Direito Marítimo e Aduaneiro

O direito do armador de recuperar os contêineres utilizados irregularmente como armazéns em portos brasileiros

Marcelo Ruiz Rodrigues dos Santos

Os principais portos do país acumulam cerca de 5 mil contêineres com cargas abandonadas pelos importadores, por razões como falência, falta de documentação exigida pela Receita Federal e agências reguladoras ou ainda porque a transação deixou de ser lucrativa devido à variação cambial. Aliás, o real continua se destacando como a moeda mais instável do mundo, desorganizando a economia e prejudicando o planejamento das empresas. Evidentemente, no mundo em crise não é só a volatilidade do real que justifica o recuo do comércio exterior.

Os armadores reclamam da morosidade da Receita Federal para se desfazer da carga e acabam batendo na porta do Poder Judiciário para recuperar seus contêineres. Nos termos do Decreto 4.543/06, uma carga é considerada abandonada ou “em perdimento” quando não é reclamada após 90 dias da chegada e determina que a Receita Federal faça o leilão, doação ou destruição dos produtos. Em caso de falsificações, por exemplo, a carga é encaminhada para destruição.

A Receita Federal alega que as caixas podem ser retiradas após 90 dias mas retarda a liberação por não ter pessoal suficiente para dar conta do volume de contêineres que estão nos portos. Uma solução prática seria a terceirização deste serviço como ocorre nos leilões realizados pela Justiça Federal e do Trabalho, em que um leiloeiro juramentado realiza as ofertas e presta contas posteriormente. Ademais, a missão da Receita Federal não é ser  leiloeira oficial do país e sim exercer a administração tributária e o controle aduaneiro, com justiça fiscal e respeito ao cidadão, em benefício da sociedade.

 A maior parte das cargas abandonadas ficam entre seis meses e um ano aguardando uma solução, causando problemas não só pela ocupação de áreas nos pátios dos terminais privados, mas também impedindo a reutilização dos contêineres, um ativo de propriedade dos armadores e que por isso não pode ser usado irregularmente como armazém.

Em média os contêineres simples de 20 e 40 TEUs ou cerca de 18 e 36 toneladas, custam em torno US$ 2 mil e US$ 3,5 mil, respectivamente e ultrapassam US$ 35 mil para os refrigerados. Porém, o maior custo para os armadores é a sua imobilização e eventual paralização dos negócios.

No cenário jurídico, a Lei 6.288/75 conceitua o container da seguinte forma:-

Art. 3º O container, para todos os efeitos legais, não constitui embalagem das mercadorias, sendo considerado sempre um equipamento ou acessório do veículo transportador.

Parágrafo único. A conceituação de container não abrange veículos, acessórios ou peças de veículos e embalagens, mas compreende seus acessórios e equipamentos específicos, tais como trailers, boogies, racks, ou prateleiras, berços ou módulos, desde que utilizados como parte integrante do container.

Art. 4º O container deve satisfazer as condições técnicas e de segurança previstas pelas convenções internacionais existentes, pelas normas legais ou regulamentares nacionais, inclusive controle fiscal, e atender as especificações estabelecidas por organismos especializados.

E o Decreto 80.145/77, acrescenta:-

Art. 4º O container é um recipiente construído de material resistente, destinado a propiciar o transporte de mercadorias com segurança, inviolabilidade e rapidez, dotado de dispositivos de segurança aduaneira e devendo atender às condições técnicas e de segurança previstas pela legislação nacional e pelas convenções internacionais ratificadas pelo Brasil.

Ademais, o ingresso do container no país é disciplinado pela Lei 9.611/98, que dispõe:-

Art. 24 – Para os efeitos desta lei, considera-se unidade de carga qualquer equipamento adequado à unitização de mercadorias a serem transportadas. Sujeitas a movimentação de forma indivisível em todas as modalidades de transporte utilizadas no percurso.

Parágrafo único – A unidade de carga, seus acessórios e equipamentos não constituem embalagem e são partes integrantes do todo.

Art. 25 – A unidade de carga deve satisfazer aos requisitos técnicos e de segurança exigidos pelas convenções internacionais reconhecidas pelo Brasil e pelas normas legais e regulamentares nacionais.

Art. 26 – É livre a entrada e saída, no País, de unidade de carga e seus acessórios e equipamentos, de qualquer nacionalidade, bem como a sua utilização no transporte doméstico.

O Novo Regulamento Aduaneiro (Decreto 6.759/09) resolveu reconhecer no seu art. 39, que a entrada no território nacional do container é livre. Frise-se que no regulamento anterior tais unidade eram sujeitas a controle desde a entrada até a saída. Eis o que diz o regulamento:-

Das Unidades de Carga

Art. 39.  É livre, no País, a entrada e a saída de unidades de carga e seus acessórios e equipamentos, de qualquer nacionalidade, bem como a sua utilização no transporte doméstico (Lei no 9.611, de 19 de fevereiro de 1998, art. 26).

§ 1o  Aplica-se automaticamente o regime de admissão temporária ou de exportação temporária aos bens referidos no caput.

§ 2o  Poderá ser exigida a prestação de informações para fins de controle aduaneiro sobre os bens referidos no caput, nos termos estabelecidos em ato normativo da Secretaria da Receita Federal do Brasil.

A princípio a unidade de carga estaria livre do despacho aduaneiro. Entretanto, a Receita Federal entende necessário o despacho aduaneiro do container, submetendo-o ao regime de admissão temporária e automático. Na admissão temporária ocorre o fato gerador e seu pagamento é suspenso, até que o bem retorne ao exterior. No caso pontual da caixa, esta não precisa voltar ao exterior, pois lhe é permitida a utilização no transporte doméstico no Brasil, inclusive sem data de retorno.

O Poder Judiciário pacificou o assunto e vem reiteradamente decidindo que o container não se confunde com a mercadoria tranportada, vejamos:-

ADMINISTRATIVO. APREENSÃO DE CARGA ABANDONADA. RETENÇÃO DE CONTAINER. LEIS NºS 6.288/75 E 9.611/98.

1. Segundo o art. 24 da Lei nº 9.611/98, os containers constituem-se em equipamentos que permitem a reunião ou unitização de mercadorias a ser transportadas, não podendo ser confundidos com embalagem ou acessório da mercadoria transportada.

2. Inexiste amparo jurídico para a apreensão de containers, os quais, pela sua natureza, não se confundem com a própria mercadoria transportada.

