Bankruptcy filings in Brazil declined 8.4% annually in the first five months of 2017, according to data from credit research firm Boa Vista SCPC.
For May alone, however, bankruptcy requests rose 14.5% year over year and spiked 76.8% from the previous month.
The credit research firm said applications for judicial recovery recorded a 21.7% drop in January through May.
For the 12-month aggregate period through May, bankruptcy filings and applications for judicial recovery dropped 0.8% and 0.3% respectively, Boa Vista said.
Judicial recoveries are part of Brazil's bankruptcy law where debtors must present creditors with a recovery plan to pay back debt.