Spotlight on Brazil

Cross-Border Insolvency: Recuperação Judicial vs. U.S. Chapter 11

Unlock the mystery surrounding the Brazilian restructuring process direct from Brazil’s elite restructuring advisors. Take an educational journey of corporate default viewed through the eyes of the Brazilian restructuring system and tackle tough cross-border insolvency questions regarding Recuperação Judicial vs. U.S. Chapter 11.

What investors need to know about Brazilian bankruptcy law and procedures

Learn key steps potential investors should consider in their efforts to understand and leverage Brazil's bankruptcy process, Recuperação Judicial, the Nova Lei de Falências e Recuperação de Empresas (Lei No. 11.101).

  1. Brazilian bankruptcy law prioritizes equity holders over secured and unsecured debt holders, rather than putting them last in line as chapter 11 of the U.S. bankruptcy code does.
  2. The Brazilian court system handles bankruptcy very differently and much less consistently than the U.S. bankruptcy court.
  3. Legal timelines are highly variable in Brazil.
  4. A judicial administrator is a key point of contact for creditors in Brazil.
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Luis Vasco Elias, Partner 
Deloitte Brazil  
Deloitte Touche Tohmatsu Consultores Ltd.

Sheila Smith, Principal 
Deloitte CRG 
Deloitte Transactions and Business Analytics LLP

Ryan Zenga, Vice President 
Deloitte CRG 
Deloitte Transactions and Business Analytics LLP

Antonio Manuel França Aires, Partner 
Demarest Advogados

Thomas Felsberg, Partner 
Felsberg e Associados

Brett H. Miller, Managing Partner
NY Morrison & Foerster LLP

Content published with permission by authors and contacts above.

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