Desafios da recuperação judicial de micro e pequenas empresas no Brasil: análise dos limites do instituto e o caso do DIP financing

• Ano de defesa: 2026
• Autor(a) principal: Ciucci, Nathalia Rodrigues de Lima
• Orientador(a): Almeida, Marcus Elidius Michelli de
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso embargado
• Idioma: por
• Instituição de defesa: Pontifícia Universidade Católica de São Paulo
• Programa de Pós-Graduação: Programa de Pós-Graduação em Direito
• Departamento: Faculdade de Direito
• País: Brasil
• Palavras-chave em Português: Recuperação judicial; Direito empresarial; Direito da insolvência; Microempresa; Empresa de pequeno porte; Financiamento do devedor; DIP financing
• Palavras-chave em Inglês: Judicial reorganization; Business law; Insolvency law; Microenterprise; Small enterprise; Debtor financing; DIP financing
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::DIREITO
• Link de acesso: https://repositorio.pucsp.br/jspui/handle/handle/46859

The main objective of this study is to analyze the structural limits of the Brazilian judicial reorganization regime as applied to micro and small enterprises (MSEs), demonstrating how debtor-in-possession financing (DIP financing) paradigmatically reveals its inadequacy for this business segment. The research is based on the premise that, although MSEs account for the majority of business ventures in Brazil and play a central role in the country’s economic and social development, the legal framework governing corporate insolvency remains structured around the reality of medium-sized and large companies, proving incompatible with the economic, organizational, and financial characteristics of smaller enterprises. As specific objectives, the study examines the differentiated legal treatment afforded to MSEs under constitutional and statutory law; empirical data concerning business survival rates and the economic vulnerability of this segment; the role of credit in overcoming business distress; and the legal regime governing debtor financing in judicial reorganization. It also proposes mechanisms aimed at improving the effectiveness of the reorganization system for MSEs. The research is justified by the legal, economic, and social relevance of micro and small enterprises, the high business mortality rates observed in this segment, and the need to align the reorganization system with the constitutional mandate of favorable treatment for such enterprises. The central hypothesis advanced is that the ineffectiveness of judicial reorganization for MSEs does not stem from a lack of legal instruments, but rather from an excessively judicialized, costly, and formalistic legal-structural design, which hinders access to the procedure and, in practice, prevents both the recovery of these enterprises and the use of mechanisms such as DIP financing. From a theoretical and methodological perspective, the research adopts a legal-dogmatic approach, based on the analysis of legislation, specialized legal scholarship, and the principles of business and insolvency law. The study also employs the comparative method, particularly in examining DIP financing in foreign legal systems, as well as empirical analysis of secondary data from institutional sources such as Sebrae and the Brazilian Institute of Geography and Statistics (IBGE), in order to contextualize the economic reality of MSEs. The results indicate that, even after the enactment of Law No. 14,112/2020, judicial reorganization remains structurally inadequate for micro and small enterprises and that, although DIP financing may be functional in the abstract, it proves materially inaccessible to this segment. The study concludes that the effectiveness of the reorganization system for MSEs depends on the adoption of negotiation-oriented mechanisms that are less formalistic and less judicialized – such as out-of-court reorganization, preventive negotiation, and business mediation and conciliation instruments – as well as on the creation of institutional conditions that facilitate debtor financing in situations of business distress