O financiamento de empresas em recuperação judicial no Brasil sob a ótica da lei nº 14.112/20

Abstract

In December 2020, the law nº. 14,112/20 was enacted, which promoted a reform of the Brazilian law for the restructuring and bankruptcy of companies (Law nº. 11,101 / 05), bringing in its body several changes in order to offer debtor companies a greater variety of instruments capable of enabling its uplift. One of the changes promoted was regarding the regulation of access to finance during the judicial restructuring process - named as DIP Financing. Along with the North American regulation on the subject, in particular the bankrupticy code, which served as inspiration for law nº. 11,101/05, the present work has the purpose of studying the evolution of the national bankrupticy law, tapering itself in the discipline of restructuring and, finally, the way in which DIP Financing came to be regulated by the new law. After conducting a historical and legal tour, it was concluded that the jurisprudence and regulatory flexibility on financial operations were characterized as the two essential elements for the promotion of the success of this new legislation in Brazil, considering, first, the cases of relativization of legal provisions expressed by the higher courts from the formation of the jurisprudence in line with the principles of the bankrupticy law and, second, from the need for the opening of credit lines with special regulation by National Financial System, that meet the specificities of a debtor company.