3. Recurso especial improvido.

STJ/2ª TURMA – RESP 908890 – Processo: 200602677491/SP

PROCESSUAL CIVIL. ADMINISTRATIVO. RECURSO ESPECIAL. MANDADO DE SEGURANÇA. PERDIMENTO DE MERCADORIA. APREENSÃO DO CONTÊINER (UNIDADE DE CARGA). ALEGADA VIOLAÇÃO DO ART. 24, PARÁGRAFO ÚNICO, DA LEI 9.611/98. NÃO-OCORRÊNCIA. INEXISTE RELAÇÃO DE ACESSORIEDADE ENTRE O CONTÊINER E A MERCADORIA NELE TRANSPORTADA. EXEGESE DO ART. 92 DO CÓDIGO CIVIL. RECURSO CONHECIDO E DESPROVIDO.

1. A questão controvertida consiste em saber se o contêiner utilizado no transporte de carga é acessório da mercadoria nele transportada e, por conseqüência, deve sofrer a pena de perdimento aplicada à mercadoria apreendida por abandono.

2. O Tribunal a quo entendeu que o contêiner não se confunde com a mercadoria nele transportada, razão pela qual considerou ilícita sua apreensão em face da decretação da pena de perdimento da carga. A recorrente, em vista disso, pretende seja reconhecido o contêiner como acessório da carga transportada, aplicando-se-lhe a regra de que o acessório segue o principal.

3. “Principal é o bem que existe sobre si, abstrata ou concretamente; acessório, aquele cuja existência supõe a do principal” (CC/02, art. 92).

4. Definido, legalmente, como qualquer equipamento adequado à unitização de mercadorias a serem transportadas e não se constituindo embalagem da carga (Lei 9.611/98, art. 24 e parágrafo único), o contêiner tem existência concreta, destinado a uma função que lhe é própria (transporte), não dependendo, para atingir essa finalidade, de outro bem juridicamente qualificado como principal.

5. Assim, a interpretação do art. 24 da Lei 9.611/98, à luz do disposto no art. 92 do Código Civil, não ampara o entendimento da recorrente no sentido de que a unidade de carga é acessório da mercadoria transportada, ou seja, que sua existência depende desta.

Inexiste, pois, relação de acessoriedade que legitime sua apreensão ou perdimento porque decretada a perda da carga.

6. Recurso especial conhecido e desprovido.

STJ – 1ª TURMA – RESP 526767 – Processo: 200300727870/PR

Portanto, o armador tem legitimidade e direito de pleitear administrativa e judicialmente, inclusive em carácter de urgência, a liberação de suas unidades de carga (contêineres) retidos irregularmente pelas autoridades nos portos brasileiros.

Structured Finance – Credit Securities

Brazil – Securities

Trust and Fiduciary Services

Marcelo Ruiz Rodrigues dos Santos 

Concept

The concept of a trust is an arrangement whereby property is transferred from one person (the Settlor) to another person (the Trustee) who holds the property for the benefit of specific people (the Beneficiaries). A Trust Deed sets out the terms and conditions under which the Trustees hold the trust assets. It also outlines the rights of the Beneficiaries.

A trust is not dissimilar to a will except that assets are transferred to trustees during lifetime rather than assets being transferred to executors on death. The Trust Deed is comparable to the will.

Those unfamiliar with the trust concept may be concerned about transferring ownership of their property to a Trustee. This concern can be alleviated if the distinction between legal and beneficial ownership is properly understood and the trust is governed by sound law enforced in a reputable jurisdiction.

Legal and Beneficial Ownership

For formal legal purposes the Trustee is recognised as the legal owner of the property. The persons who have the benefit of the property are the Beneficiaries. These are important distinctions. The Settlor may retain an interest in the trust – for example, be an actual or potential beneficiary – but this can have tax disadvantages for the Settlor. The Trustee must remain independent and exercise proper control over the trust property. If the person who sets up the trust continues to exercise control over the trust assets the trust may be rendered void.

Accountability of Trustees

The law imposes strict obligations and rules on Trustees. A Trustee may not derive any direct or indirect advantage from a trust, unless expressly permitted by the trust deed. For example, a professional Trustee may charge for services but these charges – and the basis for them – must be fully disclosed and agreed with the Settlor.

Duty of Trustee to Obey Trust Documents

The Trustee is required to obey the directions contained in the trust deed, regarding who is entitled to what and the management of the trust property. Trustees are also subject to very strict rules governing their use of power and discretion.

Fiduciary Relationship of  Trustee

The Trustee has serious and onerous obligations and is subject to the following rules:

No private advantage

A Trustee is not permitted to use or deal with trust property for direct or indirect private advantage. If necessary, the court will hold the Trustee personally liable to account for any profits made in breach of this obligation.

Best Interests of Beneficiaries

Trustees must exercise all their powers in the best interests of the beneficiaries of the trust. They must disregard the interests of others – including the Settlor.

Act Prudently

Trustees must act prudently in the management of trust property. If, by failing to exercise proper care, the trust fund suffers loss, the trustee will be liable for breach of trust. Professional Trustees are expected by the courts to exercise a high standard of skill and failure to do this will constitute a breach of trust for which the Trustees will be liable to compensate the beneficiaries.

Advantages of a Trust

Trusts are a powerful tax-planning tool but they also have many other uses that are of equal if not greater importance. A properly drafted and managed trust can be advantageous for any or all of the following:

Asset Protection

Trusts can be one of the most effective ways to protect assets, as assets transferred to a trust no longer form part of the Settlor’s property. This means the assets cannot normally be seized if the Settlor gets into financial difficulties, for example, as a result of bankruptcy or divorce.

The rules of many onshore jurisdictions may, in certain circumstances, order the trust assets to be transferred back to the Settlor. This could arise if a creditor is able to prove that the Settlor transferred assets into trust with the intention of avoiding a current or future liability, or if the liability arose within a statutory period after the transfer into trust.

To overcome this problem many offshore jurisdictions have enacted legislation creating the ‘Asset Protection Trust’. This protects assets transferred into trust as long as the Settlor is solvent at the time of the transfer and does not become insolvent as a result of it. For maximum security it is important to set up a trust in an offshore jurisdiction that has enacted this type of legislation.

Tax Planning

A correctly structured and administered trust may produce substantial savings in income tax, capital gains tax and inheritance tax/estate duty.

Avoiding the Expense and Delays of Probate

In most common law jurisdictions an individual’s estate must go through the probate procedure. This can cause delay, expense, publicity and upheaval. By establishing a trust, probate can be avoided. Death has no effect on the trust property, which will continue to be held and managed in confidence by the Trustee.

Confidentiality

Proving a will is a public procedure and therefore entirely unsuitable for those wishing to keep details of their assets confidential. The only legal alternative form of asset transfer is via a trust. This would generally save estate duty and keep the trust assets confidential.

