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Doctoral Thesis
DOI
10.11606/T.2.2009.tde-03062011-104905
Document
Author
Full name
Deborah Kirschbaum
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2009
Supervisor
Committee
Salomao Filho, Calixto (President)
Coelho, Fabio Ulhoa
Franca, Erasmo Valladao Azevedo e Novaes
Prado, Viviane Muller
Toledo, Paulo Fernando Campos Salles de
Title in Portuguese
A recuperação judicial no Brasil: governança, financiamento extraconcursal e votação do plano
Keywords in Portuguese
Assembléia de credores
Concurso de credores
Direito empresarial
Direito falimentar
Falência
Governança corporativa
Abstract in Portuguese
Esta tese trata de três questões fundamentais do instituto da recuperação judicial de empresas no Brasil, inaugurado pela Lei 11.101 de 2005: (i) a relação entre governança corporativa e o regime aplicável à insolvência empresarial; (ii) o financiamento à empresa em recuperação judicial e (iii) a negociação e votação do plano de recuperação. O estudo integra a Teoria de Finanças Corporativas ao Direito tanto para discutir as questões propostas sob uma perspectiva normativa, como para propor uma abordagem de construção dogmática. A pesquisa busca avaliar em que medida a recuperação judicial se adapta à realidade brasileira, considerando as relações entre o regime aplicável à insolvência e os padrões de financiamento e de governança corporativa observados quanto às empresas de médio e grande portes no Brasil. Quanto ao financiamento à empresa em recuperação judicial, a tese defende uma interpretação da lei segundo a qual somente devam ser autorizados empréstimos com potencial de melhorar a capacidade financeira da devedora, sem expropriar valor dos credores. A tese ainda propõe modificação da lei para aprimorar os procedimentos de análise e decisão quanto à tomada de financiamento pela devedora durante a recuperação judicial. No que diz respeito à votação do plano de recuperação, a tese propõe critérios para aferir a legitimidade das propostas contidas no plano e dos votos manifestados pelos credores.
Title in English
Judicial corporate reorganization in Brazil: governance, post-petition financing and voting in plan
Keywords in English
Corporate governance
Corporate reorganization
Law and finance
Postpetition financing
Voting on plan of reorganization
Abstract in English
This thesis deals with three fundamental topics of the Brazilian business reorganization model instituted by Law No. 11.101 of 2005: (i) the relation between corporate governance and corporate insolvency law; (ii) post-petition financing to the reorganizing firm; and (iii) voting system and negotiation of the reorganization plan. It integrates corporate finance theory to the study of law to approach the proposed topics from both normative and positive perspectives. The study aims to evaluate whether the new reorganization-oriented regime is coherent with Brazilian economy, considering the relations between corporate insolvency law and the financing and governance patterns of medium to large non-financial firms. As to post-petition financing, the thesis argues that the statute should be interpreted to allow reorganizing firms to incur new debt only inasmuch as it clearly provides a potential net present value to the firm. It also proposes legislative reform to create incentives for post-petition financing and screening procedures that should be in place to distinguish between desirable and non-desirable financing arrangements. With respect to voting on reorganization plans, the thesis identifies laws implicit substantive criteria for approval or rejection of the plan, which should be considered in judging plans legitimacy.
 
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Publishing Date
2011-06-10
 
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