Luiz Fernando Valente de Paiva, Giuliano Colombo, Andre Moraes Marques, Thiago Junqueira and Carolina Kiyomi Iwamoto, Pinheiro Neto Advogados
This is an extract from the 2022 edition of GRR's the Americas Restructuring Review. The whole publication is available here.
In summary
In a decision rendered on May 25, 2021, in Special Appeal No. 1.851.692, the Fourth Panel of the Brazilian Superior Court of Justice (“STJ”) decided that the holder of a credit who is voluntarily excluded from the reorganization plan has the prerogative of deciding whether to present a proof of claim so that its credit is subject to the judicial reorganization plan or to file for individual execution after the judicial reorganization proceeding ends.
On March 17, 2021, the National Congress rejected 12 of the 14 vetoes by President Jair Bolsonaro (veto nº 57/2020) on Law nº 14,112/2020, which amended the Brazilian Bankruptcy Code (Law nº 11,101/2005 - “LREF”).
Avec la promulgation de la loi n° 14.112/2020 entrée en vigueur le 23 janvier 2021, le Brésil adopte la loi type de la Commissions des Nations Unies pour le Droit Commercial International (« CNUDCI ») sur l’insolvabilité internationale de 1997 (la « Loi Type »), devenant ainsi le 49ème Etat à le faire.
Introduction
In January 2021, Law 14.112/20 introduced a new section into the Brazilian Bankruptcy Law (the "BBL") regulating financing for companies which are the subject of a court-supervised reorganisation.
The financial constraints caused by the coronavirus has affected the world’s economy and its outlook is still unknown and gloomy. Companies from all industries worldwide have been taking all sorts of measures to mitigate losses, preserve cash flow and, ultimately, survive. Just like other companies around the globe, the coronavirus has pushed many struggling Brazilian companies over the edge and into bankruptcy.
In collaboration with our foreign law firm partners, we continue to update our chart of COVID-19 measures taken by governments around the world. Today’s update includes new information for many countries as indicated in the chart: Global Government Measures Taken in Response to COVID-19.
Year in Review – Latin America in 2016
Argentina
Sovereign debt restructuring: On April 22, 2016, after Congress approved a settlement proposal, Argentina issued US$16.5bn of new debt securities in the international capital markets, and applied US$9.3bn of these proceeds to satisfy settlement payments on agreements with holders.
O QUE É CHAPTER 11?
UPDATED 3 AUGUST 2020
Updates marked with *
Updated: Ireland, Israel
We take a look at some of the recent emergency legislation and measures implemented by various nations around the world in response to COVID-19. As this is a rapidly developing crisis, please ensure you keep a close eye on the Lexology Coronavirus hub page for the most up-to-date information.