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SOUTH AMERICA
The New Brazilian Legal Process for Bankruptcy Protection
Marcondes Machado, Britto e Pimentel Advogados in association with Nehring e Associados Advocacia – São Paulo, Brazil.
by Nelson Marcondes Machado and Gonzalo Antonio Zurita
The new Brazilian Bankruptcy and Business Restructuring Law (“Business Restructuring Law”) – Law 11.101/2005 – was enacted on February 9, 2005. Its judicial application, however, was only to commence 180 days after its enactment. Thus, at less than one year from its inception as an applicable legal instrument, it has not yet been sufficiently tested to provide a comprehensive review as to its use and actual applicability. Nevertheless, it potentially represents a significant step forward when compared to the virtually archaic legislation that since 1945 had been in force. The bankruptcy protection process of the old legislation was referred to as Concordata Preventiva (“Concordata”)*¹. Four specific issues are worth reviewing while comparing both decrees in order to fully understand the innovations introduced by the new bankruptcy code.
[FULL STORY]
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INTERNATIONAL LAWYERS NETWORK
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