The Central Bank is increasingly narrowing the siege to debtors seeking to circumvent the Bacen Jud System, through which, since 2001, investigations have been conducted on behalf of debtors with the objective of locating and blocking amounts capable of eliminating judicial debts.
As of May 2, 2016, the Credit Cooperatives, due to the 29,096 Communiqué issued by the Central Bank, will be part of the so-called Online Pledge System. This is another measure implemented by the Central Bank, which seeks, at this moment of crisis, to increase the volume of amounts blocked through the system.
Until then, it was sold the idea that the Cooperatives could be used as protection against unwanted Online Pawns, on the grounds that they could not meet the demand imposed by the Judiciary because they were non-profit organizations.
The exponential growth of the Cooperatives in recent years has drawn attention from the Judiciary, according to which there are Credit Cooperatives among the largest banks in Brazil.
The innovations of the System do not stop there, in a few months it will also be possible for the judges to block values belonging to the subsidiaries of the debtor companies, in view of the fact that the subsidiaries do not have their own legal personality and that this is a common practice among companies, transfer values to accounts in the name of branches to hide values.
The news has been favorably seen both by the judiciary which aims to reduce cases of “fabricated insolvency” between debtors and by cooperatives hoping to demystify the idea that they could be “a licit medium for illicit purposes.” Debtors, on the other hand, create longer and longer mazes between themselves and their creditors.