Brazil Eletronet, a supplier of data transmission networks for telecommunications operators, has formally decided, in its last shareholders meeting, to file for bankruptcy protection. The decision was communicated to the CVM, the Brazilian Securities and Exchange Commission, on April 28, 2003.
Co-chairman, Ian Williams, was pleased to introduce fellow Briton Terry Bond and The Honourable Mr. Justice James M. Farley of the Ontario Court of Justice, Toronto Region to a well attended meeting at ABI's Annual Spring Meeting on Saturday, April 19.
Brazilian Banking Law Consumer Defense Code for Bank Customers The Brazilian Central Bank (BACEN) has recently issued Resolution nº 2.878/01, which is already being called the "Consumer Defense Code for Banking Clients" (CDCB). In force since July 26, 2001, this Resolution, in short, rewrites in a more detailed manner and with added focus on the financial market, the rights already stated in Law nº 8.078/90 (Brazilian Consumer Defense Code CDC), related to transactions rendered to customers.
According to the Instituto Federal de Especialistas de Concursos Mercantiles's (“IFECOM”) Fifth Bi-annual Report presented on Dec. 3, 2002, only 63 cases have been filed in Mexico under the Ley de Concursos Mercantiles. These 63 cases involve 90 debtors: four individuals and 86 entities, approximately 55,500 creditors and NP$31,500 million in claims.
In Re BRAC Rent-A-Car International Inc., Mr. Justice Lloyd, sitting in the High Court Chancery Division in London appears to have extended the scope of Article 3 of the Regulation.