Meirelles: Project on corporate bankruptcy reorganization is in its final phase.
The project that accelerates the judicial recovery of companies with financial difficulties is reaching its final phase, said Finance Minister Henrique Meirelles on Saturday; he presented the draft bill to Michel Temer and ministers from the political area after a lunch at the Jaburu Palace; according to the minister, "the project brings advances in relation to the current bankruptcy law in Brazil and the text will be released soon with details."
Iolando Lourenço - reporter for Agência Brasil
The project that accelerates the judicial recovery of companies with financial difficulties is reaching its final phase, said Finance Minister Henrique Meirelles today (9). He presented the draft bill to President Michel Temer and ministers in the political area after a lunch at the Jaburu Palace.
According to the minister, the project represents an improvement over the current bankruptcy law in Brazil, and the full text will be released soon with details. "It's an important change because it will expedite the process and allow a large number of companies that are currently struggling to exit judicial reorganization, obtain credit, and return to growth," Meirelles stated. He did not, however, reveal any specific measures.
Meirelles reported that the Finance Ministry team has been discussing the project for some time. He said the debates involved more than 40 people, including government technicians, professors, and representatives from law firms.