CONTENTS CORPORATE LAW NEWSLETTER I MARCH, 2017 I CAPITALIZAR PROGRAMME – PRESS RELEASE FROM THE COUNCIL OF MINISTERS OF 16 MARCH 2017 2 II NATIONAL LEGISLATION 5 III NATIONAL CASE LAW 6 NEWSLETTER I CORPORATE WWW.CUATRECASAS.COM NEWSLETTER I CORPORATE 2/7 NEWSLETTER CORPORATE LAW I CAPITALIZAR PROGRAMME – PRESS RELEASE FROM THE COUNCIL OF MINISTERS OF 16 MARCH 2017 One of the priorities of the programme of the 21st Constitutional Government is to reduce the high level of corporate borrowing and to improve conditions for investment, which is why the capitalisation of companies is one
Judgment of the Supreme Court of Justice of 1 July 2014
This judgment concludes that the Insolvency Plan is an alternative corporate recovery measure which aims to satisfy the interests of the creditors, which applies indiscriminately to natural and to legal persons. When the insolvent is a natural person, the fact that the liquidation of its assets within the insolvency proceedings took place without the full payment of the claims, is still not enough to declare the release of the debtor.
Judgment of the Supreme Court of Justice No 15/2014, published in Diário da República (Portuguese official gazette) No 24 of 2014-12-22
Insolvency – Insolvency Administrator – Presumption of bad faith
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
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 Fiduciary Duties of Directors
When a company enters the zone of insolvency (the so-called “twilight zone”), conflicts of interest between the company, its shareholders and the different stakeholders, such as creditors, are ignited and the pressure on directors for contradictory forms of action is intensified.
Judgement No. 362/2015 - Official Gazette No. 186/2015, Series II of 09/23/2015
The Constitutional Court ruled unconstitutional the provision of Article 100 of the Insolvency and Corporate Recovery Code, approved by Decree-Law No. 53/2004, of March 18, if interpreted as the declaration of insolvency provided therein suspends the limitation deadline of tax debts attributable to the responsible subsidiary responsible person according to the tax procedure.
Judgment of the Supreme Court of 08/10/2015
On December 28, 2013, the new Electricity Sector Act (Act 24/2013, of December 26) or “LSE” came into force.
The LSE maintains the essence of the rules established under Royal Decree- Law 9/2013, of July 12. Existing renewable energy plants will receive the market price and will be entitled to additional remuneration that, based on investment costs and standard operations costs, will enable them to achieve certain profitability.
Today’s U.S. Supreme Court decision in Commonwealth of Puerto Rico v. Franklin California Tax-Free Trustputs an end to one of Puerto Rico’s multi-pronged efforts to deleverage itself.
Insolvency that stems from the obligations assumed by a joint venture may concern any of the associates. Such proceeding, especially when it has an international dimension, requires a broader perspective on some of the requirements set forth by law with respect to the initiation and application of the proceeding.