A Rio de Janeiro state court has ruled the bankruptcy of Victor Hugo, a manufacturer of luxury leather handbags and accessories, at the request of the Office of the Attorney General of the National Treasury (PGFN), jointly with the Office of the Attorney General of the State of Rio de Janeiro (PGE-RJ). The company’s outstanding tax debt totals approximately R$1.2 billion.
Of this amount, nearly R$900 million is owed to the federal government and R$355 million to the State of Rio de Janeiro. According to the federal and state attorneys, the company’s conduct fits the profile of a habitual tax defaulter. They argue that it relied on “deliberate nonpayment” and “asset shielding as a business strategy.”
In their…