In December 2025, the Superior Court of Justice (STJ) ruled on Special Appeal No. 1.994.200/SC, filed by a creditor financial institution against a decision of the Court of Justice of Santa Catarina (TJ/SC).
The TJ/SC Decision
The TJ/SC decision ordered the suspension of the freezing of funds in the debtor’s bank account, arising from the fiduciary assignment of receivables in favor of the creditor.
The court held that freezing such funds in the debtor’s account harmed pari passu creditors, as it violated the principle of preservation of the company while the issue of the essentiality of the assets had not yet been resolved.
The Special Appeal Decision
The STJ granted the creditor’s special appeal, based on the following grounds:
- Receivables assigned as fiduciary collateral are not considered capital assets, as they consist of monetary claims. Therefore, they do not fall within the exception set forth in Article 49, §3, of Law No. 11.101/2005, which protects assets essential to business activity during the stay period.
- The attachment of cash to satisfy first priority claims is permissible, including during judicial reorganization, when the asset is not an essential capital asset.
- Once the stay period has ended, the reorganization court may not prevent the satisfaction of first priority claims based on a generic invocation of the principle of preservation of the company.
- The STJ further emphasized that the jurisdiction of the reorganization court to interfere with enforcement measures is limited to the stay period and only with respect to essential capital assets.
Grounds for the STJ Decision
Notably, the STJ based its decision in this Special Appeal on its prior case law holding that soybean grains are not essential assets. In that precedent, the court found that soybean grains do not meet the requirements of capital assets or essentiality to business activity, as required under Article 49, §3, of Law No. 11.101/2005.
Practical Impacts
This STJ decision in the Special Appeal contributes to greater legal certainty by more precisely defining the boundaries between the protection afforded to companies undergoing judicial reorganization, the concept of essential assets, and the rights of first priority creditors. The ruling is aligned with case law decided after Law No. 14.112/2020 enters into force.
Reference
STJ – REsp No. 1.994.200/SC
Reporting Justice: Maria Isabel Gallotti
4th Panel | Decided on December 1, 2025