Bruno Calfat Advogados represented a major real estate developer in an appeal before the São Paulo Court of Justice, concerning the review of a lower court decision in an enforcement proceeding. The lower court had denied the opposing party’s request to attach alleged receivables of the developer, arising from a share purchase agreement entered into between the developer and a third party.
In the appeal, the developer argued that the lower court’s decision should be upheld, since the receivables subject to the attempted attachment had been pledged as collateral through an Assignment of Receivables in connection with a financial transaction intended to raise funds for two projects.
Confirming the developer’s position, the Reporting Appellate Judge recognized the validity of the Assignment of Receivables as Collateral and its enforceability against the creditor, thereby ruling out the possibility of attaching the receivables.