Judicial restructuring in São Paulo
Filing for recuperação judicial, drafting the plan, conducting the creditors' meeting and extrajudicial recovery (Law 11.101/2005), with a viability assessment before any filing. In person at Avenida Paulista or remotely, nationwide.
5,0 · 18 Google reviewsJudicial restructuring (recuperação judicial) suspends enforcement of covered claims for up to 180 days (art. 6) and submits the plan to a creditors' meeting organized in four classes (art. 41). Extrajudicial recovery (arts. 161-167) is negotiated outside the proceedings and ratified afterwards: it binds signatories and, with more than half the claims of each kind, also non-signatories (art. 163). The choice between routes depends on three variables: urgency, the requirements of art. 48 and the composition of the liabilities.
What the restructuring work covers.
- Filing for judicial restructuringPetition with the art. 51 documents, explanation of the crisis causes and demonstration of viability — the filing that decides the art. 52 granting.
- Recovery planPayment terms and deadlines, recovery means under art. 50 (novation, payment in kind, asset sales, corporate reorganization) and clear discrimination by creditor class.
- Creditors' meetingPreparing the vote, negotiating with strategic creditors and conducting the approval mechanisms, including alternatives when a class rejects (arts. 45-A to 45-F).
- Extrajudicial recoveryA plan negotiated with creditors and submitted for ratification, with the art. 163 quorum and up to 60 days' suspension over covered claims (art. 167).
- Working with the judicial administratorResponses to challenges, clarifications and periodic accounting throughout the proceedings.
- Defense against conversion to bankruptcyActing when a creditor or the Ministério Público petitions for bankruptcy for breach of the plan or legal duty (arts. 73 and 94).
- Special regime for ME and EPPSimplified judicial restructuring under arts. 70-72 for micro and small companies, with its own plan and no common-track assembly.
Judicial or extrajudicial: what changes in practice.
The first variable is the shield. In judicial restructuring, the granting suspends, as a rule, actions and enforcement relating to covered claims for 180 days, extendable once on an exceptional basis (art. 6, §§4 and 7). That breathing room is what allows cash flow to be reorganized without simultaneous attachments. In extrajudicial recovery the suspension exists but is shorter: up to 60 days over covered claims, counted from the ratification filing (art. 167).
The second is who decides. In the judicial route, the plan is voted in an assembly by four classes — labor and workplace-accident claims, secured creditors, unsecured creditors and ME/EPP (art. 41) — with its own quorum rules and approval mechanisms even when a class rejects (arts. 45-A to 45-F). In extrajudicial recovery, the plan's force comes from adhesion: more than half the claims of each covered kind binds non-signatories too (art. 163). If the liabilities are concentrated in a few large creditors, the extrajudicial route is usually faster; if dispersed, the judicial assembly may be the only way to reach everyone.
The third is the stage of the crisis. If creditors have not yet bolted and the problem is negotiating with banks and suppliers, structured renegotiation may avoid proceedings — that initial work is on the distressed company lawyer page. The law also allows, before filing, a request for mediation or prior creditors' consultation (arts. 20-A and 20-B): a formal bridge between private negotiation and recovery proceedings.
And there is what the plan does not solve: fiduciary-alienation claims, leasing and retention-of-title stay out (art. 49, §3), although during the suspension those creditors cannot remove essential capital assets. Tax claims follow their own regime. The liability map — how much is owed, to whom, with what collateral — is what turns the route choice into a technical decision, not a bet.
How we run the case.
- Viability assessmentWe verify the art. 48 requirements and whether the operation can sustain a plan. A fragile filing means dismissal — or bankruptcy later.
- Liability map by classEvery debt with creditor, amount, collateral and art. 41 class. The plan's design and the quorum math come from it.
- Route choiceDirect renegotiation, prior mediation (arts. 20-A and 20-B), extrajudicial or judicial recovery — compared by urgency and cost, with no preset preference.
- Plan and negotiationDesign of recovery means, cash-flow projection and structured talks with the creditors who carry the vote or adhesion.
