Insolvency practice is not a regulated profession in Brazil. This position is usually occupied by lawyers, economists or accountants who, sometimes, have a degree of specialisation in this area.
A judicial administrator, appointed by the court, is responsible for managing the bankrupt estate (in bankruptcy proceedings) or overseeing the reorganisation process (in restructuring proceedings). The judicial administrator is a preferably a lawyer, an accountant, an economist, a business manager or a specialised company. A judicial manager may also be appointed, in some cases, to replace the debtor in the management of a business under judicial restructuring. In civil
insolvency proceedings (regulated by the Code of Civil Procedure), the court appoints one of the biggest creditors as the administrator of the insolvent estate. In extra judicial liquidations of financial institutions, a liquidator is appointed by the Central Bank.
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