Restructuring and insolvency in Brazil: overview

A Q&A guide to restructuring and insolvency law in Brazil.

The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform.

To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool.

This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

Contents

Forms of security

1. What are the most common forms of security granted over immovable and movable property? What formalities must the security documents, the secured creditor or the debtor comply with? What is the effect of non-compliance with these formalities?

Immovable property

Common forms of security and formalities. The most common forms of security over immovable property are:

  • Mortgage.

  • Fiduciary property.

In general, the security agreement for immovable property must:

  • Be in writing, in the Portuguese language.

  • Be governed by and construed according to Brazilian law.

  • Refer to the amount to be secured and the terms and conditions of the underlying deal.

  • Identify the asset to be given as security and specify its characteristics.

  • Be registered before the competent Real Estate Registry Office.

In addition to the above, the security document for fiduciary property must contain provisions referring to the:

  • Debtor's right to use the property while not in default.

  • Circumstances of default (such as the eventual proceeding for the sale of the asset and the value of the asset if sold at auction).

Effects of non-compliance. In the case of non-compliance with the above formalities, the security will be considered non-existing or non-encumbered.

Movable property

Common forms of security and formalities. The most common forms of security over movable property are:

  • Pledge.

  • Fiduciary property.

In general, the security agreement for movable property must:

  • Be in writing, in the Portuguese language.

  • Be governed by and construed according to Brazilian law.

  • Refer to the credit amount and the terms and interests of the underlying deal.

  • Identify the asset to be given as security and specify its characteristics.

  • Be registered before the competent Registry of Deeds and Titles.

Effects of non-compliance. In the case of non-compliance with the above formalities, the security will be considered non-existing or non-encumbered.

 

Creditor and contributory ranking

2. Where do creditors and contributories rank on a debtor's insolvency?

In both judicial and out-of-court reorganisation proceedings (similar to the US Chapter 11 reorganisation) (see Question 6), there is no priority rank among creditors or term for payment. The only requirement under the Brazilian Bankruptcy Law (Bankruptcy Law) is that labour-related claims are paid within one year from the homologation of the reorganisation plan.

Creditors to whom a fiduciary property has been granted (to the limit of the value of the encumbered asset) are not considered part of the debtor's estate and are therefore not affected by a reorganisation proceeding. This also applies to tax claims, regardless of their nature.

In a bankruptcy proceeding (similar to the US Chapter 7 liquidation) (see Question 7), the rank of creditors is as follows:

  • Fees owed to the judicial trustee and his assistants.

  • Labour-related claims and occupational accident claims, related to services rendered after the bankruptcy decree.

  • Funds provided by creditors to the bankruptcy estate.

  • Expenses from the bankruptcy proceeding (such as collection, administration and sale of the bankruptcy estate assets and distribution of the proceeds) and court costs.

  • Obligations arising from juridical acts performed during judicial reorganisation proceedings, or after the bankruptcy decree, expenses and taxes related to the period after the bankruptcy decree.

  • Labour-related claims, limited to 150 minimum wages per creditor, and occupational accident claims.

  • Secured claims (that is, claims with in rem guarantees, such a mortgage or pledge to the limit of the value of the encumbered asset.

  • Tax claims, regardless of their nature and length of constitution (except for tax fines).

  • Special privileged claims.

  • General privileged claims.

  • Unsecured claims (including the balances of claims not covered by the proceeds of disposal of the assets bound to their payment, balances of labour-related claims that exceed the limit referred to above and labour-related claims assigned to third parties).

  • Contractual penalties and fines for breach of criminal or administrative law, including tax related fines.

  • Subordinate claims (provided for by law or contract and the claims of partners and officers without an employment bond).

In a bankruptcy, all assets are gathered by the judicial trustee and sold. Creditors are then paid in accordance with the rank above. The first six creditors listed above take priority over secured creditors. The proceeds from the sale of the debtor's assets or collateral are used, initially, to pay these creditors.

