A efetividade do princípio da viabilidade no sistema de insolvência

Resumo

The coexistence of the Recovery and Bankruptcy Law with the biggest crises that devastated the country in the last fifteen years makes it imperative to analyze the Brazilian bankruptcy system. The main principle that governs Law 11.101./2005 is the preservation of the company, supported by the social function it performs in generating wealth for society. However, for the legal remedy allowed to safeguard business activities to be beneficial, once bitter to all, it is essential that companies that are in a temporary crisis be granted that, during the period of legal supervision and compliance with the obligations agreed in the restructuring, demonstrate to society the uplift of their activities, through the generation of cash and net profit, under penalty of creating an inhospitable environment by keeping inefficient businessmen in the market, which undermine the confidence of the economic and financial system and, consequently, collaborate for the increase in the interest rate in the granting of credit in general. The objective of the research was to verify if the private companies in judicial reorganization of the sample improved the performance after the period of deferral of the judicial reorganization through the analysis of economic-financial and operational indicators, ratified through the application of the main model of predictive risk analysis of insolvency, Altman's Z'-Score (1968). The analysis of the results found led to the finding of a small improvement in the economic-financial performance of companies undergoing judicial reorganization, which infers the need to reformulate current market practices, conditioning, in a more assertive way, the maintenance of activities to those who prove the ex post economic and financial viability of its business.

Ficha do documento

Tipo

Dissertação

Ano

2022

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/32762

Temas

EconomiaDados

Palavras-chave

Judicial recoveryEffectivenessFeasibility principleInsolvency forecastEconomic-financial indicatorsRecuperação judicialEfetividadePrincípio da viabilidadePrevisão de insolvênciaIndicadores econômico-financeirosFinançasSociedades comerciais - RecuperaçãoBrasil. [Lei de falências (2005)]Empresas - AvaliaçãoEmpresas - Finanças