New bankruptcy law creates more embarrassment than solutions
PL 3/24, which proposes changes to the institution of bankruptcy, in addition to other relevant points of judicial recovery, was forwarded by the Executive Branch to the National Congress, with the aim of streamlining the process and eliminating bureaucracy in the current system.
The House analyzed the original text on an urgent basis, making significant changes to it, which was then approved and sent to the Senate, where it will still be considered. In her article, our partner Fabiana Solano contributes to the debate, specifically dealing with the creation of the “fiduciary manager”, which would replace the judicial administrator in the role of conductor of the entire bankruptcy process. According to her, the big news is that this fiduciary manager would be appointed by the creditors in a meeting and no longer by the judge at the beginning of the process. However, if the initial intention of the project seems to have been good, giving creditors greater power to decide on the fate of the bankrupt company, the way in which the matter was regulated, in practice, not only nullifies any gain in efficiency in the bankruptcy process, but also makes unfeasible the very choice of the fiduciary manager by creditors, given the restricted quorums for approval of this new figure by creditors.
Check out the full article that our partner Fabiana Solano wrote for the newspaper Folha de São Paulo here (content available only to subscribers and in portuguese): https://www1.folha.uol.com.br/opiniao/2024/06/nova-lei-de-falencias-cria-mais-embaracos-que-solucoes.shtml
