The Agrenco restructuring plan was formally approved on February 5, 2010, establishing a new paradigm for judicial restructurings. Read more.
‘Thin Capitalization’
Recent legal developments in Brazil have introduced thin capitalization rules for the first time in the country’s history.
Provisional Measure n. 472 ("MP 472"), published on December 16, 2009, establishes a system to prevent the under-capitalization of Brazilian companies by their foreign equity holders by means of the use of excessive indebtedness instead of capital contribution.
Read more.
Automotive Employment
Felsberg e Associados’ Employment and Automotive Groups, coordinated by partners Prof. Nelson Mannrich and Neil Montgomery, respectively, have won favourable judgments in two sets of connected employment proceedings filed by a former officer of the Brazilian subsidiary of a US automotive firm and one of his local sales managers. Read more.
Export Retaliation
The Brazilian Chamber of Foreign Trade (CAMEX) has approved a commercial retaliation measure against the United States worth US$ 560 million.
The retaliation was approved on February 9 in response to the United States’ continuing non-compliance with the recommendations of the WTO’s Dispute Settlement Body involving Brazil’s victory in the long-running Cotton Subsidies dispute.
Read more.
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