Any remaining proceeds are used to pay secured creditors. Secured creditors are paid from the sale proceeds of the relevant assets. If this is not enough to pay the entirely of the secured claims, the balance due is considered an unsecured debt. If the sale proceeds exceed the amount of secured claims, the balance will be used to pay the other creditors, in the priority order listed above.

 

Unpaid debts and recovery

3. Can trade creditors use any mechanisms to secure unpaid debts? Are there any legal or practical limits on the operation of these mechanisms?

Unpaid debts can be secured by surety bonds (seguro garantia), contracted by the debtor before an insurance company, in accordance with specific provisions and rules of the insurance authorities.

 
4. Can creditors invoke any procedures (other than the formal rescue or insolvency procedures described in Questions 6 and 7) to recover their debt? Is there a mandatory set-off of mutual debts on insolvency?

Recovery Procedures

If certain formalities are fulfilled, the Bankruptcy Law permits the creditor to enforce its debt through a:

  • Protest of bill (protesto), made to the Protest Registry.

  • Foreclosure proceeding (ação de execução), made to the court.

  • Collection proceeding (ação de cobrança).

A foreclosure proceeding can be brought if:

  • The debt has matured (that is, is due and payable by the debtor).

  • The debt is certain (that is, its existence and calculation does not depend on further evidence), for example, it is based on:

    • a judicial or arbitral award; or

    • a debt instrument that meets all requirements for enforcement.

Consequently, such a proceeding (including the methods to constrain the debtor's assets) is faster than formal rescue or insolvency procedures.

If further evidence is necessary to prove the existence of the debt, the creditor can bring a collection proceeding, to ensure the creditor recognises his obligation to pay the debt.

Set-off of mutual debts

In reorganisation proceedings (see Question 6), the set-off of mutual debts must be expressly provided for in the reorganisation plan, otherwise it may be disputed, based on an allegation of breach of the pars conditium creditorum principle.

In bankruptcy proceedings, provided that mutual debts are certain and matured, the set-off of debts due before the bankruptcy decree (see Question 7) has a priority over all other creditors (unless otherwise provided by contract).

 

State support

5. Is state support for distressed businesses available?

State support (such as credit, finance and tax benefit programmes) is not expressly available for distressed business.

Recently, some reorganisation courts have allowed distressed companies to join certain tax instalment programmes. However, there is no specific legal provision in relation to these programmes.

 

Rescue and insolvency procedures

6. What are the main rescue/reorganisation procedures in your jurisdiction?

Judicial Reorganisation (recuperação judicial)

Objective. Judicial reorganisation is the main rescue/reorganisation procedure designed to save the entity. The objective of the procedure is to:

  • Overcome financial difficulties.

  • Preserve the company, its employees and the creditors' interests.

  • Continue the business.

Although the reorganisation plan can provide for haircuts (that is, a percentage reduction of the amount that will be repaid to creditors), there are usually good prospects for recovery regardless of the classification of creditor.

Initiation. A judicial reorganisation can be filed by the:

  • Debtor, which can be a person (when conducting business activities) or a legal entity.

  • Debtor's shareholders, if provided for in the company's articles of association (articles).

  • Debtor's widow (if the debtor is a person).

  • Debtor's heirs (if the debtor is a person).

  • Administrator of debtor's estate (if the debtor is a person).

Since only persons and private companies can apply, the following are not entitled to apply for judicial reorganisation:

  • Financial institutions.

  • Public companies

  • Mixed capital companies (public and privately-held companies).

  • Consortium.

  • Non-profit entities.

  • Health care operators.

  • Insurance companies.

  • Supplementary pension funds.

  • Electricity companies.

Within 60 days of the decision to initiate reorganisation proceedings, the debtor must present a reorganisation plan, which must set out:

  • The feasibility of the reorganisation.

  • The mechanisms for reorganisation.

  • A report on all of debtor's assets and their respective value.

The reorganisation plan can provide for haircuts, extension of terms for payment of debts, sale of assets, merger, change of control, shared administration among debtor and creditors and so on.

