O Processo Especial de Revitalização (Portuguese Edition)
Author of several published works, he is also a frequent guest-speaker at various conferences on matters such as Litigation, Constitutional, Corporate, and Real Estate Owners law, as well as on the professional deontology of lawyers. Covering civil and commercial liability, its recent work focused on the insurance, finance and construction sectors. A particular highlight was representing Nos against Meo in claims regarding telephone number portability.
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The Legal Meet the team How can my law firm get involved? Lawyer rankings Portugal Dispute resolution Insolvency and restructuring. Position Partner and head of the Litigation and Arbitration Department.
Languages Portuguese, English, French, Spanish. The service is generally carried out by registered mail. When it is shown to be impossible to serve the complaint via registered mail, the service is instead made through direct contact. The defendant then has 30 days to present his reply where he can defend itself by alleging procedural objections, arguing that facts are not true or stating other facts.
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The defendant may also file a counterclaim. However it must be connected with the main claim or with the defence against the main claim. After written allegations was made the judge calls for a pre-trial hearing.
At the final hearing the witness testifies and other proofs are taken. If the defendant thereafter does not pay the amount he is required to pay within the term of the judgment, it is up to the creditor to start enforcement proceedings. Enforcement proceeding An enforcement proceeding begins with an application whereby the plaintiff identify his credit, the debtor and assets to be apprehended.
If there is a seizure and if there is a real guarantee, other creditors are served so that they can claim their credits. The next phase is the sale of the property in order to pay to the creditor. All execution acts such as service, attachment of property or earnings, sale and payment are made by an execution agent. Special procedures In addition to the basic procedures there are several special procedures in Portuguese law. Thought a simple procedure a creditor can obtain a writ of execution against his debtor. This procedure is not limited to small claims, but is eminently suited for those.
This proceeding starts by completing a given form.
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The defendant has 15 days to oppose for payment served. In case of difficulty of tracing debtor it entitles also creditor to fast-track proceedings. The average timeframe required to obtain an execution order is two to three months.
But if the request to pay is disputed by the debtor, it has to be then submitted to the judge appreciation and it can take about one year or more to be judged. Court costs Court costs of the civil law procedure are determined by the Court and not subject to any negotiation.
The assistance provided to clients — debtors and creditors — under these circumstances was of crucial importance for the success of the restructuring projects. In some cases, these restructuring transactions revealed themselves as important opportunities for investors, yet these transactions' success relied heavily on special legal skills and expertise. Having all this in mind, several rehabilitation plans comprising debt, economic and corporate restructuring were agreed on between debtors and their relevant creditors.
Some of these restructurings had to be implemented through court proceedings, not only when obligations to file for insolvency applied, but also when cramdown on dissenting creditors had to be imposed. These proceedings are comprised of a negotiation procedure supervised by the Court, under which creditors are allowed to negotiate an agreement aimed at ensuring their continued activity.
We take the view that currently, in , many companies facing difficulties have already found their way either through market exit or restructuring.
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However, there are still a relevant number of entities unable to comply with their due obligations towards banks, many resulting from over-indebtedness in very substantial amounts carried over from the pre-crisis period, others from failed restructurings. Despite the reasons behind the pending indebtedness, it is now important to deal with what we believe will be one of the main challenges of the Portuguese economy within the next year: to find a solution at the lowest cost possible for the very high level of non-performing loans in the post-crisis period.
In addition, it will be important to create incentives to avoid relapsing into this same situation in the coming years. In a moment when a reform of the insolvency and debt restructuring legal framework is ongoing, it will be important to create legal incentives towards the anticipation of debt and corporate restructurings. The earlier the companies understand their need for restructuring, the higher the chance of achieving a proper and successful rehabilitation.
Although failure is part of the economic process, transparency and accuracy in the treatment of the financial matters should be a priority to all stakeholders and anticipation should be the rule when a company starts facing economic and financial stress.