Fabio de Almeida Braga is a partner in the Banking
and Restructuring Department at Demarest Advogados
in São Paulo, Brazil. He is highly experienced in
corporate finance syndicated transactions, including
debt restructuring; setting up financial institutions;
and the automotive finance sector. He holds a bachelor
in law degree from Faculdade de São Bernardo do
Campo and has completed postgraduate courses in
Inter-American Law from the University of Miami and
International Economic Negotiations from UNESP.
Guilherme Fontes Bechara is a senior associate in the
Litigation, Banking and Restructuring Departments at
Demarest Advogados in São Paulo, Brazil. He focuses
on dispute resolution and corporate restructuring,
advising domestic and foreign companies in different
industries. He holds a bachelor in law degree from
Universidade Presbiteriana Mackenzie, an LL.M in
Corporate Governance & Practice from Stanford
Law School, and a master in civil law degree from
Pontifícia Universidade Católica de São Paulo.
units of the debtor, the judge shall order that this
be performed, with due regard for the provisions
of section 142 hereof.
Sole Paragraph. The object of the disposal
shall be free of any encumbrance and the
winning bidder shall not succeed to the
debtor's obligations, including tax-related
obligations, with due regard for the provisions
of article 141, paragraph l , hereof.
3 Section142. The judge, after hearing the trustee
and following the advice of the Committee, if
any, shall order the disposal of the assets in one
of the following modalities:
I- auction, by oral bidding;
II- sealed bids;
III- public proclamation.
4 Coelho, Ulhoa Fabio. Comentários à Lei de
Falências e de Recuperação de Empresas 10.
ed. São Paulo: 2014, p.240; Bezerra Filho, Manoel
Justino. Lei de Recuperação de Empresas e
Falência. Lei 11.101/2005 comentada artigo
por artigo. 10. ed. rev., atual. e ampl. São
Paulo: 2014, p.183.; Toledo, Paulo F.C., Salles
de. Abrão, Carlos Henrique. Comentários à
Lei de recuperação de empresas. 5.ed., rev.,
atual., e ampl. São Paulo: Saraiva, 2012, p.232.
5 Interlocutory Appeal n. 0151283-
53.2012.8.26.000, Reporting Judge Francisco
Loureiro, decided April 23, 2013.
6 Interlocutory Appeal n. 0253722-
82.2011.8.26.0000, Reporting Judge Pereira
Calças, decided November 22, 2011.
7 Section 144. When there are justified reasons,
the judge may authorize, by substantiated
request of the trustee or the Committee, other
judicial disposal modalities than those provided
for in article 142 hereof.
Section 145. The judge shall ratify any other
modality of asset realization, provided it is
approved by the general meeting of creditors,
including the formation of a company of
creditors or employees of the actual debtor,
with the participation, if necessary, of
the current partners or third parties.
8 Interlocutory Appeal n. 0014130-
68.2015.8.19.0000, Reporting Judge Elisabete
Filizzola, decided June 10, 2015. The decision
reasoned that the Court of Appeals of Rio
de Janeiro had ruled in the Varig case
that Sections 144 and 145 of the Brazilian
bankruptcy law would apply to the judicial
reorganization proceeding (see Interlocutory
Appeal 0063999-73.2010.8.19.0000, Reporting
Judge Maurício Pereira, decided July 6, 2011).
14-15 SEPTEMBER | SYDNEY | TURNAROUND.ORG.AU