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Abstract(s)
Em 2014, a Comissão Europeia, numa comunicação que aprovava as orientações
relativas aos auxílios de Estado para a promoção dos investimentos de financiamento de risco (2014/C 19/04), considerou compatível com o mercado interno a concessão de auxílios, nomeadamente investimentos de quase capital, que visem o desenvolvimento de certas atividades económicas, com maior enfoque nas PME. Desde então, alguns ordenamentos jurídicos europeus passaram a consagrar a figura dos empréstimos participativos, com
mecanismos mais ou menos semelhantes entre si. O presente estudo visará o DL n.º 11/2022, de 12 de janeiro, que introduziu aquela figura no ordenamento jurídico português. Conforme se pretenderá demonstrar, um significativo número de empresas portuguesas depara-se com sérios problemas de rácio de endividamento elevado, o que, para a grande maioria, significa uma acrescida dificuldade, quer ao nível da prossecução das suas atividades sociais, quer na tentativa de se manterem financeiramente viáveis (principalmente nos
primeiros anos de atividade). Este fenómeno levou a que se regulasse a figura dos empréstimos participativos, que tenta ser alternativa às formas tradicionais de financiamento das empresas, sobretudo ao financiamento que é feito através de empréstimos bancários. Pretende-se, com o presente estudo, descrever brevemente o diploma dos empréstimos participativos, enquadrar o mesmo em termos de política económica – atendendo à finalidade da consagração da figura na ordem jurídica nacional – e refletir sobre o problema da (sub)capitalização das empresas portuguesas. Posteriormente, com o objetivo de melhor compreender o diploma e a sua efetividade, analisar-se-á um ponto fundamental: o alcance do diploma no plano societário, designadamente
a correta interpretação do seu art. 2.º, n.º 2. Assim, procurar-se-á determinar qual a amplitude e o sentido daquele preceito quando refere que os “(…) empréstimos participativos são considerados como capital próprio para efeitos da legislação comercial (…)”, nomeadamente se o montante mutuado deverá ser considerado para efeitos de normas contabilísticas, ou se se tratará apenas de um conceito limitado ao campo do CIRE e do CSC. Por fim, debruçar-se-á mais atentamente sobre a vertente contratual dos empréstimos participativos. 4
Ao longo da primeira parte da análise da vertente contratual deste tipo de empréstimo, descrever-se-ão as regras do diploma e, principalmente, discutir-se-ão algumas das questões por resolver: quando o mutuário estiver em condições de reembolsar o mutuante, este tem um direito de exigir a quantia devida, ou, pelo contrário, deve, como única solução, esperar até poder converter o crédito em capital? Quais são as reservas previstas no art. 11.º, n.º 1, alínea a) do diploma a respeito do limite à remuneração e/ou reembolso? Relativamente à remuneração fixa (juro), haverá algum limite a ser imposto, ou ficará esta questão no âmbito da autonomia privada das partes? Estará a concessão deste tipo de empréstimo restringida aos mutuantes mencionados no art. 3.º do diploma? Finalmente, num segundo momento da análise da vertente contratual do empréstimo participativo, procurar-se-á definir a natureza jurídica do mesmo, designadamente, saber se é reconduzível ao mútuo parciário e/ou à associação em participação, figuras contratuais pré-existentes.
