Bankruptcy

===Brazil===
In [[Brazil]], the Bankruptcy Law (11.101/05) governs court-ordered or out-of-court receivership and bankruptcy and only applies to public companies (publicly traded companies) with the exception of financial institutions, credit cooperatives, consortia, supplementary scheme entities, companies administering health care plans, equity companies and a few other legal entities. It does not apply to state-run companies.

Current law covers three legal proceedings. The first one is bankruptcy itself ("Falência"). Bankruptcy is a court-ordered liquidation procedure for an insolvent business. The final goal of bankruptcy is to liquidate company assets and pay its creditors.

The second one is Court-ordered Restructuring (''Recuperação Judicial''). The goal is to overcome the business crisis situation of the debtor in order to allow the continuation of the producer, the employment of workers and the interests of creditors, leading, thus, to preserving company, its corporate function and develop economic activity. It is a court procedure required by the debtor which has been in business for more than two years and requires approval by a judge.

The Extrajudicial Restructuring (''Recuperação Extrajudicial'') is a private negotiation that involves creditors and debtors and, as with court-ordered restructuring, also must be approved by courts.<ref>{{cite web |url=http://www.planalto.gov.br/ccivil_03/_Ato2004-2006/2005/Lei/L11101.htm |title=Brazil. Law 11,105/05 |publisher=Planalto.gov.br |date=2005-02-09 |access-date=2012-04-17 |url-status=live |archive-url=https://web.archive.org/web/20120414131106/http://www.planalto.gov.br/ccivil_03/_Ato2004-2006/2005/Lei/L11101.htm |archive-date=2012-04-14 }}</ref>