Beyond the relevant approvals in accordance with the company's articles, there is no legal requirement for the directors to put the entity into a judicial reorganisation procedure once they have concluded that it is distressed.

Substantive tests. A judicial reorganisation is permitted if the debtor meets the requirements set out in the Bankruptcy Law. Under these requirements, the debtor must (Bankruptcy Law):

  • Have exercised regular business activities for at least two years.

  • Not be bankrupt.

  • Not have been granted bankruptcy in the past eight years, or reorganisation in the past five years.

  • Not have been convicted for any bankruptcy crime.

The debtor must provide the following information:

  • The reasons for its financial difficulties.

  • Its financial statements from the last three financial years and one specifically drawn up to the date of filing the judicial reorganisation request.

  • A list of all creditors, with details of:

    • the nature of the debt;

    • classification of the debts pursuant to the priority order set out in the Bankruptcy Law (see Question 2); and

    • updated amounts of the claims.

  • A list of all employees, with details of:

    • their activities;

    • their remuneration;

    • the amount of due indemnification.

  • A certificate of good standing, issued by the Board of Trade.

  • The company's articles.

Consent and approvals. If no creditor challenges the reorganisation plan, and it does not offend Brazilian law or public order, it is considered approved and binding. However, if the reorganisation plan is challenged by any creditor, a creditors' meeting must be convened for the purpose of deliberating and voting on the terms of the plan. At the meeting, the plan will be binding if approved by both:

  • More than 50% of the total secured and unsecured creditors present at the meeting and by simple majority of those present at the meeting.

  • A simple majority of those labour creditors present at the meeting, regardless of the amount of their claim.

If the reorganisation plan is not approved, but the following requirements are met, the court can impose the procedure on the opposing creditors:

  • Approval of the reorganisation plan by two-thirds of the classes of creditors.

  • Creditors representing at least 50% in the value of the total claims present at the creditors' meeting.

  • One-third of the creditors in the rejecting class.

Supervision and control. Judicial reorganisation is an in-court proceeding and is supervised by the:

  • Judge.

  • Judicial Trustee (and assistants, if any).

  • Creditors' Committee (if any).

Since the debtor usually carries on the business during the proceeding, the Judicial Trustee does not control/administrate the business and only supervises the company's activities. However, the debtor (or his administrators) can be removed from the business under the following circumstances:

  • The debtor is convicted for a bankruptcy or economic crime.

  • The debtor acts with fraudulent intent, incurs in excessive expenses, or otherwise jeopardises the company.

  • The debtor does not provide information to the Trustee or the Creditors' Committee.

  • By decision of the creditors' meeting.

Protection from creditors. The Bankruptcy Law provides for a 180-day stay period, during which all claims against the debtor are suspended except for the following, which are not subject to a reorganisation proceeding and can be enforced in separate proceedings filed separately:

  • Claims related to tax liabilities.

  • Commercial claims relating to the conditional sale of goods and real estate, fiduciary trust arrangements, leasing transactions and foreign exchange contracts for future liquidation.

The ownership rights and the contractual terms and conditions (unless otherwise provided) prevail and remain in force. However, the assets subject to such arrangements cannot be removed or sold during the period of the automatic stay if they are necessary for the debtor's business to continue.

From the date of the reorganisation request, the accrual of interests, penalties, monetary correction and late charges are suspended and only become enforceable if the reorganisation is converted into bankruptcy (see Question 7).

Length of procedure. The procedure generally takes two years and six months (Bankruptcy Law):

  • Six months for creditors' claims, submission of the reorganisation plan and general creditors' meeting.

  • Two years for court supervision of the debtor's activities, during which any breach by the debtor can lead the court to convert the procedure into bankruptcy (see Question 7).

However, in some cases judicial reorganisation proceedings may be concluded in more than two years and six months.

