{"id":100603,"date":"2026-11-10T13:38:29","date_gmt":"2026-11-10T16:38:29","guid":{"rendered":"https:\/\/murray.adv.br\/?p=100603"},"modified":"2026-11-10T13:38:29","modified_gmt":"2026-11-10T16:38:29","slug":"bankruptcy-protection-cases-in-brazil-hit-record-high-in-q3","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/bankruptcy-protection-cases-in-brazil-hit-record-high-in-q3\/","title":{"rendered":"Bankruptcy protection cases in Brazil hit record high in Q3"},"content":{"rendered":"
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Agribusiness and manufacturing drive a 21.2% annual increase, with experts warning of another surge in early 2027<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
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Claudio Damasceno \u2014 Photo: Gabriel Reis\/Valor<\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n
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Agribusiness and manufacturing drove another surge in bankruptcy protection cases in Brazil during the third quarter, pushing the number of companies undergoing court-supervised restructuring to a record high. A total of 432 businesses filed for protection during the period, <\/strong>including 197 from those two sectors, bringing the nationwide total to 8,478<\/strong>. The figure represents a 21.2%<\/strong> increase from the same quarter of 2025, the RGF-BIZDOC Monitor <\/strong>showed in data obtained exclusively by Valor.<\/p>\n<\/div>\n

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Experts expect the numbers to climb further, partly because companies tend to postpone restructuring decisions ahead of elections. Many business owners prefer to wait for greater political certainty before seeking court protection. This backlog also helps explain why financial distress is increasingly spreading to the commerce sector, typically among the last links in the production chain to feel the effects of a downturn.<\/p>\n<\/div>\n

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By the end of September, commerce<\/span> had the largest number of companies under bankruptcy protection, at 1,737,<\/strong> followed by manufacturing (1,647<\/strong>), agriculture and livestock (1,416)<\/strong>, and construction (1,103<\/strong>).<\/p>\n<\/div>\n

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Fabio Bentes, chief economist at the National Confederation of Trade in Goods, Services and Tourism (CNC), attributes the growing number of companies seeking protection largely to the monetary tightening brought about by years of high interest rates. Expensive borrowing raises working capital costs and makes it harder for businesses to meet their financial obligations.<\/p>\n<\/div>\n

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“Changes in consumer habits, with people increasingly favoring services over goods, are also difficult to reverse,” Bentes said.<\/p>\n<\/div>\n

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Regional disparities<\/strong><\/p>\n<\/div>\n

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Mato Grosso<\/strong> stands out as the state with the highest proportion of companies under bankruptcy protection, at one per 1,000 businesses. Goi\u00e1s<\/strong> follows with 0.61 per 1,000, while Alagoas <\/strong>ranks third at 0.52.<\/p>\n<\/div>\n

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In absolute terms, Paran\u00e1 <\/strong>saw the most new cases during the quarter, with 88 companies entering proceedings, followed by S\u00e3o Paulo<\/strong> with 55 and Minas Gerais<\/strong> and Goi\u00e1s<\/strong> with 52 each. Overall, 21 of Brazil’s 26 states and the Federal District (Bras\u00edlia) saw an increase in the number of companies under court protection.<\/p>\n<\/div>\n

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For Claudio Damasceno<\/strong>, a senior partner at consulting firm RGF-BIZDOC, the consequences extend well beyond the companies directly involved.<\/p>\n<\/div>\n

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“Every company undergoing court-supervised restructuring also means a portfolio of receivables tied up for suppliers, banks and service providers,” Damasceno said.<\/p>\n<\/div>\n

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The financial difficulties of businesses currently under protection are therefore likely to spread to their creditors, creating further pressure on other companies.<\/p>\n<\/div>\n

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The study identifies “customer defaults” as the most frequently cited reason for seeking bankruptcy protection, accounting for 55% of cases. “Declining revenue and demand” and “borrowing costs and interest rates” follow, each representing 16%.<\/p>\n<\/div>\n

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The increase continues to be driven by microenterprises (188), small businesses (137) and medium-sized companies (292). Relative to the total number of businesses operating in Brazil, however, restructuring remains uncommon in these categories.<\/p>\n<\/div>\n

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The opposite is true for large (63) and very large companies (21). Although relatively few are undergoing restructuring, their share of the total number of businesses in their respective size categories is considerably higher.<\/p>\n<\/div>\n

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Delayed fallout<\/strong><\/p>\n<\/div>\n

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Juliana Bumachar,<\/strong> of law firm Bumachar Advogados Associados, sees the figures as evidence that Brazil’s current restructuring cycle is entering a more mature phase. Large companies have faced significant financial restructuring pressures over the past two years, but the effects typically take time to reach smaller businesses.<\/p>\n<\/div>\n

