Resumo:
The present study aims to analyze the sale of Isolated Productive Units (IPUs) as a tool for
business restructuring within the scope of judicial reorganization, in light of the innovations
introduced by Law No. 14,112/2020. The research begins with a historical overview of
Brazilian insolvency legislation, highlighting the transition from the concordata model and the
consolidation of the principle of business preservation as a foundation of Law No. 11,101/2005.
It then examines the legal provisions applicable to the sale of IPUs, emphasizing the exclusion
of succession in tax, labor, environmental, and regulatory liabilities, as well as the formal
requirements for its judicial implementation. The work also conducts a comparative study with
Chapter 11 of the U.S. Bankruptcy Code, noting the influence of the stalking horse bidder
mechanism and Section 363 on Brazilian practices. Empirical analysis reveals the
underutilization of the institute in approved reorganization plans, due to factors such as legal
uncertainty, lack of a structured asset market, and cultural resistance from business owners.
Finally, the study concludes that the sale of IPUs, when applied with technical precision,
transparency, and institutional support, can promote business continuity, preserve jobs, and
meet the interests of creditors, thus representing a fundamental mechanism for the effectiveness
of the Brazilian reorganization system.