Conclusion. After the two years and six month-timeframe, the reorganisation plan shall be observed without any supervision or follow up from the court and the business can continue as normal. After this time, any further breach by the debtor will be subject to individual enforcement or request for bankruptcy.

Out-of-court reorganisation (recuperação extrajudicial)

Objective. Out-of-court reorganisation is a reorganisation procedure designed to overcome a financial difficulty before a specific category of creditors. The prospects for recovery depend on the classification of the creditor, though it is unlikely for unsecured creditors to recover their debts in full.

Initiation. The out-of-court reorganisation is negotiated by the debtor and certain creditors. A repayment plan is then drawn up, which is confirmed by the court.

The following claims cannot be subject to an out-of-court reorganisation:

  • Labour-related credits.

  • Occupational accident claims.

  • Claims related to tax liabilities.

  • Claims related to agreements for the conditional sale of goods and real estate.

  • Fiduciary trust arrangements.

  • Leasing transactions.

  • Foreign exchange contracts for future liquidation.

Beyond the relevant approvals in accordance with the company's articles, there is no legal requirement for directors to put the entity into a judicial reorganisation procedure once they have concluded that it is distressed.

Substantive tests. The debtor is only entitled to an out-of-court reorganisation if he/it complies with the following requirements:

  • The debtor has performed its regular business activities for at least two years prior to the application.

  • The debtor has not previously faced bankruptcy proceedings (see Question 7) (or if it has, the debtor has had all obligations and liabilities under the bankruptcy proceedings judicially extinguished).

  • The debtor has not been granted judicial reorganisation in the past five years (or if the insolvent company was classified as a small enterprise at the time of the first judicial reorganisation, eight years).

  • The debtor (including its managers and shareholders) has not been found guilty of bankruptcy crimes.

Consent and approvals. If 60% of each class of creditor subject to the plan approves the reorganisation, the debtor can seek judicial confirmation to bind all creditors to the procedure, including those who have not approved it.

Supervision and control. Compliance with the reorganisation plan is supervised by the creditors. The court will also review the debtor's previous actions when granting the application.

Protection from creditors. Creditors bound by the agreement cannot enforce their debt claims by any means, or to file for a bankruptcy decree against the debtor if the debtor complies with terms of the agreement. Creditors who are not a party to the agreement are not bound by any of its provisions and can enforce their respective debt claims separately by any means.

Length of procedure. There is no time limit for the conclusion of an out-of-court reorganisation proceeding.

Conclusion. The procedure is concluded when the agreement is fully settled. If the debtor does not comply with the agreement, the creditors can file for bankruptcy and seek liquidation of the assets.

 
7. What are the main insolvency procedures in your jurisdiction?

Bankruptcy

Objective. The objective of bankruptcy is to:

  • Remove the debtor from administering/controlling the business.

  • Preserve and optimise the assets, so they can be gathered and sold to repay the creditors.

Initiation. The following can file for bankruptcy:

  • Any creditor.

  • The debtor, which can be a person (when conducting business activities) or a legal entity.

  • The debtor's shareholders, in accordance with the company's articles.

  • The debtor's widow (if the debtor is a person).

  • The debtor's heirs (if the debtor is a person).

  • The administrator of debtor's estate (if the debtor is a person).

Beyond the relevant approvals in accordance with the company's articles, there is no legal requirement for directors to put the entity into a bankruptcy procedure once they have concluded that it is bankrupt.

Substantive tests. For the court to grant the bankruptcy decree, one of the following must be proved:

  • The debtor's default in performing obligations equivalent to at least 40 times the minimum wage, individually or collectively considered.

  • The debtor's default in foreclosure proceedings regarding:

    • the payment of an outstanding debt;

    • the deposit in court of an outstanding debt; or

    • an asset used to secure the amount of the outstanding debt.

  • Performance by the debtor of certain actions that indicate insolvency, such as the:

    • transfer of an asset without the consent of all its creditors;

    • sale of all of its assets.

Consent and approvals. The application for bankruptcy must be decreed by the competent court. The bankruptcy decree:

  • Creates early maturity of all of debtor's obligations.

