Insolvency and restructuring in Portugal

Cuatrecasas

Cuatrecasas‘ restructuring and insolvency team is regularly engaged by both domestic and international clients seeking advice on complex insolvency, debt recovery, and liquidation proceedings, as well as debt restructuring and distressed transactions. The practice is jointly steered by Manuel Requicha Ferreira, whose expertise spans banking, finance, and capital markets, and Miguel de Almada, who focuses on litigation and arbitration, particularly in the financial, construction, energy, and telecoms sectors. Elsewhere in the team, Diana Simão Lourenço specialises in complex matters involving companies in trouble, asset recovery and restructuring, while Margarida Leal de Oliveira is noted for her experience in insolvency and special situations, and debt refinancing and restructuring.


Praxisleiter:

Manuel Requicha Ferreira; Maria Raquel Moreira


Weitere Kernanwälte:

Diana Simão Lourenço, Margarida Leal De Oliveira, Diana Avillez Caldeira


Kernmandanten

Mutares


Temahome


Bank of Portugal


Novo Banco


Monarch Capital Partners


SCC – Sociedade Central de Cervejas e Bebidas


Explorer Investments


Deutsche Bank, London Branch


Davidson Kempner


Ardent Financial Limited


Bank of America


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  • Advised Mutares Iberia on the acquisition of Efacec Group from the Portuguese State (Parpública – Participações Públicas), and its financial restructuring.
  • Advised Bank of Portugal on lawsuits brought against it regarding the resolution of BES, namely Oak Finance.
  • Advising BCP on the insolvency proceedings of several entities of the Aprígio dos Santos group.

Linklaters

Linklaters is an eminent player in the restructuring and insolvency space, renowned for its sophisticated handling of complex matters such as debt restructuring, capital raisings, distressed M&A, and formal insolvency procedures, as well as asset tracing and bank loan portfolio refinancing. The practice is helmed by Nuno Ferreira Lousa, who assists on the full range of contentious and non-contentious restructuring and insolvency issues, handling domestic and cross-jurisdictional insolvency and pre-insolvency proceedings. Gonçalo Veiga De Macedo is key port of call for for creditors, debtors and investors seeking assistance on non-performing loans and distressed debt transactions and restructurings.

Praxisleiter:

Nuno Ferreira Lousa


Weitere Kernanwälte:

Manuel de Abreu Castelo Branco, Tatiana Lisboa Padrão, Carlota Freire, Gonçalo Veiga De Macedo


Kernmandanten

ECS – Sociedade de Capital de Risco, S.A.


Novo Banco, S.A.


Oitante, S.A.


Tilden Park Capital Management


I.F.M.- Indústria de Fibras de Madeira, S.A.


Lisgráfica – Impressão e Artes Gráficas, S.A.


Fortress Investment Group LLC


Artlant PTA


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Morais Leitão, Galvão Teles, Soares da Silva & Associados

Standing out for its ‘technical know-how’ and ability to support its clients’, the team at Morais Leitão, Galvão Teles, Soares da Silva & Associados is frequently instructed by debtors, creditors, investors, and other stakeholders on corporate restructurings and liquidations. Active in both judicial and extrajudicial proceedings, the team excels in litigation connected to insolvency cases and has a strong track record in out-of-court restructuring processes. Practice head Nuno Gundar da Cruz brings notable expertise in complex PER and insolvency cases in Portugal and distressed investment matters. Other key practitioners include Carlos Osório de Castro, Pedro Gorjão Henriques , and Filipe Lowndes Marques , who are recognised for their proficiency in financial restructurings. Catarina Martins Morão, who offers valuable support, is also recommended.

Praxisleiter:

Nuno Gundar da Cruz


Weitere Kernanwälte:

Carlos Osório de Castro, Pedro Gorjão Henriques, Filipe Lowndes Marques, Catarina Martins Morão, Luís Possolo


Referenzen

‘Competence, know-how, recognition in the field, dedication, professionalism, integrity.’

‘Available to respond to customer requests efficiently. Search for solutions that ensure greater security in the decisions to be made.’

‘Filipe Lowndes Marques – availability and knowledge of the files.’

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PLMJ

PLMJ fields a ‘collaborative’ and ‘proactive’ team, recognised for its efficient collaboration across multiple practice areas, such as banking and finance, tax, corporate and M&A, real estate, and public law, allowing for tailored industry insights in complex cases. Nuno Líbano Monteiro , noted for his expertise in cross-border insolvency, restructuring, and litigation for prominent companies, co-leads the practice with Joaquim Shearman de Macedo, whose skill set includes debt restructuring and insolvency disputes, particularly for investment funds. Manuela Tavares Morais stands out for her proficiency in pharmaceutical-related cross-border insolvency cases and credit institution wind-ups, while Pedro Caetano Nunes specialises in corporate and financial litigation, supporting investment funds, distressed entities, and large insolvent estates.

Praxisleiter:

Nuno Libano Monteiro; Joaquim Shearman de Macedo


Weitere Kernanwälte:

Duarte Schmidt Lino, Pedro Caetano Nunes, Manuela Tavares Morais, Ricardo Silva Pereira, Rita Folhadela, Manuel Sequeira


Referenzen

‘What I particularly like about PLMJ, apart from their excellent local and international skills, is their responsiveness, efficiency and in-house resources. The excellence of their services and the attention they give to my projects have enabled me to maintain a relationship of great trust over the past 10 years.’