- Proceedings and complianceAssembly, judicial-administrator relations, responses to challenges and plan monitoring until closing (art. 63).
What to bring to the first conversation.
Documents that speed up the review
The judicial filing requires the art. 51 documents; for the initial assessment, the essentials suffice. Bring what exists — a missing document is also information.
- Balance sheets and statements for the last three fiscal years
- List of creditors by amount, maturity and collateral
- Bank contracts, financings and leases
- Protest and debt certificates
- List of pending lawsuits and enforcement actions
- Articles of organization and latest consolidated amendment
- Inventory of movable assets, real estate and capital assets
- Cash flow and payroll
Case review and a written proposal before any step is taken. Informational content under Brazilian Bar Association Rule 205/2021 — it does not replace an assessment of your case.
What clients say on Google.
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Who leads this area.
Partner responsible for the corporate practice (OAB/SP 344.334). Postgraduate in Corporate Law (FGV), he works on company formation and restructuring, shareholder agreements, contracts and succession planning. Member of AASP and AIPLA. Fluent in English.
Meet Renato FalchetCommon questions.
What are the requirements for filing judicial restructuring?
Art. 48 of Law 11.101/2005 requires the company to have operated regularly for over two years and meet other conditions: not be bankrupt — or, if it was, have had its liabilities declared extinguished by judgment — not have obtained judicial restructuring in the last five years, not have an extrajudicial plan ratified in the same period, and not have a manager or controlling partner convicted of a crime under the statute itself. A company that does not qualify needs a different strategy — and finding out after filing is the worst scenario.
What changes the day after the restructuring is granted?
The judge appoints the judicial administrator, orders the suspension of actions and enforcement over covered claims for up to 180 days, extendable once exceptionally (art. 6, §4), and orders the creditors list published for review and challenges. The company keeps operating under specific duties — breaching them can lead to conversion into bankruptcy.
Does every debt enter the recovery plan?
No. Art. 49, §3 excludes fiduciary-alienation claims, leasing, forward real-estate sales with irrevocability clauses and retention-of-title — and during the suspension those creditors cannot remove essential capital assets from the establishment. Tax claims are also outside judicial restructuring and follow their own collection and installment rules. Knowing what stays out changes the plan's viability math.
What is the difference between judicial and extrajudicial recovery?
In the judicial route the case runs in court, with suspension of enforcement, a judicial administrator and a plan voted by creditor classes (art. 41). In extrajudicial recovery (arts. 161-167), the company negotiates a plan outside court and only seeks ratification: it binds signatories and, with adhesion of creditors holding more than half the claims of each covered kind, reaches non-signatories too (art. 163). The request may start with one third of each kind, under a commitment to reach quorum within 90 non-extendable days.
What happens if the company breaches the ratified plan?
Non-compliance with any plan obligation authorizes conversion of the restructuring into bankruptcy, decreed by the judge at a creditor's or the Ministério Público's request (art. 73). That is why the plan must be born from realistic cash-flow projections: promising what the operation cannot sustain turns the rescue tool into a closing sentence.
Do micro and small companies have their own regime?
Yes. Arts. 70-72 of Law 11.101/2005 create special judicial restructuring for ME and EPP, with simplified procedure, its own plan and payment rules set by law, without the common-track general assembly. The advantage is simplicity; the limit is that the discounts and deadlines are the statutory ones, not what the company might negotiate.
How much does it cost and do you act outside São Paulo?
Cost has three components: fees agreed in writing, court costs and the judicial administrator's remuneration, fixed by the judge under the law. Judicial restructuring is filed in the venue of the headquarters or main establishment; we conduct cases in other districts with the same coordination, by videoconference or in person at Avenida Paulista.
Has the company decided on restructuring, or is it still evaluating?
The stage of the crisis changes the entry point: renegotiation, extrajudicial or judicial. Send the creditors list and the statements: we run the viability assessment and indicate the path, with a written proposal.