Soon, a proposal to update the Law on Judicial Recovery and Bankruptcy will be submitted to the National Congress. The aim is to empower creditors and thus force a reduction in bank spread.
Under the new legislation, the court administrators would have to present an asset disposal plan and there would be the possibility of donating equity in cases of depreciation and difficulty of sale. There would also be change regarding the group of creditors. A deadline would be set for new credit qualifications, which currently does not exist. The creditor would have three years from the date of publication of the judgment that declared the bankruptcy to submit the application for qualification or reserve of credit.
On procedural issues related to judicial reorganization, the text regulates, for example, substantial consolidation, which will allow the presentation of a single debt repayment plan to all creditors of all companies within the same economic group.
Another point of the proposal is in relation to prior expert examination. After filing the request for judicial recovery, the judge may appoint a trusted professional with technical ability and integrity, to examine the operating conditions of the company that filed the request for recovery.