Sumário:The brazilian model of business reorganization and the belief in management replacement : Management replacement through the debtor´s unilateral proposal. Management replacement through minority shareholders´ initiative. Management replacement as recommended in the creditor´s alternative reorganization plan. Court-ordered management removal and appointment of trustee -- The participation of the creditors in the governance structure of the debtor company : The creation of board structures. Appointment of creditors´representatives through class voting. Veto rights over substantial corporate decisions. Debt capitalization.