  • Converts debts in a foreign currency to Brazilian currency.

  • Interrupts any statute of limitation.

The creditors can hold a meeting to decide whether a creditors' committee should be created, and any other subjects related to their interest.

Supervision and control. Bankruptcy is an in-court proceeding and is supervised by the:

  • Judge.

  • Judicial trustee (and assistants, if any).

  • Creditors' committee (if any).

The debtor is removed from control of the business and all assets, business, rights and interests are transferred to the bankruptcy estate.

Protection from creditors. The bankruptcy decree suspends any concurrent proceedings or claims against the debtor, except for claims whose existence and calculation require further evidence.

Length of procedure. Bankruptcy proceedings have no legal timeframe to be concluded. There are not sufficient statistics on how long a bankruptcy proceeding usually takes.

Conclusion. Proceedings are concluded by:

  • A declaration that the proceeds of the auction sale have been distributed according to the rank of creditors (see Question 2).

  • The presentation of financial statements and reports of the bankruptcy proceedings to the court, by the judicial trustee.

The statute of limitation restarts at the moment the proceedings are concluded, become final, binding and not subject to appeal (res judicata).

The Bankruptcy Law does not prevent the debtor from starting another business. However its obligations are only extinguished:

  • When 50% of the unsecured credits are paid.

  • Five years from the date proceedings are concluded (res judicata) (or if the debtor has been convicted for any bankruptcy crime, ten years from the date of declaration).

 

Stakeholders' roles

8. Which stakeholders have the most significant role in the outcome of a restructuring or insolvency procedure? Can stakeholders or commercial/policy issues influence the outcome of the procedure?

Stakeholders

Creditors not subject to the formal restructuring or insolvency procedures (see Questions 6 and 7) usually have the most significant role, as they can continue to enforce their claims regardless of these proceedings and take advantage in the seizure of assets to recover their claims.

Debtors frequently negotiate, or seek a judicial order that imposes that these creditors should also become subject to the reorganisation.

Secured creditors also have an important role in the outcome of such proceedings, due to their privileged position and to the fact that they maintain their interest in the in rem guarantee (unless otherwise authorised) during the proceedings.

Influence on outcome of procedure

Stakeholders usually do not have a material influence on the type of procedure, since the filing does not depend on their prior approval.

In addition, since it is common for debtors to file for a judicial reorganisation, the courts tend to authorise the commencement of this type of proceeding, as they are prevented under the Bankruptcy Law from entering into the merits of any financial aspect of the case and can only review that the legal requirements and public order are observed by the parties.

 

Liability

9. Can a director, partner, parent entity (domestic or foreign) or other party be held liable for an insolvent debtor's debts?

Directors, officers, partners and shareholders of limited liability companies and corporations are usually not liable for the debts of the company.

However, the Bankruptcy Law provides for some investigations and under certain circumstances, illicit actions can lead to piercing of the corporate veil and a criminal conviction.

 

Setting aside transactions

10. Can an insolvent debtor's pre-insolvency transactions be set aside? If so, who can challenge these transactions, when and in what circumstances? Are third parties' rights affected?

Pre-insolvency transactions

Under the Bankruptcy Law, certain transactions carried out prior to the filing of the bankruptcy request (or reorganisation, if afterwards converted into a bankruptcy procedure) can be declared ineffective, regardless of whether:

  • The contracting party was aware of the debtor's financial difficulties.

  • The debtor intended to defraud creditors.

A transaction can be declared ineffective by the judge on his own initiative (ex officio), alleged in defence or claimed under a specific action, or claimed incidentally during the bankruptcy proceeding.

The following transactions will be deemed ineffective:

  • Payment for an unmatured debt by any means, including discount.

  • Payment for a matured debt in any way not provided for under the contract.

  • The creation of a security interest (including a lien), within the legal term, on the assets of the insolvent company.

  • A gratuitous transaction carried out for free or without payment during the two years preceding the commencement of reorganisation or bankruptcy proceedings.

