With this understanding, Judge Marcelo Sacramone, of the 2nd Bankruptcy and Judicial Reorganizations Court of São Paulo, dismissed the initial petition and dismissed the lawsuit filed by the Public Prosecutor’s Office, which asked for a communication to be sent to the United States Justice, responsible for the reorganization process. of the Latam group in that country.
The MP sought in the North American Justice the reciprocity of the rights of the Brazilian creditors of Latam and the recognition of the foreign process of transnational insolvency in Brazil. According to the judge, the legislation provides that cooperation must be requested by the foreign authority. However, there has been, to date, no request for cooperation from the US Justice.
“Different from simple cooperation between authorities is the production of the effects of the foreign insolvency process. Without the request for recognition of the foreign process, contrary to the sensu of article 167-M, §§2º and 3º, creditors are not affected in the Brazil through the judicial reorganization process and will be able to proceed with their executions normally for the satisfaction of said credits “, he affirmed.
According to the magistrate, as there are no effects to be produced in Brazil before the country’s creditors, there is no interest in acting or useful in the request for cooperation with the Justice of the United States: “Under the terms of article 167-H, the foreign representative can file a request for recognition of the foreign process in Brazil so that effects are produced here, even before the actual recognition “.
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