The perspective of a ahot summer arriving is an excellent opportunity to take a look at the most relevant events that occured on the second quarter of 2019.
On an international level, and in contrast with the previous quarters, few events are worth mentioning.
Decree-Law no. 10-J/2020, dated 26 March, affords a moratorium on existing financings and other banking-related measures for the protection of the liquidity of Portuguese companies and families affected by COVID-19 outbreak, to ensure the continuity of financings and preventing defaults derived from the downturn of the economy.
Are there any mechanisms of debt restructuring in case my company is facing a difficult economic situation?
Law no. 7/2018, of 2 March 2018 was published last Friday, establishing a new legal framework for conversion of credits into capital.
Approved as part of the Programa Capitalizar1 (Capitalize Program) and effective as of 3 March, the Act affords companies and their creditors an extrajudicial recovery and restructuring avenue to act swiftly with regard to the capitalization of companies in a weak financial position but that are economically viable.
I. Scope
RERE / IRC: Aprovadas novas regras de dedução de créditos incobráveis no âmbito de acordo de reestruturação
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Introduction
In 2014, the International Swaps and Derivatives Association, Inc. (“ISDA”), published the 2014 ISDA Credit Derivatives Definitions (the “Definitions”), which updated the 2003 ISDA Credit Derivatives Definitions.[1]
Supreme Administrative
Court Judgement of October 12, 2016
Case no. 0797/15
In this Judgment, the Supreme Administrative Court concluded that expenses related to employees, recorded as remuneration, salaries or wages, relevant to the limit of 15% foreseen for acceptance of the expenses with social benefits referred to in Article 43.2 of the CIT Code, are not limited to those that were subject to mandatory Social Security contributions.
South Central Administrative Court
Judgement of October 13, 2016
The Supreme Court of Justice's July 5 2016 decision in Case 6034/13.8TBBRG-N1.S1 examined whether the payment due for the termination of an employment contract as a result of a collective dismissal following an employer's declaration of insolvency was a debt of the insolvent estate or the insolvent company.