John J. Rapisardi and Joseph Zujkowski 2020 Brazilian Bankruptcy Reform Highlights
In this edition of their Bankruptcy Practice column, John Rapisardi and Joseph Zujkowski spoke with two Rio de Janeiro-based attorneys for their guidance on Brazilian Law 14.112, which enacts a number of reforms to Brazil's bankruptcy laws that attempt to expand and clarify creditors' rights and modernize Brazil's bankruptcy framework. This article focuses on the amendments relating to judicial and extrajudicial reorganizations.
March 26, 2021 at 10:33 AM
13 minute read
On Dec. 24, 2020, the president of Brazil signed Law 14.112, which enacts a number of significant reforms to Brazil's bankruptcy laws that had been debated within the Brazilian government for several years. Collectively, these reforms represent an attempt to expand and clarify creditors' rights and modernize Brazil's bankruptcy framework (the Brazilian Bankruptcy Law). Law 14.112 incorporates court-approved debtor-in-possession financing, recognition of foreign proceedings, and other concepts that are essential parts of the U.S. Bankruptcy Code and the bankruptcy laws of countless other countries. (The reforms discussed in this article apply in pending reorganization cases, except for the ability to file creditor-proposed plans, which will only apply prospectively.)
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