Avoiding Forced Heirship

Forced heirship is a particular problem in continental Europe and other civil law jurisdictions, as well as in countries of Islamic tradition. A trust can be used to overcome this problem if care is taken to select a jurisdiction for the trust that has an appropriate trust law.

Estate Planning

Many people prefer to make more complex arrangements for the distribution of their assets. These might include providing a source of income for a widow or making provision for the education of children. A trust is probably the most satisfactory and flexible way to make arrangements of this kind.

Protecting the weak

A trust allows a person to provide for those who may be unable to manage their own affairs such as infant children, the aged, or persons suffering from certain illnesses.

Preserving Family Assets

Preserving family assets, or increasing them, is often a motive for setting up a trust. An individual may wish to ensure that wealth accumulated over a lifetime is not divided up amongst the heirs, but retained as one fund. The fund can then accumulate further with provision for payments to members of the family as necessary, while preserving some assets for later generations.

Continuing a Family Business

A person who has built up a business will often want to ensure that it continues after their death. If the company shares are transferred into a trust prior to death, the unnecessary liquidation of the family business can be prevented.

In a situation where family members have little business experience, the Trustees could be instructed to retain the shares, keep the company running, and provide payment to members of the family from dividend income. The terms of the trust will ensure that the individual’s wishes are observed.

Gaining flexibility

A discretionary trust can provide a structure that is capable of rapid change as circumstances demand.

Jurisdiction

A trust can be set up in many jurisdictions – both offshore and onshore – but it is important that the jurisdiction:

• has a strong tradition of enforcing trusts
• has an English Common Law system
• has an established reputation for trust business
• has enacted modern legislation which embraces the newer concepts of trusts – particularly asset protection imposes low or no tax on the trust

Only a small number of jurisdictions are able to offer all the important elements, such as Netherlands Antilles, Cayman Islands, British Virgin Islands, Gibraltar, the Turks & Caicos Islands and the Isle of Man.

Disadvantages and Solutions

Irrevocability

It is not correct that trusts cannot be revoked. Trusts can be made revocable, but this usually has tax, estate duty, asset protection and stamp duty disadvantages. Revocability should be discussed when the terms of the trust are considered.

Loss of Control of Property

There are many people who like the idea of a trust but want to continue to exercise effective control over the trust assets, despite the transfer to the Trustees. If too much control is retained, however, the person who set up the trust may be regarded by law as the owner. This may make the trust invalid. The following are devices that may reassure the Settlor about the concept of a trust and the transfer of assets:

• Memorandum of Wishes

It is common for the wishes of the Settlor to be noted in a written memorandum. This outlines how the assets would have been managed had the Settlor retained ownership. The wishes of the Settlor are not binding, but in practice most reputable Trustees would follow them unless a change of circumstances makes it disadvantageous to the beneficiaries to act in that way.

• Protector

When setting up a trust it is possible to appoint a protector who has some degree of control over the trust property. We recommend limiting the protector’s powers to vetoing the decisions or actions of the Trustees, rather than having power to force the Trustees to act in a particular way as it is important to avoid the protector being considered a quasi-Trustee and possibly causing tax disadvantages.

It is usual for a trusted friend, relative or professional adviser of the Settlor to be appointed protector. It is also becoming increasingly common to use the services of a professional trust company.

• Two Tier Company and Trust Structure

Greater flexibility can sometimes be achieved by having the underlying assets owned by a company whose shares are owned by a trust. The Settlor may act as the director of the company and therefore exercise day-to-day control over the underlying assets with minimal need to refer to the Trustees.

This two-tier structure may have tax and other disadvantages where the director of the company is resident in a high tax country but can be used to good effect in certain situations.

• Joint Trustees

A trust could be structured so that there are joint Trustees, with the agreement of both needed in order to take any action. The second trustee could be the Settlor or a corporation controlled by the Settlor. There may be negative tax or other consequences resulting from such a structure if the Settlor is resident in a high tax jurisdiction but this may be a solution worth considering.

Costs

Many people believe that the costs of running a trust are prohibitive. But the level of fees charged by independent trust companies generally makes the advantages of setting up a trust available to those with even relatively modest estates. Non-institutional trust companies offer a more personalised service and also benefit from the fact that they are truly independent.

 

Corporate Finance

Corporate finance: Debt

We will discuss the economics and legal aspects of debt financing: leverage, characteristics as well as key contractual terms.

1. Leverage and Debt

Leverage is the financial impact on a company when it borrows money. In fact “debt” and “leverage” are used interchangeably by those operating in finance. Leverage is using given resources in such a way that the potential positive (gains) or negative outcome (losses) is magnified on a company’s common stock. The leverage effect occurs for two reasons:

a lender of capital (bank, bondholder) has a fixed contractual claim on a corporate borrower. The claim is limited to the payment of interest and the repayment of principal according to the contract evidencing the debt. The return to the lender is capped at the rate of interest.

the return that a company earns on its use of borrowed funds in not limited. It may be more, less or equal to the rate of interest associated with the debt. Stockholders have a residual claim to the monies left after the lender’s claim is satisfied, so any return on borrowed funds that exceeds the cost of those funds accrue solely to the stockholders.
For example: ACME pursues a project that requires a $100 million investment. The company expects to earn $14 million per year from this project, a return on investment (ROI) of 14%. ACME invests $50 million using the proceeds from the sale of common stock. It finances the balance with funds borrowed from a commercial bank at a rate of interest of 12% p.a., thus requiring ACME to make an annual interest payment of $ 6 million (transaction costs, allowances and tax effects are ignored in this example).

Leveraging the investment will increase ACME’s pre-tax cash flow more than if it had financed the investment solely from equity sale.

ROE = (investment return (ROI) – interest payment) / equity

ROE = ( 14 – 6 ) / 50 = 16%

This result compares favorably to the 14% return on equity achieved when ACME uses 100% equity to finance the same project.

ROE = ( 14 – 0 ) / 100 = 14%

ACME must receive an annual investment return from the project of at least 12% for the leverage to benefit the company. This is the break-even point where there is no gain or loss from the use of leverage. If the project were to earn only 10%, the ROE would fall to 8% because the project is earning less than the cost of borrowed funds.

In this example, the debt to equity ratio is 1:1 (debt financing: $ 50 million / equity financing: $50 million).

If ACME would consider 4 projects requiring $400 million investment with a ROI of 10%, to be financed by $100 million of equity capital (sale of common stock) and $300 million borrowing from a commercial bank, at an annual interest rate of 6%, the net expected return per year will be $22 million and the ROE = ( $40 million – $18 million) / $100 million of equity financing or 22%. In this case the debt-to-equity ratio is 3:1 (debt financing: $300 million / equity financing: $ 100 million).

