BRASILIA, Jan 10 (Reuters) - Brazil's government submitted a bill to Congress on Wednesday that would modernize bankruptcy regulations, aiming to speed up proceedings by giving creditors more control over the process.
According to finance ministry official Marcos Pinto, Brazil's current regulations date to the 1980s, and the average bankruptcy process in the country lasts more than 11 years.
With the changes, the government expects to cut that length in half while increasing recovery levels and reducing the cost of credit, Pinto added in a press release.
The bill would allow creditors to appoint a manager to oversee the bankrupt estate and sell off assets. Currently, Brazil's bankruptcy code requires a judge to appoint an administrator.
Giving creditors the power to choose a manager would "expedite the sale of assets to pool together resources to settle debts," Pinto said.
(Reporting by Marcela Ayres; Editing by Kylie Madry and Will Dunham)
