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Abstract(s)
A imposição de covenants em contratos de financiamento tem contribuído para a qualificação de vários credores financiadores como credores controladores. Tendo por base a posição de ascendência atribuída por esses convénios, não são raras as vezes que esses credores controladores limitam ou condicionam acentuadamente a liberdade de gestão atribuída aos órgãos de administração da sociedade financiada. Deste modo, pretende-se com esta investigação contribuir para a reflexão em torno do fenómeno dos covenants e, além disso, analisar a pertinência de vários mecanismos de responsabilidade ex post a aplicar aos credores controladores.
The inclusion of covenants in financing agreements has contributed to the qualification of several financing creditors as controlling creditors. Based on the dominance position attributed by those covenants, it is not rare that those controlling creditors limit or strongly condition the management freedom granted to the management bodies of the financed company. Therefore, with this research, we intend to reflect on the covenant’s phenomenon and, in addition analyze the relevance of several ex-post liability mechanisms than can be applied to those controlling creditors.
The inclusion of covenants in financing agreements has contributed to the qualification of several financing creditors as controlling creditors. Based on the dominance position attributed by those covenants, it is not rare that those controlling creditors limit or strongly condition the management freedom granted to the management bodies of the financed company. Therefore, with this research, we intend to reflect on the covenant’s phenomenon and, in addition analyze the relevance of several ex-post liability mechanisms than can be applied to those controlling creditors.
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Keywords
Covenants Credor controlador Responsabilidade do credor Financiamento societário Dever de lealdade Administrador de facto Controlling creditors Creditor liability Corporate finance Duty of loyalty De facto director