In theory, ACME could borrow all the money for as many projects as available, thus maximizing the leverage effect. In reality, this is not possible because of the default risk associated with such substantial leverage, as the future cash flows associated with the projects may not materialize. Lenders are well aware of this.

As a company debt-to-equity ratio increases, so does its default risk; and its ability to service its debt obligations decreases. “Best case scenario” on which highly leveraged companies depend can become a risky proposition.

Debt-to-equity ratio, which varies from industry to industry, ROE, which is the stockholder’s rate of return, and default risk are the factors to consider for the use of leverage in financing investment opportunities.

2. Characteristics of a debt

2.1 Instruments

The following three instruments represent contractual claims against the corporate borrower, evidenced by a promissory note, which incorporates the terms of a contract typically called indenture: particularly the amount borrowed, the maturity date and the interest to be paid until maturity.An indenture is a contract between the issuer of the debt securities and the indenture trustee, typically a commercial bank, that acts as the agent for the actual holders of the debt securites and serves to protect their rights.

Bond: long-term promissory (10 to 30 years) notes with long term maturity, secured by collateral of the corporate issuer. The denomination is known as the bond’s face value or par value, which the issuer must repay to the investor on maturity date. The rate of interest is referred to as the coupon rate. Terms of a particular issuance of bonds are set forth in a contract, the bond indenture. The signatories of this contract are the issuer and the indenture trustee. Technically, the bond-holders are third-party beneficiaries of that contract.

Debenture: long-term (10 to 30 years), unsecured promissory note. The debenture indenture is similar to the bond indenture.

Note: short-term ( 5 to 10 years) promissory note, maybe either secured or unsecured obligations of the corporate issuer. The terms of the contract are set forth in the note agreement. The note holder is often a direct and private signatory to the note agreement.

2.2 Debt security rating services

Moody’s Investors services and Standard and Poor’s Corp. are currently the two primary rating services. They assess the likelihood that an issuer (corporation or government) will meet its debt service obligations. Debt ratings are not permanent. When the rating agencies disagree on the rating of a debt security, it is said to have a “split rating”.

3. Key contractual terms and protective provisions

3.1 Promise to pay

The issuer’s promise to repay debt holders the borrowed funds along with interest is fully enforceable in contract by the debt holders, as it was given by the issuer in a bargained for exchange in return for the loaned funds. Besides relying on the issuer’s naked promise to repay its debt, many investors insist on additional indenture provisions designed to reduce the risk or impact of a payment default.

One way to reduce the risk of non-payment is to “collateralize” the debt securities. If the issuer defaults, and the default is not cured in a timely fashion, the debt holders can seize, through the indenture trustee, the collateral supporting the issuer’s payment obligation (including land, accounts receivable, inventory and equipment), sell it and pay themselves back with the proceeds.

Another way is to demand a guarantee from a third party. Guarantee may take many forms: payment guarantee, whereby the guarantor must pay if the issuer does not, or equity infusion guarantee, whereby a third party commits to infusing equity capital if the debt-to-equity ratio becomes dangerously unbalanced.

Parties closely affiliated with issuers generally provide guarantees, because of the indirect benefits they receive when the issuers gain access to the loaned funds: i.e. controlling stockholder, holding company.

A third way is through the creation of a sinking fund. A sinking fund indenture provision requires the issuer to periodically deposit funds or cash flow into a custodial account maintained by the indenture trustee. The issuer will then have the funds necessary to repay the principal when the securities mature. On the negative side, the issuer cannot use those funds to grow its business.

3.2 Subordination

When an issuer has several classes of debt securities outstanding (i.e. bonds and debentures) the priority in which debt holders of different classes are repaid is crucial and is particularly important in case of bankruptcy or liquidation. The concept of subordination refers to holders of senior debt securities ranked ahead of holders of the other two classes of subordinated debt securities and the ensuing ‘food chain’ effect.

Ranking of debt securities is purely a matter of contract law: the indenture must provide so. Subordination is a topic of negotiation. Investors in subordinated debt demand higher interest rates. Subordinated debt securities are referred to as high-yield debt securities and junk bonds or ‘equity in drag’.

3.3 Covenants

Covenants are designed to ensure that the issuer operates in a most conducive way to fulfilling its promise to repay the debt holders. A debt indenture contains two types of covenants:

Affirmative covenant: the issuer promises to perform specified, affirmative acts. I.e. maintain property and corporate existence, pay the taxes, deliver financial information to the indenture trustee, obtain and maintain insurance on the property. Most indentures contain standard affirmative covenants.

Negative or restrictive covenant: by opposition, the issuer promises not to engage in specified acts. “Thou shall not.”

Limitation on the incurrence of indebtedness:

To prevent the issuer from increasing its debt load unless it is generating enough cash flow to easily satisfy its principal and interest payments on the debt securities in question. Debt increases the issuer’s leverage, thus increasing the issuer’s default risk; additional debt increase the number of creditors competing for the issuer’s assets in the case of bankruptcy or liquidation; the increase in risk associated with the increase in debt securities often diminishes the value of the existing securities.

The covenant typically specifies the amount of additional indebtedness allowed to the issuer, and only if certain financial liquidity ratios are met.

Restricted payments:

To keep money within the issuer for use in servicing the debt obligations. The covenant prohibits the issuer from distributing cash dividends or repurchasing stocks; purchasing or redeeming any indebtedness of the issuer subordinated to the debt securities in question.

Assets sale:

To prohibit an issuer from selling substantial assets unless no default or event of default exists, the asset is valued at fair market price and a high percentage (90%) of the consideration received is cash or cash equivalent, the proceeds are reinvested in the core operations within a specified time frame.

Merger, consolidation

To prevent the issuer from consolidating, merging or selling all or substantially all of its assets unless certain conditions are met: the issuer must be a surviving entity; the surviving entity must assume all of the issuer’s obligations under the indenture; the valuation of the issuer after the transaction is not less than the issuer’s value prior to the transaction; immediately after the transaction no default or event of default must exist; the issuer or surviving entity must be permitted to incur additional indebtedness under the limitation of incurrence of indebtedness covenant.

This is to restrict the issuer to engage in a reorganization in which the issuer does not survive or becomes financially weaker.

Dividends and other payment restriction on subsidiaries

In the case where the issuer is a holding company, to prohibit the issuer and its subsidiaries from entering into contract and agreement that could impede the subsidiaries to up-stream cash to the holding company.

Transactions with affiliates

To prevent sweetheart deals between the issuer and his affiliates (controlling stockholder) which siphon off funds of the issuer that could be used to service the debt obligations.

