KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER BRAZILIAN LAW -
1. A brief presentation of the bankruptcy/ insolvency/ rehabilitation proceedings of the country and their main differences.
The Brazilian Bankruptcy and Reorganization Law (Law No. 11,101/2005) provides companies with financial difficulties the necessary tools to restructure their obligations and operations, allowing the companies in crise to continue as going concerns. This is achieved through rehabilitation and reorganization procedures, which include (a) in-court judicial reorganization (recuperação judicial) or (b) out-of court/prepackaged reorganization (recuperação extrajudicial) and liquidation/bankruptcy process (falência).
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