Collecting in Brazil

• Thepaymentbehaviorofdomesticcompaniesisacceptable,thoughstandardpaymenttermsareveryvariedandDSOremainshigh.

• GiventhelengthandcostoflegalactioninBrazil,chancesofobtainingenforceablejudgmentsinatimelymannerarelowanditispreferabletoconsideramicablearrangementsandspecialistdebtcollectionmethodsasameanstoavoiddomesticcourts.

• Whenitcomestoinsolventdebtors,useofthecompanyrescuemechanismsisincreasing;inpractice,however,thechancesofrecoveringdebtremainextremelylow.

Collection complexity

Complexity relating to

Notable High Very High Severe

Payments

Court proceedings

Insolvency proceedings

Notable Severe

Euler Hermes

CollectionProfileBrazil

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ContentsGeneral Information........................................................................................................................................3

Availabilityoffinancialinformation................................................................................................................3Maincorporatestructures...............................................................................................................................3Regulatoryenvironment..................................................................................................................................3

Getting Paid........................................................................................................................................................4

DaysSalesOutstanding(DSO).......................................................................................................................4Latepaymentinterest.......................................................................................................................................4Debtcollectioncosts.........................................................................................................................................4Ownershipprotection......................................................................................................................................4Payments.............................................................................................................................................................4

Collecting Overdues........................................................................................................................................5

Amicableaction................................................................................................................................................. 5Legalaction......................................................................................................................................................... 5Alternativestolegalaction..............................................................................................................................6

Handling Insolvent Debtors..........................................................................................................................8

Insolvencyproceedings...................................................................................................................................8

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Days Sales Outstanding (DSO): TheaverageDSOisaround61days for 2016.

General information

Availability of financial informationRelevantfinancialinformationondomestictradersisnotreliable.Indeed,althoughstockexchangelistedgroupstendtocommunicatereliableinformation,non-listedcompanies(whicharethemostcommontypeofbusinessinBrazil)failtodosoortendtoreleaseinformationonaninformalbasis.Asaresult,effortstoavoiddoubtfulpracticesareincreasinglyputintoplace,especiallyinrelationtoanti-corruptionefforts.Relyingonlocalandsettledbanksisthereforeadvisable,andfinancialinformationshouldbeobtainedthroughspecializedproviders.EulerHermesinBrazilhasaccesstothemostup-to-datefinancialinformationandobtainsthemostrelevantcontactsforfutureassessment.EulerHermesallocateseachcompanyagradereflectingitsfinancialhealthandhowitconductsbusiness.Gradesrepresentacoreofourknowledgeandanalyses,andhelpclientsidentifyandavoidrisk.Dataiscontinuouslymonitoredtoofferthemostup-to-dateinformationtosupportmanagementdecisions.

Main corporate structuresLiabilityforbusinessdebtsisdeterminedbylegalstructures,whicharedescribedasfollows:Corporations(SociedadeAnônima,SA)andLimitedCompanies(Limitadas,LTDA)arefrequentlyusedintheestablishmentofsubsidiariesandjointventures.Bothmaybefullyownedbylocal/foreignindividualsandundertakingsalike,andwhiletherearenominimumcapitalrequirements,certainlimitationsmayapplyinprotectedsectors.Limitadasrequireatleasttwoshareholders(otherwise,IndividualLLCsmaybesetup).Inaddition,Mixed-CapitalCompaniesallowprivateinvestorstoconductbusinessincollaborationwithpublicentities(whichtakecontrol).

Regulatory environmentBrazilisdividedinto26statesandhasapeculiarlegalenvironmentoperatingatbothfederalandstatelevels.Atthefederallevel,thecourts(TribunaisRegionaisFederais)usuallydealwithinternationalclaimsinvolvingthepublicauthoritiesandhaveageographicjurisdiction(Brasilia,RiodeJaneiro,SaoPaulo,PortoAlegreandRecife).Atthestatelevel(eachstatehasitsownlawsandjudicialsystem),thecourtsratherdealwithallthemattersexcludedfromfederaljurisdiction.CasesinfirstinstancearedealtwithbytheJusticesofthePeace,butcommercialdisputesarerathersolvedthroughtheMagistrates’Courtsbyspecializedjudges.FederalCourts(TribunaisdeJustiça)dealwithappeals.Inadditiontodifficultiesinsolvingjurisdictionalissues,thecourtsmustalsoworkwithCivilandCommonLaw,whicharebothusedinBrazil:inCivillegalsystemsjudgesmustfollowcodifiedrules(butcodificationisnotsystematicinpractice)but,bycontrastwithCommonlawsystems,theyarenotboundbyprecedents.Asaresult,thelegalenvironmentisrathercomplexandlitigationmayproveextremelylengthyanddifficult,whichdoesnothelptoanswerthevariouscriticismsregardingthelackofindependenceandtrustworthinessofthejudiciary.