Restrictions on liens

When the issuer has issued secured (collateralized) debt securities, to prohibit the issuer from permitting liens on its assets unless certain conditions are met. Permitted liens generally include: lines in favor of the issuer; liens on assets of companies that are merged with the issuer; liens to secure the performance of statutory obligations; liens securing the debt securities in question; liens securing additional indebtedness under the limitation of incurrence of indebtedness covenant; liens for taxes; liens pre-existing at the date of the debts securities in question.

Line of business

To prohibit the issuer from engaging in any business activity other than those specified in the indenture. As in “the devil you know is better than the one you don’t know”.

3.4 Redemption

The indenture may provide for optional and/or mandatory redemption of the securities prior to their maturity date. After the date the issuer determines for redemption, debt securities no longer earn interest and debt holders are only entitled to receive the redemption price from the issuer. Therefore, debt holders have an incentive to turn in their securities on or before the redemption date.

Optional redemption

The ability to pay off debt securities prior to their maturity is something most issuers seek, against which most investors fight. The market conditions at the time play an important role in the decision of each party.

Indentures ordinarily contain a compromise. The issuer receives the ability to redeem (call away) its debt securities early, but only after a period of years during which redemption is prohibited. This period is called “call protection”. Thereafter, the issuer has the option of redeeming some or all of the securities at a premium, plus accrued and unpaid interest (if any) to the date of redemption. The issuer cannot voluntarily trigger a default under the indenture in an attempt to avoid paying the redemption premium. Another call protection arises when an indenture allows for optional redemption, but specifies that debt securities cannot be redeemed with the proceeds from the issuer’s incurrence of new, lower interest rate debt.

Mandatory redemption

Many indentures require an issuer to redeem some or all of its debt securities prior to their maturity upon the incurrence of certain events: the cash flow from operations is greater than a predetermined benchmark, if the issuer has not redeployed excess proceeds from asset sales within the specified period of time in the asset sales covenant; in the case of a change of control (sale of the issuer’s assets, participation in the capital to 25-35%, change in the board of continuing directors) forcing a potential acquirer to either negotiate with the debt holders

3.5 Events of default

All indentures define events of default and specify the consequences of the occurrence of such events.

Default in the payment of interest or principal

Referred to as payment default, it is the most fundamental event of default. A grace period (30 days) may attach to a default on interest payment, but not on a principal payment. If the issuer misses a principal payment or fails to make an interest payment, then indenture trustee may declare the full principal amount plus any accrued and unpaid interest, immediately due and payable. This situation is known as the acceleration of the debt.

Breach of covenant, warranty or representation

An issuer’s breach of any of its covenants, warranties or representations qualifies as an event of default. If the issuer shows no inclination to cure, does not cure or refuses to engage in dialogue with the indenture trustee within the grace period, the indenture trustee may declare the full principal amount plus any accrued and unpaid interest, immediately due and payable.

Bankruptcy, insolvency

An involuntary order resulting in the issuer’s bankruptcy or insolvency, a voluntary filing of a bankruptcy petition by the issuer constitutes an event of default.

Cross-default

An indenture may contain a cross-default provision. Any default by the issuer under any other agreement evidencing indebtedness generally constitutes an event of default. If an issuer triggers the cross-default provision, the indenture trustee can take action even if those debts securities are not yet in default.

Power of Attorney

Power of Attorney

A ‘power of attorney’ or ‘letter of attorney’ in common law systems or ‘mandate’ in civil law systems is a legal instrument that is used to authorize someone to act on someone else’s behalf in a legal or business matter. The person authorizing the other to act is the “principal” or “grantor (of the power)”, and the one authorized to act is the “agent” or “attorney-in-fact”. The attorney-in-fact acts “in the principal’s name,” signing the principal’s name to documents and filing suit with the principal’s name as plaintiff, for example.

There are only two primary requirements for a Power of Attorney:

• Soundness of Mind: The person signing the power of attorney cannot be mentally ill or mentally disabled and must be acting on his or her own free will, without undue influence from others.
• Notary or Witnesses: In most states, the Power of Attorney must be signed in the presence of a notary public or two witnesses.

The power of attorney (often called “POA” for short) may be oral or may be in writing. Many institutions, such as hospitals, banks, and the I.R.S., require a power of attorney to be in writing before they will honor it, and they usually want to keep an original for their records.

As one kind of agent, an attorney-in-fact is a fiduciary for the principal, so the law requires an attorney-in-fact to be completely honest with and loyal to the principal in their dealings with each other. If the attorney-in-fact is being paid to act for the principal, the contract is a separate matter from the power of attorney itself, so if that contract is in writing, it is a separate document, kept private between them, whereas the power of attorney is intended to be shown to various other people. Powers of Attorney are only as good as the agents who are appointed. Appointing a trustworthy person as an Agent is critical. Without a trustworthy Agent, a Power of Attorney becomes a dangerous legal instrument, and a threat to the Principal’s best interests.

The “equal dignity rule” is a principle of law that requires a document authorizing someone representing someone else to have been appointed with the same formality as required for the act the representative is going to perform, and it applies to powers of attorney. This means, for example, that if you give someone your power of attorney to sign the papers to sell your house, and the law requires that signature on the deed to be notarized, then your power of attorney authorizing that attorney in fact to sign the deed must be notarized, too.

General Power of Attorney

A general power of attorney (or short form) is very broad and provides extensive powers to the agent or attorney-in-fact to conduct all transactions permitted under the law for the principal. 

Special or Limited Power of Attorney

A power of attorney may be “special” or “limited” to one specified act or type of act and whatever it defines as its scope for the principal, giving the agent or attorney-in-fact only specific powers set forth in the document. 

“Nondurable” Power of Attorney

A “Nondurable” Power of Attorney takes effect immediately. It remains in effect until it is revoked by the Principal, or until the Principal becomes mentally incompetent or dies. A “Nondurable” Power of Attorney is often used for a specific transaction, like the closing on the sale of residence, or the handling of the Principal’s financial affairs while the Principal is traveling outside of the country. A “Nondurable” Power of Attorney enables a Principal to decide in advance who will make important financial and business decisions in the future.

“Durable” Power of Attorney

Under the common law, a power of attorney becomes ineffective if its grantor dies or becomes incapacitated, meaning unable to grant such a power, because of physical injury or mental illness, for example unless the grantor (or principal) specifies that the power of attorney will continue to be effective even if the grantor becomes incapacitated (but any such power ends when the grantor dies). The document must contain specific provisions indicating that the document will remain in effect notwithstanding incapacity or disability of the principal. The “Durable” Power of Attorney may be used immediately, and is effective until it is revoked by the Principal, or until the Principal’s death. 

