The São Paulo Court declared, this Tuesday (31), the bankruptcy of the Raiola Group (Irmãos Raiola & Cia. Ltda.), a traditional manufacturer of olives and preserves. The decision comes after the conversion of judicial recovery into bankruptcy, due to non-compliance with the approved plan and the accumulation of tax debts.
Founded in 1938, the group had filed for judicial recovery in February 2023, with liabilities estimated at around R$153 million. The case was being processed at the 3rd Bankruptcy and Judicial Recovery Court of the Central Court of São Paulo, with the consultancy AJ Ruiz responsible for judicial administration.
According to the decision, the company was unable to regularize its obligations, especially tax obligations, which made it unfeasible to continue operations. The company owes R$117 million in taxes, according to PGE-SP (São Paulo State Attorney’s Office), which filed the bankruptcy petition.
With the declaration of bankruptcy, all actions and executions against the company are suspended and begin to be concentrated in the bankruptcy court. The next step will be the collection of assets, which includes stocks and the Raiola brand, previously valued at around R$98 million, for subsequent auction and payment of creditors.
The resources obtained will follow the legal order of discharge, starting with labor credits, followed by extra-bankruptcy creditors, creditors with real guarantees and, finally, unsecured ones.
