This research aims to understand if companies' use of corporate governance mechanisms in the Brazilian market can help them avoid insolvency. In order to achieve our goal, this paper proposes an insolvency prediction model, which is based on a logistic regression that uses a dummy variable pointing to whether the firm belongs or not to the categories "Novo Mercado" (New Market) or "Nível 2" (Level 2). Besides the aforementioned variable, accounting ratios previously considered relevant in the prediction of insolvency by other researchers regarding the Brazilian market are also included in the model. The sample used in this paper includes the companies listed at BM&FBOVESPA from 2001 to 2013. However, it does not include financial institutions, companies with unavailable information, and firms whose shares were not traded in BM&FBOVESPA during the period. The model estimations presented statistically significant evidence that firms with better corporate governance practices have a lower probability of being in an insolvency situation. This research also used financial ratios as control variables for the model and found evidence regarding their relation with insolvency, similar to previous studies.