03 — Core authority
Precatórios & Legal Claims
A precatório is a court-ordered public claim: a final, judicially recognised debt of the Brazilian public treasury. Its complexity lies not in the merits — already decided — but in the budgetary queue, the chain of title and the restatement of value. That is where technical structuring determines the outcome.
01The problem
The holder of a precatório has a claim already recognised with finality, but no liquidity: payment depends on the debtor entity's budgetary queue and can take years. Blackhill structures the early monetisation of that claim with qualified institutional capital.
02Why it is complex
- 01
Payment depends on inclusion in the debtor entity's budget law and on the fiscal year in which the claim is reached — not on a contractual date.
- 02
Monetary restatement follows different regimes before and after budget inclusion, with Constitutional Amendment 113/2021 fixing the SELIC rate as the post-budget index.
- 03
The nature of the claim — food-related or ordinary — changes its position in the payment queue.
- 04
Prior assignment chains, liens, attachments and tax debts of the original holder can compromise the asset's liquidity.
- 05
Risk profiles differ materially between the Federal Union, states and municipalities: these are three distinct sovereign credit curves, not one asset.
03Who can engage us
We act under mandate. Fit is assessed case by case, before any commitment.
Holders of federal, state or municipal precatórios
Law firms with portfolios of holder clients
Companies carrying recognised precatórios on their balance sheet
Institutional investors mandated for public-entity credit
04How we work
Advisor, structurer and intermediary. We do not acquire the asset we advise on.
- 01
Origination from holders, law firms and institutional entities through a proprietary network.
- 02
Document verification: requisition order, final judgment, pending appeals, chain of title and absence of liens.
- 03
Restatement of value using the applicable index, with an explicit reference date.
- 04
Structuring of the assignment or investment vehicle, with price adjustment and indemnity provisions.
- 05
Intermediation between seller and qualified investor, with independent due diligence at each stage.
Conduct
Senior and direct conduct. Where the asset requires it, Blackhill engages an independent legal opinion on the procedural chain and the claim's assignability.
05Framework and references
- Spheres
- Federal · State · Municipal
- Post-budget restatement
- Amendment 113/2021 — SELIC
- Municipal securitisation
- Complementary Law 208/2024
- Legal opinion
- Independent and mandatory
This material does not constitute: (i) a public offering of securities; (ii) a legal opinion; (iii) an investment recommendation; (iv) a promise of returns; nor (v) a guarantee of any nature. Investment decisions rest exclusively with the investor, based on their own analysis and independent due diligence.
07How to start
Start a confidential conversation.
A first approach requires no documents, counterparty names or transaction data. The context in broad terms is enough for us to assess whether there is mandate fit.
- 01
Preliminary contact
You describe the context in general terms. We assess fit and come back with an initial reading.
- 02
Confidentiality
Where there is fit, an NDA is executed before any sensitive information is shared.
- 03
Analysis and mandate
With documentation available, we define the scope of work and the terms of the mandate.
Preliminary contact does not constitute a mandate, a binding proposal, a commitment to structure or any guarantee of execution. Accepting any engagement depends on prior analysis and a formal agreement between the parties.
Other practice lines