3

Getting Paid

Days Sales Outstanding (DSO)Thepaymentbehaviorofdomesticcompaniesremainsacceptablebutisunderpressureduetothemacroeconomicdifficultiessince2014.AlthoughtheregulatorinBrazilhastriedtoregulatepaymentdelays,latepaymentsarestilllikelytooccurunlesstransactionsaresecured:theaverageDSOisaround61days,whilethepayments normally occur in around 30daysintheretailanddistributionsectors, and210daysintheagriculturesector.ItmaybenotedthattheSERASAdatabaseisavailabletoallcompaniesandprovidesrecordsoflatepayersandpaymentfailures,thusmakingitdifficultforbadpayerstoaccessnewlinesofcredit.

Late payment interestLatepaymentinterestmaybeclaimedfromthedayfollowingtheduedatebutthelawisfairlyhelplessonthisissue.TheCivilCodeprovidesthatamonthlyrateof1%ofthedebtmaybechargedbydefault,buttheruleinpracticeisthatinterestratesmustalwaysbeagreeduponasacontractualmatter.Localtradersareusedtopayinginterest,howeverthisisoftenconsideredasanegotiationtooltoobtainpaymentmorerapidly.

Debt collection costsCollectioncostsmayalsobefullychargedtothedebtor,althoughthelawdoesnotprovideauniformruleastowhetheradefaultsummaybechargedtothedebtor,thereforenegotiatingthisasacontractualissueisimportant.Courtsusuallyconsiderthatcostsoughttorepresentupto20%oftheoutstandingdebt(especiallyinthelegalactionphase),butamountsmaybeusedasanegotiationtool.

Ownership protectionRetentionofTitle(RoT,orReservadeDomíniounderArticles521to528oftheCivilCode)provisionsareavailable inBraziltoretainownershipovertradedgoodsaslongasthedebtisnotfullypaid. However,only‘simple’RoTisdeemedvalid,whichimpliesthatprotectionisrestrictedtogoodsthatareavailable(i.e.stillinthedebtor’spremises)andidentifiable.Aslongasthisrequirementismet,itiscommontouseRoTagreementsasabargainingtoolduringthepre-legalactionphasesoastotakethegoodsbackwhenpaymentdoesnotoccur.Oncetheinsolvencyprocessbegins,creditorsareabletolodgeaclaimagainstthedebtor’sassetsandreclaimanygoodsthatweredeliveredtothedebtorbutwerenotpaidforunderRoT.RoTprovisionisveryformal:thecontractmustcarefullydescribethegoodsatstakeand,inordertobevalidandopposabletothirdparties,itmustbetranslatedintoPortugueseandregisteredwiththeRegistroPúblicodeTítuloseDocumentos.In practice, RoT is not commonly used as chattel mortgage is preferred. Seekinglegaladviceisnecessary.

PaymentsThemostcommonpaymentmethodsareasfollows:Banktransfersareamongthemostpopularpaymentmethodsas

theyarefast,secured,andsupportedbyanincreasinglydevelopedbankingnetworkinternationallyanddomestically.ExporttransactionsmaybeguaranteedthroughanExportCreditInsurancepolicy,whichhelpsminimizetheriskofsuddenorunexpectedcustomerinsolvency.EulerHermes’worldwidenetworkofriskofficesmonitorsthefinancialwell-beingofcustomersandgrantsthemaspecificcreditlimituptowhichclientsmaytradeandclaimshouldsomethinggowrong.Alternatively,StandbyLettersofCredit(abankguaranteesthedebtor’screditqualityandrepaymentabilities)constitutereliableguaranteeswhichcanbeinterpretedasasignofgoodfaithsincetheycanbetriggeredasa‘paymentoflastresort’iftheclientfailstofulfilacontractualcommitment.Also,irrevocableandconfirmedDocumentaryLettersofCredit(adebtorguaranteesthatacertainamountofmoneyismadeavailabletoabeneficiarythroughabankoncecertaintermsspecificallyagreedbythepartieshavebeenmet)maybeconsideredastheycanbeobtainedeasilyfromlocalbanks.BillsofExchange(letradecambio)andPromissoryNotes(notapromissoria)areessentiallyusedfordomestictransactionsandconstitutemeansofpressureinsofarastheyconstituteeasilyexecutableenforcementordersexemptingcreditorsfromhavingtogotocourtifthedebtremainsunpaid.Infact,duetotheadvancedtechnologyusedinthebankingsystem,aformofbillalsoknownas‘duplicata’whichusedtoberelieduponinbusiness-to-businesstransactionshasprogressivelybeenreplacedbybankbills(boletobancario).Generallyspeaking,bankguaranteescanbeobtainedbutmayremainexpensivedependingontheissuinginstitution.Advancepaymentsofupto100%oftheinvoiceareauthorizedbylaw.