“Springing” Power of Attorney

A Power of Attorney may be drafted so that it goes into effect as soon as it is signed. A “Springing” Power of Attorney becomes effective at a future time. That is, it “springs up” upon the happenings of a specific event chosen by the Power of Attorney. A “Springing” Power of Attorney remains in effect until the Principal’s death, or until revoked by a court. In some U.S. states and other jurisdictions it is possible to enact a springing power of attorney; i.e., a power that only takes effect after incapacitation of the grantor or some other definite future act or circumstance. After such incapacitation the power is identical to a durable power, but, unlike a durable power, cannot be invoked before the incapacity. This is often used to allow a spouse or family member to manage the grantor’s affairs in case illness or injury makes him unable to act, while retaining the power for himself before the incapacity occurs.

Health Care Power of Attorney or Health Care Proxy

In some jurisdictions, the proper legal instrument for delegating health-care decisions to another is called a Health care Proxy. It is a document that allows you to designate a person (an “Agent”) who will have the authority to make health care decisions on your behalf if you are unconscious, mentally incompetent, or otherwise unable to make such decisions. This document only becomes effective when you do not have the capacity to give, withdraw or withhold informed consent regarding your health care. In many states you can also express your wishes regarding whether you wish to receive “life-sustaining procedures” if you become permanently comatose or terminally ill, in the Health Care Power of Attorney document. 

In some jurisdictions such a durable power of attorney can also function as a “living will“, which can be used to appoint someone to make health-care decisions for the grantor, up to and including “pulling the plug” on machines keeping them clinically alive. A Health Care Power of Attorney is different from a Living Will because it allows you to appoint someone to make health care decisions for you. A Living Will only allows you to express your wishes concerning life-sustaining procedures.

Amending and Revoking a Power of Attorney

Since there is no commonly acceptable way to amend a Power of Attorney, it is usually best to just prepare a new document. Be sure to not make any corrections by erasing or writing on the original document, since this could jeopardize the validity of the document. Unless the power of attorney has been made “irrevocable” (by its own terms or by some legal principle), the grantor may revoke the power of attorney by telling the attorney in fact it is revoked; however, if the principal does not inform third parties and it is reasonable that the third parties could rely upon the power of attorney being in force, the principal may still be bound by the acts of the agent, though the agent may also be liable for such unauthorized acts.

Agent’s obligations to a Principal

The Agent is obligated to act in the best interests of the Principal, and to avoid any “self-dealing.” Self-dealing is acting to further the selfish interests of the Agent, rather than the best interest of the Principal. An Agent appointed in a Power of Attorney is a fiduciary, with strict standards of honesty, loyalty and candor to the Principal. An Agent must safeguard the Principal’s property, and keep it separate from the Agent’s personal property. Money should be kept in a separate bank account for the benefit of the Principal. Agents must also keep accurate financial records of their activities, and provide complete and periodic accountings for all money and property coming into their possession. 

Several Agents

You may appoint multiple Agents in a Power of Attorney. If you appoint two or more Agents, you must decide whether they must act together in making decisions involving your affairs, or whether each can act separately. There are advantages and disadvantages to both forms of appointment. Requiring your Agents to act jointly can safeguard the soundness of their decisions. On the other hand, requiring agreement of all your Agents can result in delay or inaction in the event of a disagreement among them, or the unavailability of one of them to sign legal documents. Allowing your Agents to act separately may ensure that an Agent is always available to act for you. But it may also result in confusion and disagreements if the Agents do not communicate with one another, or if one of them believes that the other is not acting in your best interests.

Successor or Substitute Agents

There is always the possibility that the person or organization you appoint as your Agent either is unable to serve or unwilling to serve. That’s why you have the option of appointing a Successor or Substitute Agent who can take over as Agent if necessary. Here is an illustration of why appointing a Successor Agent is a good idea: An elderly husband names his elderly wife as his Agent. After signing the power of attorney document, they are both diagnosed as having Alzheimer’s disease. The wife becomes mentally incompetent and can’t serve as her husband’s Agent. The husband is also mentally incompetent and can’t sign a new power of attorney. If the husband had named a Successor Agent, he or she could have taken over as Agent.

 

OECD: A CONTROVERSAL LIST

The G20 was held by the twenty most industrialised countries of the world on the 2nd of April 2009 in London. It had the intention to set out rules containing the most important achievements concerning the global near future and to foster the world economy. In addition, they set-out to restore worldwide financial stability, lead the international economic recovery and secure a sustainable future for all countries. From the final Leader’s statement we can see that they have concretely set out some interesting rules such as art. 3 “ …we believe that the only sure foundation for sustainable organisation and rising prosperity for all is an open world economy based  on market principles, effective regulation, and strong global institutions…” and art. 8 “ …we are committed to take all the necessary actions to restore the normal flow of credit…”. G20 world leaders pledged to take actions against tax havens and other non- cooperative jurisdictions named on the OECD’s lists. Given these emphatic and strong premises we were all expecting a strong revolution of all the financial markets. As reported above the OECD issued a list of countries divided in three categories, (click here for full list http://www.oecd.org/dataoecd/38/14/42497950.pdf ): forty countries that have substantially implemented the internationally agreed tax standard; thirty-five plus eight countries that have agreed  the internationally tax standard, but have not yet substantially implemented it; four countries that have not committed to the internationally agreed  tax standard.  Switzerland and Belgium were clearly disappointed by discovering they have been included on the second list together with non-European countries. Nicolas Schmit, Luxembourg’s Europe Affairs Minister, talked about a broken commitment, clamming that at the EU summit in March it was agreed that no European country should appear on the “black list”. In addition, the Austrian finance ministers as well as the Swiss government are not of a different opinion; they are respectively talking about hard trustable EU decisions and a deploring procedure in drawing up the list. Reading this list carefully we can actually find other disappointing points. Incorporating companies in places such as Belize and Delaware it is quite easy and does not have a strong need for due diligence yet Belize is only reported in the second list and Delaware is not reported at all. As a result a political scientist at Australia’s Griffith University, Mr Jason Sharman, showed how easy it was to circumvent prohibitions on banking secrecy, forming anonymous shell companies and secret bank accounts across the world. The most egregious examples of banking secrecy, money laundering and tax fraud are found nowhere but in America. In countries and states such as Belize, Delaware, Nevada, Florida etc they do not ask the name of the company shareholder/s, nor do they routinely share the little information they have with the federal government. A study by the Internal Revenue Service found that 50-90% of the companies registered in one of these countries/states were already in breach of federal tax laws elsewhere. Consequently, with both anonymity and no taxation, America offers all the elements of a tax haven. It also reported that it is easier to open a bank account in these countries than apply for a driving licence. Mr Sharman has also reported that “In practice, OECD countries have much laxer regulation on shell corporations than classic tax havens and the US is one of the worst among the listed countries.” Since this does not want to be an assault against the American’s company formation and banking system, it is important to understand what the G20 pledge really wants to bring instead. As Mr. Obama is the main leader and supporter of a collecting agreement that would eventually rebuild the world’s financial architecture, it is not clear why American states like Delaware, Nevada, Florida, Arkansas are not even mentioned on the OECD’s list and why we have seen European Countries reported on the list when, allegedly, they should have not been there.   By Jenny Suprani Business Consultant