  • The surrender of an inheritance or legacy right, within the two years prior to the bankruptcy decree.

  • The sale or transfer of the company's goodwill (such as the company's premises, store, office, warehouse and so on) without the express consent or payment of all creditors, if the remaining assets are not sufficient to pay all the existing creditors that exist at the time of the transaction.

  • The registration, after the bankruptcy decree, of a right in rem and transfer of ownership, whether the relevant transaction was free of charge or for payment.

The first three and sixth transactions listed above will not be declared ineffective or revoked if they are provided for and carried out in accordance with a judicial reorganisation plan.

The period in which the above transactions apply is fixed by the court and must not exceed 90 days from the date:

  • The debtor makes a request for judicial reorganisation.

  • The creditor makes a petition for bankruptcy.

  • The first protest for lack of payment is made from a creditor (excluding any protests which were commenced but later cancelled).

In addition, other transactions not listed above may also be revoked if there is proof of the:

  • Debtor's intention to injure creditors.

  • Fraudulent collusion between the debtor and the third party contracting with him.

Third parties

Innocent third parties to the transaction acting in good faith can:

  • Seek restitution of the assets and/or amounts paid to the debtor.

  • File proceedings seeking indemnification for losses and damages.

However, third parties that were aware of the intention to injure creditors when the transaction was made do not have any of the above rights.

 

Carrying on business during insolvency

11. In what circumstances can a debtor continue to carry on business during rescue or insolvency proceedings? In particular, who has the authority to supervise or carry on the debtor's business during the process and what restrictions apply?

During judicial or out-of-court reorganisation proceedings, the company continues its normal business activities. Except for in a few limited circumstances (see Question 6, Judicial Reorganisation (recuperação judicial): Supervision and control), the debtor generally retains possession of its assets and maintains responsibility for appointing the management of the company.

In a bankruptcy proceeding, the debtor is removed from the business, which is then either:

  • Discontinued/ceased.

  • Transferred to the bankruptcy estate for improvements, permitting the best alternative for a sale afterwards (if authorised by the court)

In relation to the supervision of the business, see Question 7, Bankruptcy: Supervision and control.

 

Additional finance

12. Can a debtor that is subject to insolvency proceedings obtain additional finance both as a legal and as a practical matter (for example, debtor-in-possession financing or equivalent)? Is special priority given to the repayment of this finance?

Companies facing insolvency proceedings can obtain additional finance, such as debtor-in-possession financing.

Any debts accrued after the petition are not subject to the general repayment conditions provided for in the insolvency proceedings and will have a special priority.

 

Multinational cases

13. What are the rules that govern a local court's recognition of concurrent foreign restructuring or insolvency procedures for a local debtor? Are there any international treaties or EU legislation governing this situation? What are the procedures for foreign creditors to submit claims in a local restructuring or insolvency process?

Recognition

The court in which the debtor's headquarters (centre of business) is located has jurisdiction over insolvency proceedings.

The Bankruptcy Law does not provide for cross-border insolvency procedures, as insolvency is a matter of "national public order or interest ", directly linked with Brazilian sovereignty. Therefore, any ruling relating to a debt recovery procedure issued by a foreign court, to be enforced in Brazil, must be confirmed by the highest appellate court in Brazil for non-constitutional questions of federal law, the Superior Court of Justice (Superior Tribunal de Justiça). To be confirmed, the ruling must meet the following requirements:

  • The decision must be res judicata (that is, not subject to any appeal).

  • The decision must have been issued by a court that is empowered and competent to deal with the matter.

  • The parties must have been duly summoned in relation to the terms of the decision (or in case of judgment by default, the defendant must be verified under the laws of the country).

  • The decision must be translated into Portuguese by a sworn translator and enrolled with the Brazilian consulate.

  • The decision must not offend Brazilian sovereignty, Brazilian law or public order.