Late payment interest: Inpractice,theruleisthatinterestratesmustalwaysbeagreeduponasacontractualmatter.

4

Collecting overdues

Amicable actionNegotiatingGiventhelengthandcostoflegalactioninBrazil,chancesofobtainingenforceablejudgmentsinatimelymannerarelowanditispreferabletoconsideramicablearrangements(suchaspaymentinstalments)asasolution.Asamatteroflaw,negotiationthroughconciliationormediationisnotmandatorybuttheCivilProcedureCodestronglyencouragescourtstogivethepartiesadditionalopportunitiestoreachasettlementthroughAlternativeDisputeResolutionmethodsbeforetheevidencephaseandbeforethejudgment(seebelow).Asaresult,commencingcollectionwithstrongnegotiationeffortsisneveralossoftime.Beforestartinglegalproceedingsagainstadebtor,assessmentofassetsisfurthermoreextremelyimportantasitallowsverificationastowhetherthecompanyisstillactiveandwhetherrecoverychancesareatbest.Inaddition,itisessentialtobeawareofthedebtor’ssolvencystatus:ifinsolvencyproceedingshavebeeninitiated,itindeedbecomesimpossibletoenforceadebt.

Legal action

Ordinary proceedingsItshouldfirstbenotedthatdistancesmaybetroublesome.Ononehand,jurisdictiondependsonthedebtor’sgeographiclocationandthesizeofthecountrycanmakeproceedingscomplicated(howeverifthecontractprovidesforanotherjurisdictionclausethentheproblemmaybeavoided).Ontheotherhandandforthesamereason,findingthedebtormayprovedifficultandwouldslowtheproceedingsdowninsofarastrialmayonlystartafterthedebtor’snotificationbyaserviceprocess.Legaldunning(protesto)mustotherwisestartwitharegisteredDemandLetterrecallingthedebtor’sobligationtopaytheprincipaltogetherwithlatepaymentinterest(ascontractuallyagreedortakingalegalrateasareference).Fasttrackproceedings(açaomonitoria)maybeinitiatedwhenthecreditorhaswrittenproof,signedbytwowitnessesandregisteredbyapublicnotary(documentsmustbetranslatedintoPortuguesebyasworntranslatorandlegalizedbeforetheBrazilianConsulate),thattheclaimislegitimate:ifthedebtor’sobligationisdeemedcertain,liquidandexigible(certo,liquidoeexigivel),theMunicipalCourts(JusticesofthePeaceorMagistrates)usuallyrenderPaymentOrderswithin15days.Ifthedebtorfailstocomplywithinthreedays,theOrderthenbecomesenforceable.Ifanappealislodged,however,thecreditorhasnochoicebuttocommenceformalordinarylegalaction.Ordinarylegalactionwouldotherwiseusuallycommencewhenamicablecollectionhasfailed.TheclaimantmustservetherespondentwitharegisteredWritofSummons,towhichthedebtormustanswerwithin15daysofreceipt.Thisstepisessentialas

Collection @ Euler HermesItisalwaysadvisedtoattemptcollectionpriortoanylegalactioninordertomaximizechancesofsuccessfulrecoveryandavoidlegalcostsanddelays.Ourkeyprincipleistocollectincloseproximitytothedebtor,usingaseriesofletters,emailsandphonecallsinthelocaldebtorlanguage.OurWorldCollectionNetworkofEulerHermesofficesandexternalprovidersareexpertsinprofessionaltradedebtcollectionandnegotiation,ensuringpositiveoutcomeswhileretainingimportantclientrelationships.EulerHermescanhandlethecompletecollectionsprocessfromamicable,pre-legalactionthroughtojudgmentandenforcement.

