Brazil: Debt negotiation deadline and liquidity management

Companies with debts registered in the Brazilian Union's active debt have until September 30 to join negotiation modalities established by the National Treasury Attorney General's Office (PGFN) under Notice No. 6/2026. Small-value transactions for individuals, MEIs, and micro-enterprises cover debts up to 60 minimum wages registered by June 1, 2025. Other modalities allow for consolidated debts of up to R$ 45 million registered by March 3, 2026, with conditions based on the taxpayer's payment capacity.

Regularizing these liabilities is seen as a way to prepare for the 2027 implementation of the Tax Reform and the CBS (Contribution on Goods and Services). Experts suggest that while settling debts can improve cash flow and facilitate credit access, companies should carefully review their fiscal situation before adhering to avoid unnecessary costs.

Separately, financial management analysis emphasizes the importance of evaluating the real liquidity of accounts receivable. High balances may mask risks if they consist of overdue payments, amounts owed by related companies, or disputed values. Managing the aging of receivables and understanding the gap between recognized revenue and actual cash inflow is critical to preventing cash flow shortages as companies grow.