Concurrent proceedings

There are no specific regulations concerning co-operation during concurrent insolvency proceedings. Co-operation is conducted on a case-by-case basis. However, in the insolvency proceedings of Parmalat, Varig and Banco Santos, there has been co-operation with foreign courts.

International treaties

Brazil is not a party to any international treaty regarding insolvency matters.

Procedures for foreign creditors

For the calculation of debts in foreign currencies, foreign debts are converted into Brazilian currency for the purposes of voting (to enable the confirmation that the required amount of creditors in each class has approved the plan):

  • In judicial reorganisation proceedings, the debt is calculated based on the exchange rate as at the day before the creditors' meeting.

  • In out-of-court reorganisations, the debt is calculated based on the exchange rate as at the day before the agreement is executed.

  • In bankruptcy proceedings, foreign currency debts must be converted into Brazilian currency, based on the exchange rate as at a date chosen by the court.

Furthermore, if a foreign creditor files an application for a Brazilian debtor's bankruptcy, the foreign debtor must provide:

  • Collateral for the court fees.

  • An indemnification (in case the bankruptcy request is considered as having fraudulent intent and is rejected).

 

Reform

14. Are there any proposals for reform?

Proposals for reform have been discussed by scholars and legal practitioners since the introduction of the Bankruptcy Law in 2005. However, no proposals have been made by the Brazilian government or proposed by parliament.

 

Online resources

W www.planalto.gov.br/ccivil_03/_ato2004-2006/2005/lei/l11101.htm

W www.planalto.gov.br/ccivil_03/decreto-lei/Del4657.htm

W www.planalto.gov.br/ccivil_03/leis/2002/l10406.htm

Description. Official website, up-to-date and maintained by the Federal Brazilian Government. No official translation into English is available and the Portuguese language versions of laws are binding.



Contributor profiles

Domingos Fernando Refinetti, Partner

Stocche Forbes

T +55 11 3755 5409
F +55 11 3755 5401
E drefinetti@stoccheforbes.com.br
W www.stoccheforbes.com.br

Professional qualifications. Brazil, Attorney-at-law, 1977

Areas of practice. Dispute resolution and prevention; litigation; arbitration; civil law, contracts; consumer law and product liability; bankruptcy and reorganisation; asset recovery.

Non-professional qualifications. Bachelor of Laws Degree from Faculdade de Direito da Universidade de São Paulo (USP – 1976); Specialisation in Business Administration from the Business Administration School of São Paulo, Fundação Getúlio Vargas.

Languages. Portuguese, English, Italian, French, Spanish

Professional associations/memberships

  • Member of the Brazilian Bar Association.

  • International Bar Association.

  • Turnaround Management Association.

  • Former member of the Board of the Lawyers' Association of São Paulo.

Publications. Co-author of the book "Money Laundering and Asset Recovery: Brazil, Nigeria, United Kingdom and Switzerland " (MACHADO, Maíra da Rocha, REFINETTI, Domingos Fernando. São Paulo: Quartier Latin, 2006).

Mayra Simioni Aparecido Serra, Associate

Stocche Forbes

T +55 11 3755 5457
F +55 11 3755 5401
E msimioni@stoccheforbes.com.br
W www.stoccheforbes.com.br

Professional qualifications. Brazil, Attorney-at-law, 2008

Areas of practice. Dispute resolution and prevention; litigation; arbitration; civil law, contracts; consumer law and product liability; bankruptcy and reorganisation; asset recovery

Non-professional qualifications. Bachelor of Laws Degree from Faculdade de Direito da Universidade de São Paulo (USP – 2007); Specialisation in Civil Law and Civil Procedure from Escola Paulista de Direito; Extension course in Debt Restructuring and Asset Recovery from the Law School of São Paulo from Fundação Getúlio Vargas (FGV); Extension course in Corporate Turnaround from Insper - Instituto de Ensino e Pesquisa.

Languages. Portuguese, English

Professional associations/memberships

  • Member of the Brazilian Bar Association (OAB).

  • São Paulo Lawyers Association (AASP).


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