Olympic Games having major financial impact on Rio de Janeiro
Bankruptcy doesn’t just affect individuals
It has been reported that hosting the Olympic Games has added such a burden to Rio de Janeiro’s already fragile financial position that “the acting governor has had to declare a state of financial disaster in an attempt to change budgetary priorities without disrespecting Brazil’s fiscal laws.” http://www.forbes.com/sites/timworstall/2016/06/18/hosting-olympics-bankrupts-another-place-rio-de-janeiro-declares-financial-disaster/#75a26a076f93
It would appear that the decision to host the games is going to cost Rio more than first anticipated and considerably more than they can expect to recoup from the holding of the event.
We are unlikely to ever be involved in organising an event which is on a par with the Olympics however, throughout life we all can and do often face financial difficulty. This may be a difficulty that we personally face in paying our debts as they fall due or it may well be that we are having difficulty in collecting debts that are due and owing to us or the business that we run.
At MTB we have a bankruptcy department that is ever present in the Courts representing both the person who is being made bankrupt and the debtor who is bringing the bankruptcy proceedings. If you find yourself in either of these situations and need legal expertise to help call MTB today and one of our bankruptcy lawyers will be available to assist you.