argues the Creditors Committee.

“There was a serious failure in the interpretation of Law 14.193/2021 and its applicability”, he adds.

See what article 10 of Law 14193/21 says:

“The original club or legal entity is responsible for the payment of obligations prior to the constitution of the Sociedade Anônima do Futebol, through its own revenues and the following revenues that will be transferred by the Sociedade Anônima do Futebol, when constituted exclusively:

I – by allocation of 20% (twenty percent) of the monthly current revenues earned by Sociedade Anônima do Futebol, according to the plan approved by the creditors, pursuant to item I of the caput of art. 13 of this Law;

II – by allocation of 50% (fifty percent) of the dividends, interest on equity or other remuneration received from it, as a shareholder.”

Creditors gain support from Sindeclubes

The Union of Employees in Clubs, Physical Culture Establishments, Sports and Similar in the State of Rio de Janeiro (Sindeclubes) spoke on Thursday in the case file requesting registration as a third party interested in the cause and ratifying its support to the Creditors Committee .

Sindeclubes asks that the Commission’s instrumental grievance be accepted and states that the execution of the R$ 93.5 million would not make payment to Vasco’s employees unfeasible. See the excerpt:

“It so happens that, according to the decision of the decision, it attacks in this Interlocutory Appeal, which granted the suspension of the REEF, was the fact that the Illustrious Judge Edith Maria Correa Taurino understood that the maintenance of the REEF would harm the maintenance of salary payments.

As stated in the agreement, the Club would have its revenues from FENG companies (supporting partner company); CBF; GLOBE; RECORD and NSPORTS, pledged, until reaching R$ 30,000,000.00 (thirty million reais), an amount estimated by the Club to pay salaries until December 2021.

These revenues are ordinary revenues and according to the ACP process, only Globo’s and FENG’s revenues cover the payment of the payroll as made in June 2021, there being no reason for the other revenues to stop being pledges by the REEF in the 30% tax as deferred”.