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Abstract(s)
Ao abrigo do artigo 322.º do Código das Sociedades Comerciais as sociedades anónimas estão impedidas de assistirem financeiramente um terceiro para que este consiga subscrever ou adquirir ações representativas do seu capital social. Não obstante os avanços comunitários para uma flexibilização do regime, a lei portuguesa permanece imodificada. A presente dissertação procura abordar a mística hermenêutica da figura da assistência financeira. Para alcançar um resultado digno, mais do que atender aos impactos pela não transposição da Diretiva 2006/68/CE, já oportunamente escrutinados pela doutrina, importa densificar o alcance do elemento finalístico da figura e abarcar matérias como sejam a questão da in(ex)clusão das operações de leveraged buy-outs na alçada da proibição, a extensão do regime às demais sociedades de capitais, bem como a inclusão das representations and warranties na categoria de atos proibidos, questões estas que escaparam ordinariamente ao crivo e interrogação do legislador.
Pursuant article 322 of the Portuguese Companies Code, limited companies by shares are prevented from providing financial assistance to a third party to enable the latter to subscribe or acquire shares representing its share capital. Notwithstanding the European community advances towards a more flexible regime, Portuguese law remains unmodified. This dissertation seeks to unveil the hermeneutic mystique of the financial assistance figure. In order to reach a worthy result, more than addressing the impacts of the non-transposition of the Directive 2006/68/CE, already timely scrutinized by the legal scholars, it will be essential to densify about the scope of the finalistic element of the figure and cover issues such as the inclusion or not of leveraged buy-outs in the prohibition, the extension of the regime to other capital companies, as well as the inclusion of representations and warranties in the category of prohibited acts, questions that ordinarily escaped the sieve and questioning of the legislator.
Pursuant article 322 of the Portuguese Companies Code, limited companies by shares are prevented from providing financial assistance to a third party to enable the latter to subscribe or acquire shares representing its share capital. Notwithstanding the European community advances towards a more flexible regime, Portuguese law remains unmodified. This dissertation seeks to unveil the hermeneutic mystique of the financial assistance figure. In order to reach a worthy result, more than addressing the impacts of the non-transposition of the Directive 2006/68/CE, already timely scrutinized by the legal scholars, it will be essential to densify about the scope of the finalistic element of the figure and cover issues such as the inclusion or not of leveraged buy-outs in the prohibition, the extension of the regime to other capital companies, as well as the inclusion of representations and warranties in the category of prohibited acts, questions that ordinarily escaped the sieve and questioning of the legislator.
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Keywords
Assistência financeira Diretiva 2006/68/CE Pressupostos Sociedades por quotas Atos proibidos Leveraged buy-out Cláusulas de declarações e garantias Financial assistance Directive 2006/68/CE Preconditions Limited companies by quotas Prohibited acts Representations and warranties