:: Arbitration Strikes Again Within the Public Sector
As of from 21st November 2005, disputes arising from concession contracts entered into with public entities can now be solved by means of arbitration. Clause XV of article 23, of Federal Law No. 8,987/95 , formerly determined that it was necessary in a concession contract to previously establish the jurisdiction al venue for any future disputes. Moreover, there was also the possibility of choosing amicable ways of solving disputes. read more

:: Change of scenario for aircraft lessors Brazil – New rule governing repossession in judicial restructurings
Article 199 of the Brazilian New Bankruptcy Law, which deals with the rights of aircraft lessors in a judicial restructuring, has recently been amended by Law No. 11,196 of November 21, 2005. The amendment was motivated by the judicial discussion which took place in Varig’s case, with regard to the right of aircraft lessors to repossess the leased equipment during a judicial restructuring proceeding. read more

:: Recent Developments of Brazilian Legislation on Concessions may Promote Project Financing in Brazil
With a view to increasing private sector and financiers’ interest in Brazilian infrastructure projects, as well as improving guarantees and financing conditions for concession projects, the Federal Government recently enacted Law No. 11,196 of November 21, 2005 (“Law 11,196/05”), which amended the Brazilian General Concessions Law (Federal Law No. 8,987, dated as of February 13, 1995 - “Law 8,987/95”). read more

:: Guarantees Granted by International Organizations
Another measure aimed to foster infrastructure projects in Brazil, basically due to the reduction in financing costs deriving thereof, is the inclusion by the Brazilian Central Bank (“Bacen”) of a new chapter (Chapter 4 into Title 3) in the Foreign Exchange Market and International Capital Regulation (“RMCCI”), setting out the rules governing guarantees granted by international organizations (of which Brazil is a member) in the context of internal credit operations through Circular Bacen No. 3,299 (“Circular 3,299) dated November 18, 2005. read more

Felsberg - Recent Cases

:: Santa Catarina State Bank’s Dismissal Program is upheld by the Supreme Labor Court
On a leading case for Collective Dismissal Programs, the Supreme Labor Court upheld the validity of Santa Catarina’s State Bank (“BESC”) Dismissal Program, recognizing that a collective bargaining agreement may be entered directly by employees, if the Labor Union refuses to negotiate even when the program involves release of all awards due under the employment agreement. read more