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A conversão de crédito em capital no âmbito da insolvência e do processo especial de revitalização (PER) : o conflito entre os direitos dos sócios e dos credores e o princípio da preservação da empresa
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A presente dissertação tem como principal objetivo analisar a relevância da conversão de créditos nos contextos de pré-insolvência e de insolvência, bem como os conflitos de interesses que emergem nesse âmbito, designadamente, entre os sócios, os credores e o interesse económico de recuperação da empresa. O elevado nível de endividamento das empresas portuguesas tem exigido que o financiamento empresarial assuma um papel central na recuperação sólida e sustentada. A definição da estrutura de capital é uma das decisões de gestão mais relevantes ao longo do ciclo de vida da empresa, e a sua reestruturação, quando realizada em momento oportuno, pode evitar que a empresa se torne insolvente, e que em último caso, seja liquidada, desaparecendo do ambiente económico. A recuperação empresarial é tanto mais viável quanto antes forem adotadas medidas para evitar o cenário de insolvência, razão pela qual os mecanismos de intervenção préinsolvencial e de caráter preventivo e urgente demonstram-se essenciais. Nestes contextos, a recuperação de empresas ainda viáveis parece ser o interesse primordial; contudo, não podemos ignorar os interesses dos credores e de outras partes envolvidas, que carecem de atenção jurídica. Para este efeito, procedemos à análise do regime jurídico da Lei n.º 7/2018, de 2 de março, e do Código da Insolvência e Recuperação das Empresas (“CIRE”), numa perspetiva de complementaridade de ambos. O foco foi compreender de que forma são protegidos os interesses dos sócios e dos credores das empresas, e em que medida o princípio da preservação da empresa prevalece sobre ambos.
This dissertation aims to analyse the relevance of debt-to-equity swap in the contexts of pre-insolvency and insolvency, as well as the conflicts of interest that arise in such scenarios, particularly between shareholders, creditors, and the broader economic interest in business recovery. The high level of corporate indebtedness in Portugal has required business investment to take on a central role in fostering solid and sustained economic recovery. Defining the capital structure is one of the most critical management decisions throughout a company's life cycle. Its timely restructuring can prevent a company from becoming insolvent and, in the worst-case scenario, from being liquidated and disappearing from the economic landscape. Business recovery is more likely to succeed when measures to prevent insolvency are adopted at an early stage. For this reason, pre-insolvency intervention mechanisms of a preventive and urgent nature are essential. In this context, the recovery of still-viable companies appears to be the primary interest at stake. However, the interests of the parties involved cannot be disregarded and require appropriate legal consideration. To this end, this study examines the legal framework established by Law No. 7/2018, of 2 March, and the Portuguese Insolvency and Corporate Recovery Code (“CIRE”), from a perspective of complementarity. The analysis focuses on understanding how the interests of shareholders and creditors are protected, and to what extent the principle of business preservation prevails over them.
This dissertation aims to analyse the relevance of debt-to-equity swap in the contexts of pre-insolvency and insolvency, as well as the conflicts of interest that arise in such scenarios, particularly between shareholders, creditors, and the broader economic interest in business recovery. The high level of corporate indebtedness in Portugal has required business investment to take on a central role in fostering solid and sustained economic recovery. Defining the capital structure is one of the most critical management decisions throughout a company's life cycle. Its timely restructuring can prevent a company from becoming insolvent and, in the worst-case scenario, from being liquidated and disappearing from the economic landscape. Business recovery is more likely to succeed when measures to prevent insolvency are adopted at an early stage. For this reason, pre-insolvency intervention mechanisms of a preventive and urgent nature are essential. In this context, the recovery of still-viable companies appears to be the primary interest at stake. However, the interests of the parties involved cannot be disregarded and require appropriate legal consideration. To this end, this study examines the legal framework established by Law No. 7/2018, of 2 March, and the Portuguese Insolvency and Corporate Recovery Code (“CIRE”), from a perspective of complementarity. The analysis focuses on understanding how the interests of shareholders and creditors are protected, and to what extent the principle of business preservation prevails over them.
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Conversão de créditos em capita Insolvência Processo especial de revitalização Dificuldade financeira Conflito de interesses Debt-equity swap Bankruptcy Special revitalization proceedings Financial difficulty Capital structure Conflict of interest
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