A paradigm shift in Portuguese bank culture by Francisco da Cunha Matos

A field of extremely high importance in a bank’s governance is the problem related to culture and integrity, and its being taken into account in an effective way in the entire organisation. This can be difficult to achieve since the notion is not inbuilt in the organisation and the leaders do not give it much attention.

Read more

New kid in town - the corporate restructuring mediator by Catarina Serra

When the Eagles wrote the song “New kid in town” for their famous album “Hotel California” released in 1977, they were not obviously thinking of the professional Portuguese restructuring player just introduced, which goes by the name of “corporate restructuring mediator” (hereinafter: CRM).

Nevertheless, the metaphor may be helpful to understand the expectations created by the introduction of a new player on the field and the contradictions involved in the general rules applying to the CRM.

Read more

Country Report_Portugal: Recent amendments to the Portuguese Insolvency Law: The forces that determine the success of restructuring tools - by Prof. Catarina Serra

Before spring even blossomed, the review of the Portuguese Insolvency Law was completed with the issuance of Law No. 7/2018 and Law No 8/2018 of 2 March 2018. The review began in 2017 with the Insolvency Act (hereafter IA) being amended by Law Decree No. 79/2017, of 30 June. The amendments may well be numerous and flashy, but do they embody a real shift of the Portuguese Insolvency Law? Let us have a look.

Read more

The impact of the Directive on shareholders, companies’ directors and workers

As widely announced, the so-called “Proposal for a Directive on pre-insolvency proceedings” was made public before 2016 ended (on 22 november). With a view to a minimum harmonisation of substantive insolvency law, the future Directive aims to put in place common principles and rules to improve the efficiency of the Member States’ restructuring and insolvency laws, particularly in respect to preventive restructuring frameworks. It is hardly noticeable at first sight but the amendments put forward in the Proposal go far beyond the borders of insolvency or pre-insolvency law.
Read more

Italy Report: Major amendments to insolvency and restructuring law

Italy has a modern and competitive legal system to face not only insolvency, but especially, the financial crisis. In order to further improve the present regulations, on 28 January 2015, the Italian Ministry of Justice established a Commission which will study how to reform the Italian insolvency and restructuring proceedings.
Read more

Brown Rudnick Alert: Banco Espírito Santo: Large Losses and Lots of Questions

Just when Europe seems to be exiting recession, and following Portugal’s formal exit from its Eurozone bailout earlier this year after 3 years of painful austerity, a bank collapse in Portugal has hit the business pages as further revelations come out on a daily basis. Banco Espírito Santo SA (“BES”) is a publicly traded universal financial services company headquartered in Portugal, the largest Portuguese listed bank by market capitalization and the second largest private-sector bank by total assets.
Read more