International Insolvency and Economic Law

The promotion of free international trade and the development of global financial markets have made significant changes to the structure and dynamics of commercial relations in the last three decades. International integration among economies has been a useful tool for achieving economic growth. As a consequence most economies are interdependent and business has been made among traders located in different jurisdictions. The conflict between different laws systems have affected parties’ rights creating uncertainty. This has happened because national bankruptcy laws have been inadequate in addressing efficiently the necessities required by international insolvencies in the new economic arena increasing transaction costs to all parties. As a response a model law was designed by UNCITRAL to assist countries in the harmonic procedural rules of coordination & assistance among jurisdictions in cross-border insolvencies to create certainty. Even though Brazil has enacted a new reorganization law back in 2005 Brazil has not implemented the model law. The present book intends to analyse from law & economic point of view the benefits of its adoption into the Brazilian legal framework.