Page "Bankruptcy" Paragraph 25

In Brazil, the Bankruptcy Law ( 11. 101 / 05 ) governs court-ordered or out-of-court receivership and bankruptcy and only applies to public companies ( publicly traded companies ) with the exception of financial institutions, credit cooperatives, consortia, supplementary scheme entities, companies administering health care plans, equity companies and a few other legal entities.

It does not apply to state-run companies.