Post by xyz3000 on Feb 12, 2024 1:37:32 GMT -5
The beginning of the new diploma has been marked by an uproar of criticism and analysis. Due to the importance of the matter, discussion in the professional and academic spheres is healthy. The legislation faced a difficult equation to balance all the interests involved: companies, employees, tax authorities, debtors, creditors, in short, a huge range of different views of the phenomenon. The law sought to emphasize the already established principle of company maintenance, privileging its correct meaning, that is, aiming to guarantee the continuity of business activity with a better equalization of the interests of creditors and debtors within the procedure. The new rules do not protect the entrepreneur himself, but the business activity through the rational use of assets.
That is, both in judicial recovery and bankruptcy, it sought to preserve the company's assets to maintain the economic and social useful life of the means of production. That is, if the company presents an operation with a positive cash flow perspective, it should attempt judicial Estonia Email List recovery, otherwise, bankruptcy is the way to go. The intention is to speed up the process of selling the bankrupt company's assets in order to preserve their value, benefiting the bankrupt and creditors, and, on the other hand, maintaining their economic usefulness for the benefit of society. The first half of the new law brought cases that can already be considered emblematic, such as the request for judicial recovery of Varig, Vasp and BomBril Holding.
The Judiciary's stance, at least in Rio de Janeiro and São Paulo, favoring the application of the principles contained in articles 47 and 75 in order to keep the company alive, while respecting creditors, is, in our view, healthy. The Varig case, in fact, clearly demonstrates the new legal relationship in a time of globalization, with intense exchange between Brazilian and American courts. In addition to judicial recoveries, the impact of the new legislation can already be felt in the sharp decrease in bankruptcy filings, both because it requires a minimum amount to file the action and because it contains procedures that aim to curb the handling of bankruptcy as a means of coercion, as a mere billing instrument. Despite the nobility of spirit and remarkable evolution, we must also recognize that the law has defects. In judicial recovery, some points deserve to be highlighted.
That is, both in judicial recovery and bankruptcy, it sought to preserve the company's assets to maintain the economic and social useful life of the means of production. That is, if the company presents an operation with a positive cash flow perspective, it should attempt judicial Estonia Email List recovery, otherwise, bankruptcy is the way to go. The intention is to speed up the process of selling the bankrupt company's assets in order to preserve their value, benefiting the bankrupt and creditors, and, on the other hand, maintaining their economic usefulness for the benefit of society. The first half of the new law brought cases that can already be considered emblematic, such as the request for judicial recovery of Varig, Vasp and BomBril Holding.
The Judiciary's stance, at least in Rio de Janeiro and São Paulo, favoring the application of the principles contained in articles 47 and 75 in order to keep the company alive, while respecting creditors, is, in our view, healthy. The Varig case, in fact, clearly demonstrates the new legal relationship in a time of globalization, with intense exchange between Brazilian and American courts. In addition to judicial recoveries, the impact of the new legislation can already be felt in the sharp decrease in bankruptcy filings, both because it requires a minimum amount to file the action and because it contains procedures that aim to curb the handling of bankruptcy as a means of coercion, as a mere billing instrument. Despite the nobility of spirit and remarkable evolution, we must also recognize that the law has defects. In judicial recovery, some points deserve to be highlighted.