Renegotiation of Outstanding Debt in Brazil to Yield R$6.4 Billion in 2020

Under the installment payment rules, only debts regarded as irrecoverable or difficult to recover will be granted a 50 percent discount; the program is available to individuals, individual entrepreneurs, micro-companies or small-scale companies undergoing judicial reorganization.

RIO DE JANEIRO, BRAZIL - As of yesterday, November 29th, debtors of more than R$15 million, and declared in default by the Federal Government, may apply for payment in installments under Provisional Measure 899, also known as the Legal Taxpayer's Provisional Measure.

The Ministry of Economy published an ordinance in the Federal Gazette regulating the renegotiation procedure and reported that the government should raise R$460 million in 2019 and R$6.4 billion in 2020 through the installment plan.

Accounting for only two percent of the total, larger debtors may apply at the Prosecuting Attorney's Office for . . .

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