XP goes to court to recover a debt of R$8.2 million from businessman Carlos Wizard; understand the case

A XPthrough its investment bank, collects a debt of R$8.2 million from the contractor Assistant Carlosa Brazilian billionaire who controls companies such as green world and language school WiseUp, which also has a minority stake in IMC, which owns KFC and Pizza Hut in Brazil. In a decision issued by the Court on the 23rd, Judge Carlos Eduardo Borges Fantacini granted a three-day period, which expires this Wednesday, the 26th, to Wizard to make the payment and another 15 days to the businessman to appeal .

Carlos Wizard delayed payment of debt installments with XP
Carlos Wizard delayed payment of debt installments with XP

In the same decision, the judge establishes that within five days, Wizard must indicate “what and where are the seizable assets and their respective values, with supporting documents”.

Businessman Carlos Wizard, through his holding Sforza, said, in a note, that it was negotiating with all the banks where it has debts for a restructuring of the maturity profile to the current economic scenario. He also said that the sectors in which his holdings operate were “severely affected by the Covid pandemic, in particular in 2020”, and that this situation “affected the debt structure of the companies controlled by the group, leading Sforza to commit a consulting firm specializing in restructuring its short and medium term commitments”.

The action in question arises from a process of execution, by Banco XP, of an initial loan of R$30 million, through a bank credit note (CCB), which is expected to be paid in 18 installments, amounting to R$1,764,467.13 per month. , according to the initial petition of the process.

According to the established agreement, non-payment within the established period would peak in anticipation of the remaining debt. The unpaid deposit, according to the document, would have expired on September 21.

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Also in the initial petition, XP advised that it had sent to Orion, a company in which Wizard is a partner and which is also listed as an executed party, two notices, advising of the delays on September 21 and reminding that another installment would expire on October 21. The warning, however, was reportedly “completely ignored”. “All under penalty of taking the appropriate measures provided for in the CCB”, according to the action.

Thus, XP explains that it took the decision to collect the debt in court and to collect the rest of the loan in advance, as provided for in the signed contract.

As the debt had guarantees, the bank can enforce them. However, they were not enough to cover the entire debt, according to the financial institution explained to the Court. “If the payment is not made within the legal period, the online seizure of all amounts deposited in financial institutions in the name of the seized is determined”, according to the initial request from XP.

Contacted, XP said he would not comment on the matter.

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