The judicial reorganization and the judicial review of the judicial reorganization plan in Brazil

Alexandre Ferreira de Assumpção Alves / Matheus Azevedo Bastos de Oliveira

Keywords

Commercial Law; Judicial Reorganization Proceeding; Judicial Reorganization Plan; General Meeting of Creditors; Law n. 11.101/2005; Brazilian Bankruptcy Jurisprudence

Abstract

The Law n. 11.101/2005 introduced the judicial reorganization procedure in the Brazilian bankruptcy law and replaced the old legal institute of preventive concordata, regulated by Decree-Law nº. 7661/1945. With notable differences from its predecessor, the judicial reorganization caused considerable changes in the legal and economic outlook in Brazil, especially because it provided for creditors and debtors a Court procedure for the negotiation of a sui generis agreement to be approved at the general meeting of creditors: the judicial reorganization plan. On the other hand, the effective granting of the judicial reorganization cannot do without a Court order and to the judge is given the jurisdictional power to ensure the legality of the procedure and to analysis the reorganization plan. In this framework, this study goes through the judicial reorganization plan and the general meeting of creditors, exploring its private interests by the decision that grants the judicial reorganization protection and the possibility of judicial control over the content of the judicial reorganization plan, with study of cases where this control was verified.