The Commercial Law Day, in its second edition, approved 10 new statements dealing with a company's crisis.
Among them, we can mention Statement 76, which expressly recognized the possibility of bondholders applying for splitting of the rights to speak and to vote, so that they may be exercised individually at a general meeting of creditors, regardless of the exercise of voting at a general meeting being incumbent on the trustee, pursuant to the issued debt security instrument.
As for the principle of company preservation, Statement 74 establishes that, although the tax execution proceedings are not suspended due to the approval of court reorganization, the acts entailing the creation of liens on the assets of the company under reorganization are subject to review by the relevant court.
In addition, tax credits, as well as other credits excluded from the court reorganization shall also, in accordance with Statement 78, be entered in the debtor's list of creditors attached to the complaint in order to ensure a full and adequate knowledge of the debtor's economic and financial condition and to preserve transparency.
Therefore, as it turns out, important concepts and positions on fundamental principles and rules of bankruptcy law have been laid down. Hence, it is now expected that decisions will be rendered with greater uniformity and, consequently, the desired legal certainty in the enforcement of Bankruptcy Law rules may be gradually achieved.
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