Braziliancourtsareverystrictastothewaydefendantsshouldbesummonedincourtproceedings.Theproceedingsareinquisitiveinnatureandencompassaninvestigationphaseconductedbythecourt,anexaminationphaseandahearingphase.However,thetribunalmayrenderadefaultjudgment(revelia)ifadulyservedwritisleftunansweredfor.Inthiscase,theallegedclaimwouldbeconsideredlegitimateandthedecisionwouldreflectaccordingly.

Necessary documents• Commercialinvoices• Documentarybills• Proofoftransportanddeliveryofproducts• Promissorynotes• Powerofattorney• Articlesofassociationorconstitutionactsofthelegalentity• Documentevidencingthelegitimacyofwhoexecutesthepower

ofattorneyonbehalfofthelegalentity

Time limitationsLimitationperiods(prescrição)varyfromonetotenyearsaccordingtothesubjectmatteroftheclaim,startingfromthedaythecauseofactionarose.Commercialdisputesmustbefiledwithinthreeyears,butcheck-relatedmattersfallunderasix-monthlimitation.Beyondthesetimelimitations,legalactionwillnotbegranted.

Provisional measuresProvisionalmeasuresmayhelppreservethecreditor’sinterestspendingafinalandenforceablejudgment.Indeed,thecourtsmayorderprotectiveinjunctionsexparte(withoutthepresenceofbothparties),beforeorduringtheproceedings,toavoidirreparabledamage(preservationofthestatusquo,protectionofrights).Causeforemergencymustbedemonstrated(significantburdenofproof)andtheclaimantwouldoftenberequiredtoprovidesecurityonthecosts(upto20%oftheclaim)topreservethedebtorfromirresponsiblelawsuits.Whereevidenceislikelytodisappear,thecourtswouldalsoorderprecautionarymeasuresaimingatpreservingorobtainingsuchevidence.

5

Lodging an appealAsageneralrule,decisionsrenderedinfirstinstancebystatecourtscanbeappealed(apelação)tothefederalcourts(TribunaisdeJustiça).DecisionsrenderedinappealmayalsobedisputedbeforetheSupremeCourtofJustice(SuperiorTribunaldeJustiça)inBrasilia.

Enforcing court decisionsAjudgmentbecomesenforceableassoonasithasbecomefinal(i.e.whenallappealvenueshavebeenexhausted)andfinaljudgmentsoughttobeautomaticallyenforcedbyBraziliancourts.Sincereformsin2005and2006aimingatreducingenforcementperiods,attachmentofthedebtor’sassetsisnowpossibleifthelatterfailstoobeyafinalOrderwithinthreedays.The‘Penhoraon-line’instrument,also,allowsanyamountavailableonthedebtor’saccounttobeblockedinordertoenforceajudgment.Inpractice,executioncanprovetobedifficultsincethereareonlylimitedmeanswithwhichtotraceassetsinBrazil.

How long could legal action take?Obtainingadefaultjudgmentcantakebetweeneightand18monthswhileafulljudicialprocedurecanlastfortwotofouryears,dependingonthecomplexityofthecaseandtheavailabilityofthecourts.Aspreviouslymentioned,enforcementmayalsobealengthyprocedure.Casesinvolvingforeignpartieswouldnormallynottakelongerthancasesinvolvingdomesticpartiesonly,howeversomedelaysmaybeexpectedifdocumenttranslationsarenecessary.

How much could this cost?Asageneralrule,proceduralcosts(whichmayrepresentupto5%oftheclaim)andlegalcostsarechargedtothedefeatedparty,whichmaythereforeberequiredtopayupto20%oftheclaimincompensationtothesuccessfulparty.However,sinceBrazilianLawpreventscourtsfromrenderingdecisionsonsubjectmattersnotincludedintheparties’claims,itisessentialtoincludecost-relateddemandsintheWritwhenservingthedebtor.Courtfeesreaching1%oftheclaim(dependingonthestate)mustbepaidpriortocommencinglegalproceedings.Ifthelawsuitisdecidedonbehalfofthecreditor,thisamountshouldbereimbursedbythedebtor.Contingencyfees,wherebythelegalprofessionalsareentitledtoreceivingapercentageonthefinalaward,arelawfulthoughuncommon.

Alternatives to legal action

Alternative Dispute Resolution methods (ADR)AlternativeDisputeResolutionmethodsareincreasinglycommoninBrazilforbusiness-relateddisputes.Inparticular,arbitration(regulatedundertheArbitrationAct,LawNo.9307/96)isoftenviewedasbeingmoreefficientthanordinarylawsuitssinceitoffersexpeditiousandconfidentialproceedingstogetherwithabindingawardonthemerits.Arbitralawardsmaythenbeenforceddirectly.ThereishowevernoregulationformediationinBrazil.