BRAZIL Financial Times Special Report 2009

BRAZIL Financial Times Special Report 2009

Comissão de Valores Mobiliários e Cláusulas Poison Pills

Marcelo Ruiz Rodrigues dos Santos

A Comissão de Valores Mobiliários (CVM) publicou recentemente o Parecer de Orientação nº 36/2009 sobre disposições estatutárias que impõem ônus a acionistas que votarem favoravelmente à supressão de cláusula de proteção à dispersão acionária, facilitando a retirada de clásulas poison pills dos estatutos sociais das empresas que tenham como objetivo limitar o direito de voto e manifesta intenção de proteger a dispersão acionária, isentando estes acionistas de penalidade em processos administrativos sancionadores.

As cláusulas conhecidas como poison pills (pílulas de veneno) passaram a integrar os estatutos sociais de diversas companhias nos últimos anos, em especial naquelas sem controlador, obrigando a realização de ofertas públicas com determinadas condições e muitas vezes onerosas, com o intuito de preservar a dispersão acionária.

Acompanhando essas cláusulas, aparecem outros comandos nos estatutos, que a CVM chama de disposições acessórias, dizendo que os acionistas não podem alterar essas regras de dispersão. Por vezes, esses dispositivos limitam o exercício de voto dos acionistas em assembleias e, em alguns casos, há a exigência de que o acionista que votar para extinção de tal artigo faça uma oferta pública para aquisição de todas as ações da companhia.

Em síntese, o investidor que adquirisse determinado percentual das ações em circulação estaria obrigado a realizar uma oferta pública de compra das ações remanescentes.

Portanto, a autarquia não aplicará penalidade a acionistas que, ao votar pela modificação ou supressão de cláusulas de dispersão acionária, não realizem oferta pública de aquisição de ações, obrigação comumente prevista em estatutos sociais contendo tais modalidades de cláusula.

A CVM entendeu que a aplicação concreta dessas disposições acessórias não se compatibiliza com diversos princípios e normas da legislação societária (Lei nº 6.404/76), em especial:-

Art. 115. O acionista deve exercer o direito a voto no interesse da companhia; considerar-se-á abusivo o voto exercido com o fim de causar dano à companhia ou a outros acionistas, ou de obter, para si ou para outrem, vantagem a que não faz jus e de que resulte, ou possa resultar, prejuízo para a companhia ou para outros acionistas.

Art. 121. A assembléia-geral, convocada e instalada de acordo com a lei e o estatuto, tem poderes para decidir todos os negócios relativos ao objeto da companhia e tomar as resoluções que julgar convenientes à sua defesa e desenvolvimento.

Art. 122. Compete privativamente à assembléia-geral:

I – reformar o estatuto social;

Art. 129. As deliberações da assembléia-geral, ressalvadas as exceções previstas em lei, serão tomadas por maioria absoluta de votos, não se computando os votos em branco.

Importante ressaltar que a CVM manteve seu posicionamento inicial, porém ouviu opiniões contrárias à medida durante a realização de audiência pública e reconheceu  não possuir poderes para declarar essas cláusulas nulas.

Assim, o texto do parecer de orientação diz que a autarquia “não aplicará penalidades, em processos administrativos sancionadores, aos acionistas que, nos termos da legislação em vigor, votarem pela supressão ou alteração da cláusula de proteção à dispersão acionária, ainda que não realizem a oferta pública prevista na disposição acessória”.

A autarquia também decidiu não impedir que empresas que possuem essas cláusulas nos estatutos possam obter registro de companhia aberta, ou registro de distribuição pública de ações ou instrumentos de dívida.

Publicado em 09/07/09

Link: http://www.conjur.com.br/2009-jul-09/acionista-nao-faz-oferta-nao-punido-negar-clausula-protecao

Pesquisa Direito GV revela que mais de 60% dos acórdãos proferidos sobre crimes tributários não chegam a analisar o mérito

Decisões dos TRFs e do STJ

Pesquisa do Núcleo de Estudos sobre o Crime e a Pena da Direito GV, analisando 530 decisões emitidas pelos tribunais regionais federais e pelo STJ que julgam crimes tributários, aponta que a imensa maioria dos julgamentos não decide o mérito, ou seja, não absolve nem condena os acusados.

Em relação ao STJ, por exemplo, chega a 70% o índice de decisões que discutem apenas o prosseguimento ou a extinção do procedimento penal, índice que chega a aproximadamente 64% das decisões proferidas pelos TRFs. As decisões que propriamente analisam o mérito da causa, ou seja, se houve ou não houve crime e se o acusado deve ser condenado ou absolvido representam apenas 11,8% na atividade do STJ e 25% nos TRFs.

“A pesquisa comprova que há uma clara tendência de se questionar o prosseguimento da persecução penal, antes de seu desfecho em 1ª instância”, explica a professora Maíra Rocha Machado, uma das coordenadoras da pesquisa, ao lado da professora Marta Rodriguez de Assis Machado.

O estudo mostra que, dentre os temas levados à discussão às instâncias superiores, destacam-se a necessidade ou não de término da via administrativa para se iniciar a ação penal, objeto de 29,7% das decisões do STJ e 17% das decisões dos TRFs, e a extinção da punibilidade pelo pagamento ou parcelamento do tributo, que representa 14,9% das decisões do STJ e 21,2% das decisões dos TRFs.

Em relação ao resultado das decisões analisadas, o TRF decidiu trancar ou suspender o andamento da ação penal em 32% dos casos e decidiu que a ação deve prosseguir em 30%; condenou em 20,6% dos casos e absolveu em pouquíssimas hipóteses. O STJ, por sua vez, decidiu pelo prosseguimento do caso em 29,2% dos casos e pelo trancamento ou suspensão em quase 40% dos casos. Os casos de condenação nesse Tribunal representam aproximadamente 9,2% das decisões e as absolvições são também escassas.

O total de decisões analisadas por esta pesquisa os desfechos dos casos se distribuem da seguinte forma: aproximadamente 35% das decisões decidiram pelo trancamento ou suspensão do processo; aproximadamente 30% das decisões são pelo prosseguimento do caso; 16,4% das decisões são pela condenação e um número bastante reduzido pela absolvição.

