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Advisor(s)
Abstract(s)
A proibição de Assistência Financeira consagrada no artigo 322º do Código das Sociedades Comerciais parece impedir totalmente as Sociedades Anónimas de prestar assistência financeira a um terceiro para que este adquira ou subscreva ações representativas do seu capital. Defendemos uma interpretação histórica-evolutiva do preceito, de forma a conciliá-lo com a evolução do mundo empresarial, de resto geradora da flexibilização que se fez sentir a nível europeu com a diretiva 2006/68/CE. A proibição do artigo 322º só se deverá aplicar às situações em que o financiamento concedido seja o motivo principal e determinante que determine a compra das ações da sociedade assistente, exigindo-se desse modo uma análise casuística da operação que se pretende realizar. Propomo-nos demonstrar que não devem caber no regime da proibição certas operações como os LBO, quando a sua finalidade é mais ampla que a mera assistência financeira.
The prohibition on Financial Assistance established in Article 322 of the Portuguese Commercial Companies Code appears to prevent totally Public Limited Companies from providing financial assistance to a third party in order to acquire or subscribe for shares representing its capital. We defend a historical-evolutionary interpretation of the precept, in order to reconcile it with the evolution of the business world, which in turn generates the flexibility that was felt at European level with the 2006/68 / EC directive. The prohibition of article 322 should be interpreted as to only apply to situations in which the financing granted is the main and determining reason that justifies the purchase of the shares of the assistant company, thus requiring a case by case analysis of the operation to be carried out. We propose to demonstrate that certain operations such as LBOs should not fit under the prohibition regime, when their purpose is broader than mere financial assistance.
The prohibition on Financial Assistance established in Article 322 of the Portuguese Commercial Companies Code appears to prevent totally Public Limited Companies from providing financial assistance to a third party in order to acquire or subscribe for shares representing its capital. We defend a historical-evolutionary interpretation of the precept, in order to reconcile it with the evolution of the business world, which in turn generates the flexibility that was felt at European level with the 2006/68 / EC directive. The prohibition of article 322 should be interpreted as to only apply to situations in which the financing granted is the main and determining reason that justifies the purchase of the shares of the assistant company, thus requiring a case by case analysis of the operation to be carried out. We propose to demonstrate that certain operations such as LBOs should not fit under the prohibition regime, when their purpose is broader than mere financial assistance.
Description
Keywords
Assistência financeira LBO Leveraged buyout Share deal Aquisição de empresas Fusão alavancada Financial assistance Company takeover Leveraged merger