Facts 

DOING BUSINESS IN PORTUGAL A legal and tax perspective This guide provides general information to investors intending to operate in Portugal on legal issues on which they may need advice. It is not intended, and cannot be considered, as a comprehensive and detailed analysis of Portuguese law or, under any circumstances, as legal advice from Cuatrecasas, Gonçalves Pereira. This guide was drafted on the basis of information available as of October, 2015. Cuatrecasas, Gonçalves Pereira is under no obligation and assumes no responsibility to update this information. All rights reserved.

The English High Court in London Borough of Brent v Kane [2014] EWHC 4564 has held that legal advice taken in relation to various transactions which the claimant alleged had been made at an undervalue was not protected by privilege, as there was prima facie evidence that the purpose of the legal advice was to structure the transactions in order to allow the client to avoid or reduce the costs of a residential care home. 

Facts

Judgment of the Court of Appeal of Lisbon of 02-06-2015

Interpretation of the intentions of a commercial company – Attribution of communications by members of corporate bodies – Signatures

The Bill introduces key changes to the Personal Insolvency Act 2012. These include a new provision allowing for an independent review by the Circuit Court, if creditors such as the mortgage lender refuse a borrower’s proposal for a Personal Insolvency Arrangement to deal with unsustainable debts which include a mortgage on the borrower’s home.

In 2009, to promote corporate restructuring, the MoF and the SAT jointly released Circular Caishui [2009] No. 59 to  grant tax deferral treatment to qualified corporate restructuring transactions (recently modified by Circular 109, mentioned above, which expanded its scope).

In 2010, the SAT released Announcement [2010] No. 4, providing procedural guidelines to benefit from the tax deferral treatment.

In the Matter of J.D Brian Limited (In Liquidation) T/A East Coast Print and Publicity, In the Matter of J.D. Brian Motors Limited (In Liquidation) T/A Belgard Motors and In the Matter of East Coast Car Parts Limited (In Liquidation) and In the Matter of the Companies Acts 1963 to 2009 (the Companies)

The EBA updated its Implementing Technical Standards (ITS) on supervisory reporting of liquidity coverage ratios (LCR) for EU credit institutions. The updated ITS includes new templates and instructions for credit institutions so as to ensure compliance with the European Commission's Delegated Act adopted in October 2014. In addition the ITS outline all the necessary steps needed for the calculation of the ratio. The amended ITS are only applicable to credit institutions and not to investment firms and will only become applicable following publication in the EU Official Journal.

NEW REFORM OF THE INSOLVENCY ACT CONTENTS INTRODUCTION 2 AMENDMENTS REGARDING REFINANCING AGREEMENTS 3 - NOTIFICATION OF THE START OF NEGOTIATIONS 3 - REFINANCING AGREEMENTS AND COURT APPROVAL 4 AMENDMENTS REGARDING COMPOSITION AGREEMENTS 4 - CONTENT OF THE COMPOSITION AGREEMENT 4 - QUORUM FOR THE CREATION OF THE CREDITORS’ MEETING AND CALCULATION OF MAJORITIES 5 AMENDMENTS REGARDING LIQUIDATION 5 AMENDMENTS REGARDING THE CLASSIFICATION OF THE INSOLVENCY PROCEEDINGS 6 TELEMATIC COMMUNICATIONS AND PUBLIC INSOLVENCY REGISTRY 7 LEGAL UPDATE I COMMERCIAL AND LITIGATION PRACTICE AREAS June 2015

The Department of Justice and Equality has announced that the Government is to introduce legislation before the summer recess giving Courts the power to review and, where appropriate, approve insolvency deals that have been rejected by banks. This process will represent a reform of the Personal Insolvency framework and "seeks to ensure that fair and sustainable deals are upheld for struggling borrowers willing to work their way out of difficulties with a view to keeping their family home."