Implicações

Segundo Marta Rodriguez de Assis Machado, a pesquisa fornece elementos de reflexão a respeito da interação entre a política fiscal e a política criminal brasileiras. “A interação entre o direito penal e o direito administrativo na área dos crimes tributários pode ser feita de duas formas”, explica a professora. “A primeira, exigir que a autoridade tributária tenha decidido pela existência de débito fiscal para que a conduta do contribuinte possa a vir ser reconhecida como crime pela esfera penal e a segunda é estimular o pagamento do débito tributário como forma de afastar a intervenção da esfera penal, mediante o mecanismo da extinção da punibilidade. Essas duas questões são muito controvertidas, daí motivarem uma grande quantidade de recursos”.

Segundo explicam as professores, esses dois mecanismos de interação entre as esferas penal e fiscal assumiram diferentes formatos no campo penal tributário desde nossa primeira regulamentação, em 1965. Entretanto, há ainda um grande campo de discussão acerca das relações entre as esferas administrativa e penal, tanto no que diz respeito à comunicação entre elas, como no que diz respeito aos efeitos que a decisão de uma esfera tem na outra.

“Com base no estudo realizado, é possível concluir que o arranjo que possuímos hoje ao redor desses dois mecanismos é o resultado de decisões tomadas, seguindo lógicas e objetivos distintos, pelos sistemas político e jurídico. Fazemos referência aqui, de um lado, às leis editadas pelo Congresso e às Medidas Provisórias adotadas pelo executivo (sistema político) e às decisões judiciais, não apenas dos tribunais analisados quantitativamente na pesquisa, mas também as proferidas pelo STF, que influenciam todo o sistema”, explica Maíra Machado.

Focalizando especificamente o segundo mecanismo mencionado, a pesquisa buscou também compreender o papel desempenhado pelas possibilidades de extinguir a punibilidade no campo penal por meio do pagamento e do parcelamento da dívida. As pesquisadoras explicam que o instituto da extinção da punibilidade foi um instrumento importante para a conformação da política fiscal, desde a década de 60, com mais ênfase a partir da década de 90, ganhando mais amplitude a partir de 2000, com as leis sobre parcelamento e especialmente em razão da atividade judicial, que vem estendendo os casos de aplicação desse instituto.

Pensada como um incentivo ao pagamento, o sistema político buscou regular, ao longo dos anos, as condições e o momento processual em que a realização do pagamento poderia resultar em renúncia à persecução penal.

Os Tribunais, especialmente com fundamento no princípio da isonomia, ampliaram progressivamente as hipóteses de extinção da punibilidade inicialmente previstas na legislação.

“O aumento do papel do Judiciário na discussão sobre o alcance da extinção da punibilidade torna-se bastante visível com a frequência de decisões sobre esse tema encontradas na pesquisa e, especialmente, pelas tentativas por parte da defesa (autora de 71,7% das decisões que analisamos) de ver a norma legal sobre extinção da punibilidade estendida para casos que, a princípio, não estavam previstos”, explica Marta.

O resultado desse processo, chancelado por sucessivas decisões do STF, é a ampliação do reconhecimento da extinção da punibilidade para qualquer tipo de tributo e tendo o pagamento sido efetuado a qualquer tempo até o trânsito em julgado da sentença condenatória.

“Não é possível tecer qualquer comentário acerca do mérito de tais decisões, mas apenas apontar que há uma contradição entre a atuação do sistema político e do sistema jurídico nesse tema. Se por um lado, o sistema político desenhou um sistema de incentivos buscando maior eficiência arrecadatória, por outro a atuação do sistema jurídico imprimiu mudanças substantivas a esse modelo, utilizando, entretanto, outra lógica – a observância do princípio constitucional da isonomia e não necessariamente levando em conta os fins econômico-fiscais da aplicação do instituto. É possível intuir que as modificações daí resultantes não estejam necessariamente em harmonia com a estratégia arrecadatória”, explica Maíra.

Para minimizar este descompasso, as professoras acreditam que é necessário retomar a discussão sobre o desenho da política fiscal brasileira atual. No centro desse debate está a otimização de recursos do Estado brasileiro para gerir a questão da fraude fiscal que pode iniciar-se pela redistribuição de tarefas entre as esferas penal e administrativa-fiscal.

Dados sobre a pesquisa

A pesquisa foi realizada com o apoio do CNPQ e corresponde à segunda etapa do projeto “Contribuições para a reforma da legislação penal econômica brasileira”, cuja primeira etapa consistiu no diagnóstico da aplicação da lei dos crimes financeiros pelos Tribunais brasileiros. O relatório final da primeira etapa foi publicado e debatido em 2008 e se encontra disponível no site da Direito GV.

Nesta nova fase, o estudo teve por objetivo observar a atividade dos Tribunais Regionais Federais e do Superior Tribunal de Justiça no que diz respeito aos crimes contra a ordem tributária previstos na lei 8137/90.

Os resultados ora obtidos fornecem um retrato de como tais Tribunais vêm decidindo sobre esse tema e também elementos para uma discussão qualitativa sobre as relações entre a política fiscal e a política criminal brasileiras, particularmente o modo como o direito penal tem participado das estratégias arrecadatórias do Estado brasileiro nos últimos 15 anos.

O levantamento jurisprudencial foi realizado com base nos acórdãos disponíveis nos sites dos cinco Tribunais Regionais Federais e do Superior Tribunal de Justiça. Foram selecionadas todas as ementas que resultaram da busca pela expressão “8137/90″ e suas variações, proferidas entre 1990 e 2007.

Após a exclusão manual de acórdãos que escapavam ao objeto da pesquisa e a construção de uma amostra estatisticamente relevante, chegamos a um total de 530 decisões analisadas.

International lawyer calls it a day‏

2 July 2009

Former Homes Overseas legal columnist John Howell is to close his International Law Partnership firm following a collapse in income, according to Overseas Property Professional (OPP).

The UK-based law firm, which specialised in cross-border legal issues and international property, says that it will start to wind-up from 10 July 2009. Howell told OPP that his company had written off in excess of £500,000 of anticipated income so far this year, while actual income had fallen by almost 75%.

He also said that he had subsidised the firm with over £100,000 of his own money over the last year. “Over the last few months our clients – and, in particular, our developer clients – have been going bust at a catastrophic rate and many of our other clients are unwilling or unable to pay their bills,” said Howell. “We have, therefore and with great regret, decided to close the business.” source:

http://www.homesoverseas.co.uk/news/International_lawyer_calls_it_a_day/11631-1002