Allen D. Moreland, left, and André F. R. Rocha, right. Courtesy photos New Brazilian Bankruptcy Law Will Affect Florida Investors
On Jan. 23, Brazil adopted the Model Law on Cross-Border Insolvency, which was created by the United Nations Commission on International Trade Law (UNCITRAL) in 1997. This will now allow U.S. insolvencies, debt restructurings and liquidations (so-called "foreign proceedings") to be formally recognized by Brazilian courts.
February 19, 2021 at 09:15 AM
6 minute read
On Jan. 23, Brazil adopted the Model Law on Cross-Border Insolvency, which was created by the United Nations Commission on International Trade Law (UNCITRAL) in 1997. This will now allow U.S. insolvencies, debt restructurings and liquidations (so-called "foreign proceedings") to be formally recognized by Brazilian courts and permit U.S. debtors and their representatives— acting as "foreign representatives"—to bring cases in Brazil to, among other things, enjoin litigation against the U.S. debtor, preserve the U.S. debtor's assets, and pursue other claims in Brazil consistent with a restructuring or liquidation plan approved by a U.S. bankruptcy judge.
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