The article analyses the use of substantive consolidation in view of the meaning of limited liability in Brazil and explores the proposition that such a solution to corporate distress should only exceptionally be imposed on creditors. In light of Brazilian corporate law, a court should only order substantive consolidation if continuous dishonest use of legal personality had occurred before the debtors filed for reorganization. The author further questions if such a proposition is adequate or if substantive consolidation must gain new colors in a corporate system such as the Brazilian one, in which (a) ex ante the legal system does not sustain limitation of liability of the business corporation in face of a wide number of claims, and (b) group entities are frequently not managed as separate and independent companies. The author concludes by reaffirming the importance of using substantive consolidation more strictly, rather than as a one-size-fits-all solution.

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巴西企业集团的重组：实质性合并和有限责任故事

本文根据巴西有限责任的含义分析了实质性合并的使用，并探讨了这种解决公司困境的方法只应在例外情况下强加给债权人的主张。根据巴西公司法，只有在债务人申请重整之前连续不诚实地使用法人资格的情况下，法院才应下令进行实质性合并。作者进一步质疑这样的提议是否足够，或者实质性合并是否必须在像巴西这样的公司体系中获得新的色彩，其中 (a)事前面对大量索赔，法律制度不支持商业公司的责任限制，并且(b) 集团实体通常不作为单独和独立的公司进行管理。作者最后重申了更严格地使用实质性合并而不是作为一刀切的解决方案的重要性。