Litigation @ Euler HermesShouldlegalactionbenecessary,EulerHermescanprovidesupportthroughoutthelegalprocessfromjudgmenttoenforcementviaourWorldCollectionNetworkofEulerHermesofficesandexternalproviders.Legalactioncanoftenbecomplicatedandexpensive,soyouwillbeinformedofallcostspriortoanyactionandadvisedonwhichrouteisbesttotake.

6

Foreign forumsForeigntradersmayalternativelyagreetosolvetheirbusinessdisputesinaforeignforum(i.e.underaforeignlaworbeforeaforeigncourt)providedthattheagreementischaracterizedbyaninternationalconnection(forexample,onepartyhaselecteddomicileinanothercountry,ortheplaceofexecutionislocatedabroad),andthatajurisdictionclauseisspecificallydraftedforthispurpose.Inpractice,Braziliancourtstendtoretainexclusivejurisdictiontodecideonvarioussubjectmatters(suchasrealestateissuesandinternationalcontractsenteredintobyBrazilianfederal,stateandmunicipalgovernmententities).Inaddition,itisworthaddingthatsomeBraziliancourtshaveinsistedonarightofnationalstobenefitfromdueprocessoflaw(i.e.arighttoappearbeforeBraziliancourts)notwithstandingtheexistenceofaforeignjurisdictionclausewhichmightthusbesimplyignored.

Enforcing foreign awardsAspreviouslyexplained,Braziliancourtsnormallyretainexclusivejurisdictionovervarioussubjectmattersandwouldthustendtodenyrecognitionofcertainforeignjudgmentsaimingatescapingdomesticcourts.Nonetheless,foreignjudgmentsmaybeenforcedinBrazilwithinthreemonthsonaverage,providedthatcertainconditionsareobserved.Essentially,foreigndecisionsmustbeconfirmedbytheSuperiorCourtofJusticetobecomeenforceableinBrazil.Thisimpliesthatthedecisionmustbefinalandenforceableintheissuingjurisdiction.ThedecisionmustalsobetranslatedinPortugueseandcertifiedbytheBrazilianconsulateresidinginthesaidcountry.Itmusthavebeendulyserved,andmustbecompatiblewithBrazilianpublicpolicy,sovereigntyandgoodmoralprinciples.Onceconfirmed,theforeignjudgmentbecomesfinalandacertifiedcopy(CartadeSentença)oftheBraziliandecisionisprovidedinordertocommenceenforcementbeforethefederalcourts.BrazilisasignatorytotheNewYorkConventionontheRecognitionandEnforcementofForeignArbitralAwardsof1958.Therefore,domesticcourtsalsooughttorecognizeandenforcedecisionsrenderedthroughinternationalarbitrationproceedings.Havingsaidthis,itmaybeemphasizedthatreferencetotheNewYorkConventionisrare,asthecourtsrathertendstosupportenforcementdecisionstowardsforeignarbitralawardsundertheArbitrationActof1996,whichstipulatesthatsuchdecisionsmustberecognizedandenforcedbytheSuperiorCourtofJustice.Thisprocedure,indeed,seemsmoreconstrainingthantheNewYorkConventionproceedingsinsofarasitaimsatverifyingtheexistenceofavalid(andtranslated)arbitrationagreementaswellasvariousformalities(examinationneverimpliesverificationsonthemerits)aspreviouslylisted.Enforcementsarethendealtwiththroughastandardizedone-stop-shopprocedurehandledbyspecializedjudges.

7

Handling insolvent debtors

Since2005,theinsolvencylegislationinspiredbytheU.S.Chapter11(Lawno.111.101/05)hasfacilitatedrescueproceedings.Greaterpriorityhasbeengiventocreditors,thusincreasinglytheavailabilityoffreshrestructuringcashforcompaniesfacingtemporaryfinancialdifficulties.Inpractice,however,thechancesofrecoveringdebtwhenthedebtorhasbecomeinsolventareextremelylow.

Insolvency proceedingsOut-of-Court proceedingsThelawalternativelyallowsout-of-courtrestructuringproceedings(Extra-JudicialRecuperation/RecuperaçãoExtrajudicial).Thedebtoristhusgivenachancetonegotiatearestructuringplaninformallyandconfidentiallywithitscreditors,withouthavingcourts.Theplanmustbeagreeduponbycreditorsrepresentingaminimumof60%ofthebusiness’debtsanditmustbeapprovedbythecourt.