In 2014, the European Commission, in a communication approving the guidelines on state aid to promote risk-financing investments (2014/C 19/04), considered compatible with the internal market the granting of aid, including quasi-equity investments, aimed at developing certain economic activities, with a greater focus on SMEs. Since then, some European legal systems have established the figure of participative loans, with more or less similar mechanisms. The present study will address Decree-Law no. 11/2022, of 12 January, which introduced the figure in the Portuguese legal system. As it will be demonstrated, a significant number of Portuguese companies face serious problems with a high debt ratio, which, for the vast majority, means an added difficulty, both in terms of pursuing their corporate activities and in trying to remain financially viable (mainly in the first years of activity). This henomenon has led to the regulation of the figure of the participative loans, which aims to be an alternative to the traditional ways of financing companies, mainly the financing that is done through bank loans. The purpose of this study is to describe briefly the diploma of participative loans and to contextualise it in terms of economic policy – considering the purpose of the consecration of the figure in the national legal system –, and to reflect on the problem of the (under)capitalisation of Portuguese companies. Subsequently, with the purpose of better understanding the diploma of participative loans and its effectiveness, a key point will be analysed: the scope of the diploma in the corporate plan, namely the correct interpretation of its article 2, no. 2. Therefore, it will be sought to determine the scope and meaning of that provision when it states that "(...) shareholders' loans are considered as shareholders' equity for the purposes of commercial law (...)", namely if the amount lent should be considered for the purposes of accounting rules or if it is only a concept limited to the field of the Portuguese Insolvency and Corporate Recovery Code (“CIRE”) and the Portuguese Commercial Companies Code (“CSC”). Finally, a closer look will be given to the contractual aspect of participatory loans. Throughout the first part of the analysis of the contractual aspect of this type of loan, the rules of the diploma will be described and, mainly, some of the unresolved issues will be discussed: When the borrower can repay the lender, does the lender have a right to demand the amount owed, or, on the contrary, should the only solution be to wait until the credit can be converted into capital? What are the reserves provided for in article 11(1)(a) of the diploma 6 concerning the limitation to remuneration and/or reimbursement? Regarding the fixed remuneration (interest), is there any limit to be imposed or is this issue left to the parties’ autonomy? Will the granting of this type of loan be restricted to the lenders mentioned in article 3 of the diploma? Finally, in a second stage of the analysis of the contractual aspect of the participative loan, we will try to define its legal nature, namely, to know if it may be characterised as profitparticipating loan (mútuo parciário) and/or silent partnership (associação em participação), pre-existing contractual figures.
In 2014, the European Commission, in a communication approving the guidelines on state aid to promote risk-financing investments (2014/C 19/04), considered compatible with the internal market the granting of aid, including quasi-equity investments, aimed at developing certain economic activities, with a greater focus on SMEs. Since then, some European legal systems have established the figure of participative loans, with more or less similar mechanisms. The present study will address Decree-Law no. 11/2022, of 12 January, which introduced the figure in the Portuguese legal system. As it will be demonstrated, a significant number of Portuguese companies face serious problems with a high debt ratio, which, for the vast majority, means an added difficulty, both in terms of pursuing their corporate activities and in trying to remain financially viable (mainly in the first years of activity). This henomenon has led to the regulation of the figure of the participative loans, which aims to be an alternative to the traditional ways of financing companies, mainly the financing that is done through bank loans. The purpose of this study is to describe briefly the diploma of participative loans and to contextualise it in terms of economic policy – considering the purpose of the consecration of the figure in the national legal system –, and to reflect on the problem of the (under)capitalisation of Portuguese companies. Subsequently, with the purpose of better understanding the diploma of participative loans and its effectiveness, a key point will be analysed: the scope of the diploma in the corporate plan, namely the correct interpretation of its article 2, no. 2. Therefore, it will be sought to determine the scope and meaning of that provision when it states that "(...) shareholders' loans are considered as shareholders' equity for the purposes of commercial law (...)", namely if the amount lent should be considered for the purposes of accounting rules or if it is only a concept limited to the field of the Portuguese Insolvency and Corporate Recovery Code (“CIRE”) and the Portuguese Commercial Companies Code (“CSC”). Finally, a closer look will be given to the contractual aspect of participatory loans. Throughout the first part of the analysis of the contractual aspect of this type of loan, the rules of the diploma will be described and, mainly, some of the unresolved issues will be discussed: When the borrower can repay the lender, does the lender have a right to demand the amount owed, or, on the contrary, should the only solution be to wait until the credit can be converted into capital? What are the reserves provided for in article 11(1)(a) of the diploma 6 concerning the limitation to remuneration and/or reimbursement? Regarding the fixed remuneration (interest), is there any limit to be imposed or is this issue left to the parties’ autonomy? Will the granting of this type of loan be restricted to the lenders mentioned in article 3 of the diploma? Finally, in a second stage of the analysis of the contractual aspect of the participative loan, we will try to define its legal nature, namely, to know if it may be characterised as profitparticipating loan (mútuo parciário) and/or silent partnership (associação em participação), pre-existing contractual figures.
Description
Keywords
Empréstimos participativos Conversão Mútuo parciário Código das Sociedades Comerciais Capital próprio Títulos de dívida