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“Every major player has small and medium-sized companies in its supply chain. When a large company needs restructuring, it directly affects those suppliers and customers. That triggers a delayed wave of restructuring among small and medium-sized businesses, and we’ve been seeing that since the second quarter of this year,” Bumachar said.<\/p>\n<\/div>\n

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Out-of-court restructuring, often presented as a leading alternative to formal bankruptcy protection proceedings, increased only marginally in the third quarter, from 13 to 15 cases, the RGF-BIZDOC Monitor showed.<\/p>\n<\/div>\n

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Bumachar said the advantages of this approach are clear.<\/p>\n<\/div>\n

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“It’s faster, consensual, cheaper and doesn’t directly damage the company’s reputation. The market’s immediate response is always positive, and prior negotiations with creditors tend to be well received.”<\/p>\n<\/div>\n

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But Damasceno cautioned that the option is not suitable for every company. It generally works better for larger businesses and can serve as a preliminary stage before more extensive restructuring efforts, sometimes followed by formal bankruptcy protection filings.<\/p>\n<\/div>\n

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“In most cases, the company buys time to renegotiate its debts,” he said.<\/p>\n<\/div>\n

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Recovery outcomes<\/strong><\/p>\n<\/div>\n

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Another finding that caught experts’ attention was the number of companies emerging from bankruptcy protection. During the third quarter, 157 businesses successfully completed the process<\/strong> and remained active, while another 112 had their proceedings converted into bankruptcy.<\/p>\n<\/div>\n

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Since the survey began in March 2023, 19% of companies that sought bankruptcy protection have successfully recovered,<\/strong> a total of 2,085 businesses.<\/p>\n<\/div>\n

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For Damasceno, the figures underscore the importance of seeking court protection before a company’s financial position has deteriorated beyond repair, giving it a better chance of recovery.<\/p>\n<\/div>\n

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Meanwhile, bankruptcy petitions declined from 456 in the second quarter to 306 in the third. Commerce <\/span>and manufacturing accounted for 60% of bankrupt companies, the report found. Both sectors rely heavily on working capital, making them particularly vulnerable to supplier credit constraints and weakening demand.<\/p>\n<\/div>\n

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Outlook for 2027<\/strong><\/p>\n<\/div>\n

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The outlook for the fourth quarter and 2027 is bleak. Experts expect another rise in bankruptcy protection filings, particularly as financial distress spreads through supply chains.<\/p>\n<\/div>\n

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Damasceno pointed to an additional 159 requests for precautionary court measures identified in the report. These have not yet become formal bankruptcy protection cases but are expected to add to the total in coming quarters.<\/p>\n<\/div>\n

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External factors will also shape the outlook for Brazilian businesses. In supply chains exposed to international prices, exchange rates, foreign demand and logistics conditions, the effects of adverse developments tend to emerge with a lag.<\/p>\n<\/div>\n

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Companies first experience cash flow pressures, then seek court protection, and only later appear in Federal Revenue Service records, which form the basis of the survey.<\/p>\n<\/div>\n

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Bumachar said one striking feature of companies approaching her law firm is the growing urgency of their requests for help with restructuring.<\/p>\n<\/div>\n

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“Sometimes the company’s situation isn’t even that serious yet, but it’s urgent and can’t wait,” she said.<\/p>\n<\/div>\n

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The lawyer believes there is a high probability of another sharp surge in filings in the first quarter of 2027. With the judicial recess approaching, few companies are likely to risk filing a request now that will not be reviewed until next year.<\/p>\n<\/div>\n

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“The probability is high that the number will explode again in the first quarter of 2027,” Bumachar said.<\/p>\n

*By\u00a0<\/strong>Luiza Calegari\u00a0\u2014 S\u00e3o Paulo<\/strong><\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Agribusiness and manufacturing drive a 21.2% annual increase, with experts warning of another surge in early 2027       11\/10\/2026\u00a0 Claudio Damasceno \u2014 Photo: Gabriel Reis\/Valor Agribusiness and manufacturing drove another surge in bankruptcy protection cases in Brazil during the third quarter, pushing the number of companies undergoing court-supervised restructuring to a record high. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[27254,27255],"class_list":["post-100603","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-bankruptcy-protection-cases-in-brazil","tag-hit-record-high-in-q3"],"yoast_head":"\nBankruptcy protection cases in Brazil hit record high in Q3 - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/bankruptcy-protection-cases-in-brazil-hit-record-high-in-q3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bankruptcy protection cases in Brazil hit record high in Q3 - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Agribusiness and manufacturing drive a 21.2% annual increase, with experts warning of another surge in early 2027       11\/10\/2026\u00a0 Claudio Damasceno \u2014 Photo: Gabriel Reis\/Valor Agribusiness and manufacturing drove another surge in bankruptcy protection cases in Brazil during the third quarter, pushing the number of companies undergoing court-supervised restructuring to a record high. 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