O Conselho Nacional de Justiça (“CNJ”) aprovou, na 307ª Sessão Ordinária, realizada de forma virtual no dia 31 de março de 2020, orientações para os juízos competentes para processamento de recuperações judiciais, diante do estado de calamidade pública e severo impacto econômico gerados pelo COVID-19.

As orientações foram aprovadas pelo CNJ por meio do Ato Normativo nº 0002561-26.2020.2.00.0000, sob relatoria do Conselheiro Relator Henrique Ávila.

At the III Commercial Law Conference held on June 7, 2019, the Council of the Federal Justice approved Precedent No. 104, according to which there will be no transfer of liabilities regarding financial penalties imposed under Law No. 12.846/2013 (Clean Company Act) on the acquirer of assets when the acquisition is based on article 60 of Law No. 11,101/2005 (Brazilian Restructuring and Bankruptcy Law).

Thomas Benes Felsberg, Felsberg Advogados

This is an extract from the 2020 edition of the Americas Restructuring Review, published by Global Restructuring Review. The whole publication is available here.

In summary

Camila Goldberg Cavalcanti , Conrado Stievani and Igor Silva de Lima, BMA – Barbosa, Müssnich, Aragão

This is an extract from the second edition of the Guide to Corporate Crisis Management- published by Latin Lawyer. The whole publication is available here.

Canada and Brazil share a long and significant common history of business and investment. Over a century ago, Canadian companies were heavily involved in building electrical and other infrastructure in São Paulo and Rio de Janeiro. Today, over 50 public companies listed on the TSX and TSX-V have substantial assets and operations in Brazil. In 2018, direct investment between the two countries exceeded $14 billion in each direction.

Since 2005, when the Bankruptcy Law was approved, the Brazilian market has been experiencing a continuous evolution of the operational aspects resulting from the restructuring or recovery processes of companies.

The crisis that has affected the Brazilian economy in recent years has considerably increased the number of companies that have had to restructure their debt, either by extending maturities, adding new collateral and sharing them or by means of a recovery plan.

​Em dezembro de 2017, o Fórum João Mendes Júnior, na capital do Estado de São Paulo, inaugurou três novas varas, quais sejam: 1ª e 2ª Varas Empresariais e de Conflitos Relacionados à Arbitragem e a 3ª Vara de Falências e Recuperações Judiciais.

As novas varas especializadas terão competência para julgar ações que envolvam assuntos relacionados à propriedade industrial, concorrência desleal e franquia, as quais antes eram distribuídas para diferentes juízos da Capital.

On January 16 2018 the Ministry of Finance issued Decree 9,299/2018, which partially changed the structure of the Brazilian Competition Policy System (BCPS). This restructuring focuses on the promotion of competition advocacy in the country.

Overview

The BCPS undertakes three main activities:

Last 06 November 06, the Fourth Chamber of the Superior Court of Justice, in the judgement of the special appeal n° 1,733,685/SP, brought by Volkswagen Brazil's Automotive Industry Ltda. against Matalzul Industry and Commerce Ltda., understood that, even if there is an arbitration agreement between the parties, the bankruptcy filing based on default of credit title (in this case, duplicates under protest) does not need previous establishment of arbitration court.

Introduction

As extensively released in the press, the Brazilian air carrier Oceanair – Linhas Aéreas Ltda. (known as ‘Avianca’) filed for judicial reorganization, which is a debtorin-possession court supervised reorganization proceeding authorized under the Federal Law nr. 11,101 (‘Bankruptcy Law’).