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Bankruptcy International Law Regulation

Cross-Border Insolvency In Brazil: The UNCITRAL Model Law Dances to A Samba Beat

After years of debate, Brazil recently enacted legislation amending its bankruptcy statute and modernizing the Brazilian insolvency system.

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After years of debate, Brazil recently enacted legislation amending its bankruptcy statute and modernizing the Brazilian insolvency system. The new legislation provides new domestic tools to rescue distressed companies from disaster, including rules that enable DIP financing and allow creditors to propose a plan when the debtor’s proposal is unsatisfactory. In the cross-border insolvency area, the new law implements the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross–Border Insolvency.

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