Restructuring the debtJudicialRecuperation(RecuperaçãoJudicial)aimsfirstatpreservingthedebtor’sbusiness.Followingthecourt’sacceptanceofthereorganizationpetitionfiledbythedebtor,anautomatic180daysstayshieldingthedebtorfromexternalclaimscommences.Thecompany’sdirectorsusuallyremaininpossessionoftheirmanagingpowersandhavethesoleresponsibilitytosubmit,within60days,areorganizationplantotheCreditors’Committee,underthesupervisionofacourt-appointedtrustee(administradorjudicial).Eachclassofcreditor(labor-related,securedandunsecured)mustthenaccepttheplanforittobevalidatedbythecourt.Failingtodoso,thepartiesmayshifttoabankruptcyprocedure.Inpractice,bankruptcyprocedureshavedecreasedsincethelawof2005hascomeintoforce.

Winding up proceedingsBankruptcy(Falência)isthejudicialliquidationprocedureforaninsolventmerchant.Unlessthedebtorfilesvoluntarilyforliquidation,creditorsowning(singleorjoint)claimsequaltoatleast40minimumwagesmayfiletheirclaimswiththecourt.Ifpetitionforliquidationisgranted,othercreditorsmustthenfiletheirrespectiveclaimswithin15daysfollowingthepublicnotificationoftheproceedings.Anadministratorthenformulatesalistofadmissibleclaimsandcommencesthedebtor’sassetsliquidationpriortodistributingtheproceedsamongthecreditors.

Priority rulesPriorityrulesnormallyapplywhiledistributingtheproceedstothecreditors.Inliquidationproceedings,judicialadministrationcostsarenormallygivenabsolutepriorityoversecuredcreditors(suchasfinancialinstitutionsandfreshmoneyproviders),whichwouldhowevertypicallyreceivetheproceedsofthedebtor’sauctionedassetsbeforetheemployees(laborclaimsupto150timestheprevailingminimumwageforeachcreditor,andclaimsderivingfrom

accidentsatwork),securedcreditorsuptothevalueoftherelevantcollateral,federaltaxdebt,creditorsholdingspecialandgeneralprivileges,unsecuredcreditors,etc.Inreorganizationproceedings,employmentclaimsmustbepaidwithinoneyearoftheplan’sapproval.

Cancellation of suspect transactions (clawback)Inaddition,theliquidatormaycancelvarioustypesoftransactionsconcludedwithin90dayspriortotheinsolvencyproceedings(Section129oftheLaw).Typically,fraudulentdeals,improperpayments,disproportionatesales,transactionsaimingatfavoringonecreditorovertheothers,unfairloansetc.wouldbedeclaredvoid.

How long could insolvency proceedings take?Insolvencyproceedingstakearoundfiveyearsonaveragebutmayextendtotenyearsdependingonthecomplexityofthecase.

Necessary documentsAlloriginalsalessupportdocuments,theamountofthecredit,thederivationaswell.

Insolvency @ Euler HermesEulerHermesworkscloselywithdebtors,creditorsandlawyerstoprovidesupportduringinsolvencyandrestructuringprocesses.Withmanyoptionsavailablewhenitcomestoinsolvencyaction,wecanofferadviceonwhichoptionismostsuitable.

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ThisCollectionProfileispublishedbyEulerHermes,acompanyofAllianz,forinformationpurposesonly.Theinformationprovidedthereinshallnotberegardedasprovidinganylegaladviceoradviceofanykind.Readersshouldmaketheirown independentevaluationof this informationandundernocircumstancesshallanyactionbeundertakensolelyrelyingonit,whilelegaladviceshouldbesoughtwithlegalpractitionersatalltimes.Whilethisinformationhasbeencollectedanddraftedbyrecognizedexperts intheirfieldand it isbelievedtobecorrectandreliable,EulerHermesmakesnowarranty(expressofimplied)ofanykind,inregardstotheaccuracyorcompletenessofthisinformation,nordoes itacceptanyresponsibilityor liability forany lossordamagearising inanyway fromanyusemadeof,orreliance placed on, this information. This material should not be reproduced or disclosed without our consent. It isnotintendedfordistributioninanyjurisdictioninwhichthiswouldbeprohibitedandCollectionProfilesaresubjecttochangewithoutnotice.

©Copyright2017EulerHermes.Allrightsreserved.

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