{"id":4769,"date":"2026-05-21T11:08:05","date_gmt":"2026-05-21T14:08:05","guid":{"rendered":"https:\/\/www.cpdma.com.br\/stj-rules-spes-with-segregated-assets-cannot-file-for-judicial-reorganization\/"},"modified":"2026-05-21T14:37:00","modified_gmt":"2026-05-21T17:37:00","slug":"stj-rules-spes-with-segregated-assets-cannot-file-for-judicial-reorganization","status":"publish","type":"post","link":"https:\/\/www.cpdma.com.br\/en\/stj-rules-spes-with-segregated-assets-cannot-file-for-judicial-reorganization\/","title":{"rendered":"STJ Rules: SPEs with Segregated Assets Cannot File for Judicial Reorganization"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.cpdma.com.br\/wp-content\/uploads\/2026\/05\/blog-ste-decide-spes-1024x683.jpg\" alt=\"STJ Rules: SPEs with Segregated Assets Cannot File for Judicial Reorganization\" class=\"wp-image-4762\" srcset=\"https:\/\/www.cpdma.com.br\/wp-content\/uploads\/2026\/05\/blog-ste-decide-spes-1024x683.jpg 1024w, https:\/\/www.cpdma.com.br\/wp-content\/uploads\/2026\/05\/blog-ste-decide-spes-300x200.jpg 300w, https:\/\/www.cpdma.com.br\/wp-content\/uploads\/2026\/05\/blog-ste-decide-spes-768x512.jpg 768w, https:\/\/www.cpdma.com.br\/wp-content\/uploads\/2026\/05\/blog-ste-decide-spes.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n<h5 class=\"wp-block-heading\">The 3rd Panel of the Superior Court of Justice (STJ) reaffirmed, by unanimous vote, that Special-Purpose Entities (SPEs) linked to real estate developments under the regime of segregated assets are incompatible with the judicial reorganization regime.<\/h5>\n\n<p class=\"wp-block-paragraph\">The ruling followed the opinion of the reporting Justice, Minister Humberto Martins, upholding the understanding of the S\u00e3o Paulo Court of Justice (TJSP).<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>The core of the controversy<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">The judicial debate revolved around the possibility of including such entities in judicial reorganization proceedings. In the <a href=\"https:\/\/www.gov.br\/pt-br\/servicos\/optar-pelo-regime-especial-de-incorporacoes-imobiliarias\" target=\"_blank\" rel=\"noopener\">case at hand,<\/a> the SPEs operated under the regime of segregated assets \u2014 a mechanism that segregates the assets and resources of a specific development from the developer&#8217;s general assets. <\/p>\n\n<p class=\"wp-block-paragraph\"><strong>The purpose of this segregation is clear<\/strong>: to ensure that the funds invested by unit purchasers are exclusively allocated to the completion of that specific development, shielding them from any financial distress of the parent company.<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>Grounds of the decision<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">In reviewing the Special Appeals, Minister Humberto Martins underscored that:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Incompatibility of regimes: The nature of the SPE under the segregated assets regime aims at preserving the development and protecting the buyers, which collides with the logic of collective creditor participation inherent to judicial reorganization.<\/li>\n\n\n\n<li><strong>Legal certainty<\/strong>: The continued exclusion of such entities from the judicial reorganization regime preserves the security framework of the real estate sector.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\"><strong>What does this mean for the industry?<\/strong><strong><\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">For the real estate market and investors, the ruling reinforces the protection conferred by the segregated assets regime. It ensures that, even if a developer faces systemic financial distress, healthy developments managed through affected SPEs will remain protected, with their resources strictly tied to the delivery of the units. <\/p>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.cpdma.com.br\/en\/practices-areas-restructuring-and-insolvency\/\" target=\"_blank\" rel=\"noreferrer noopener\">Restructuring and Insolvency | CPDMA Team<\/a><\/p>\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 3rd Panel of the Superior Court of Justice (STJ) reaffirmed, by unanimous vote, that Special-Purpose Entities (SPEs) linked to real estate developments under the regime of segregated assets are incompatible with the judicial reorganization regime. The ruling followed the opinion of the reporting Justice, Minister Humberto Martins, upholding the understanding of the S\u00e3o Paulo [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4768,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-4769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.cpdma.com.br\/en\/wp-json\/wp\/v2\/posts\/4769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cpdma.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cpdma.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cpdma.com.br\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cpdma.com.br\/en\/wp-json\/wp\/v2\/comments?post=4769"}],"version-history":[{"count":3,"href":"https:\/\/www.cpdma.com.br\/en\/wp-json\/wp\/v2\/posts\/4769\/revisions"}],"predecessor-version":[{"id":4775,"href":"https:\/\/www.cpdma.com.br\/en\/wp-json\/wp\/v2\/posts\/4769\/revisions\/4775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cpdma.com.br\/en\/wp-json\/wp\/v2\/media\/4768"}],"wp:attachment":[{"href":"https:\/\/www.cpdma.com.br\/en\/wp-json\/wp\/v2\/media?parent=4769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cpdma.com.br\/en\/wp-json\/wp\/v2\/categories?post=4769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cpdma.com.br\/en\/wp-json\/wp\/v2\/tags?post=4769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}