Last Monday (27), the pan chocolate factory, known for producing “chocolate cigarettes”, had its bankruptcy decreed by the Justice. The company had already filed for self-bankruptcy in 2020, but only now was it officially declared bankrupt.
The judge in charge of the case, Marcello do Amaral Perino, from the 1st Regional Court of Business Competence and Conflicts Related to the São Paulo Arbitration, decided that the factory activities will be closed and the goods will be sold to pay the creditors.
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The judge highlighted that the company was a persistent debtor of the taxes and that its registration was not regularized, making it impossible to continue its activities.
Chocolates Pan, which has 85 years of history and four branches, was purchased in 2016 by Grupo Brasil Participações. Currently, the company has 52 employees and, according to the same, had its revenue reduced after a restructuring in 2017 and, even more, with the Covid-19 pandemic.
The company's tax debts, which amount to more than R$ 126 million, will be paid with machinery and real estate valued at approximately R$ 182 million. Factory officials tried to prevent bankruptcy and asked the Justice for another three months to present a new judicial recovery plan.
Chocolates Pan's attempt to avoid bankruptcy
The company had tried to avoid bankruptcy by filing for self-bankruptcy on April 10, to take advantage of the Easter and Mother's Day period and try to pay off its debts. However, the judge decided for the bankruptcy of the company.
The State Attorney General's Office, responsible for the debts registered in the company's active debts, informed that Chocolates Pan has more than R$ 126 million in declared ICMS debts, without a formal request for payment in installments or transaction of debts within the scope of the PGE.
Conclusion
The bankruptcy of Chocolates Pan represents yet another hard blow to the Brazilian economy, which has faced many difficulties in recent years. The company's situation, which had been dragging on since 2020, is an example of the impact of the economic crisis and the Covid-19 pandemic on business.
It is hoped that the factory workers will be supported and that the sale of the company's assets will help pay off its debts.