‘Pedro Caetano Nunes is a lawyer of extreme finesse. He is capable of envisaging several scenarios for the same operation, and proposing innovative alternatives. Pedro is excellent both technically and commercially. I can pass on all my disputes to him with my eyes closed, knowing that they will be handled with the utmost care.’

‘PLMJ team and a series of individuals in particular, have been fundamental. The team has been collaborative in building and understanding the company as well as proactive in identifying options and solutions to the issues.’

Kernmandanten

BlackRock


Canada Pension Plan – Investment Board / Amitra Capital


Cross Ocean Partners


Espírito Santo Financial Group (ESFG), Insolvent Estate


European Investment Bank


Iberis Semper


KKR


Oxy Capital


PIMCO Investment Management


Strategic Value Partners


Mudrick Capital Management L.P.


AlbaCore Capital LLP


Owl Creek Credit Opportunities Master Fund, L.P.


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  • Advising the insolvent estate of ESFG.
  • Advising international investment funds including Attestor Capital LLP and PIMCO/BlackRock Group on the recent insolvency of a Portuguese bank.
  • Advising several clients on their challenge against the creditors list issued by the liquidation committee in the insolvency proceedings of Banco Espírito Santo.

VdA

Well-regarded for its expertise across a wide range of matters, the restructuring and insolvency team at VdA excels in financial restructuring, distressed asset negotiations, voluntary business recovery, special revitalisation processes, and insolvency proceedings. The practice is jointly steered by Frederico Gonçalves Pereira, a seasoned commercial litigator and corporate restructuring expert and Paulo Olavo Cunha, who is frequently engaged in significant projects, transactions, and group restructuring operations. Teresa Pitôrra is a key figure for both creditors and debtors, with a strong focus on restructuring and insolvency cases in sectors like banking and telecoms, while Catarina Carvalho Cunha specialises in restructuring and insolvency matters across Portugal and Portuguese-speaking African countries, assisting clients in the telecoms, banking, and energy sectors.

Praxisleiter:

Frederico Gonçalves Pereira; Paulo Olavo Cunha


Weitere Kernanwälte:

Teresa Pitôrra, Catarina Carvalho Cunha


Kernmandanten

Caixa Gestão de Ativos, S.A. (“CGA”) and Insolvent Estateof Fundo de Investimento Imobiliário Fechado Promovest


Valeo Systèmes de Contrôle Moteur


Banco de Portugal


Menzies Aviation


Millennium BCP


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  • Advised the Portuguese State and Parpública – Participações Públicas (SGPS), S.A. on the privatisation of EFACEC Power Solutions SGPS, S.A. (Efacec) in favour of Mutares Iberia, S.L.
  • Assisting Banco de Portugal within the judicial liquidation proceedings of Banco Espírito Santo.
  • Assisting Caixa Gestão de Ativos, S.A. with the insolvency proceedings of Fundo Promovest.

Garrigues Portugal

Sought after for its expertise in debt restructuring and distressed asset transactions, Garrigues Portugal brings together a diverse team of corporate, banking and finance, and dispute resolution specialists. The team adeptly handles domestic and multijurisdictional matters under the joint leadership of Vasco Rodrigues, who focuses on special situations and distressed transactions, and Miguel Azevedo, a trusted adviser on insolvency and pre-insolvency proceedings.

Praxisleiter:

Vasco Rodrigues; Miguel Azevedo


Weitere Kernanwälte:

Ricardo Lira


Kernmandanten

Atena Equity Partners


Njord Partners


Alain Afflelou


Angelini


BNP Paribas Factor


Bosch


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  • Advised Atena Equity Partners on the sale of Cariano in the context of a full turnaround of the company.
  • Advised Njord Partners following the completion of the acquisition of non-performing loans and restructuring of debt of the Elevo Group, in particular concerning the restructuring process and assistance in litigation proceedings.

Sérvulo & Associados

Highlighted for its ‘absolutely formidable work’, the team at Sérvulo & Associados combines expertise in finance, corporate governance, dispute resolution, and corporate and M&A to deliver comprehensive solutions in complex restructuring, insolvency, and liquidation cases across Portugal and Europe. The practice operates under the joint leadership of four experts: managing partner Manuel Magalhães , a go-to advisor for insolvent banks; Mafalda Ferreira Santos, who is highly regarded for her skill in dispute resolution and for representing both creditors and debtors in restructuring and insolvency proceedings; and António Teles and João Saúde, both of whom bring notable experience in litigation and arbitration matters.

Praxisleiter:

Manuel Magalhães; Mafalda Ferreira Santos; António Teles; João Saúde


Weitere Kernanwälte:

Francisco Barona, Francisco Boavida Salavessa, Maria José Lourenço, Alexandra Valpaços


Referenzen

‘Punctual feedback and mastery of the topics covered.’

‘João Saúde and Alexandra Valpaços: speed in dealing with issues and clarity in communication.’

‘A team really focused on the client and their needs.’

Kernmandanten

TAP – Transportes Aéreos Portugueses, S.A.


BANCO ESPÍRITO SANTO, S.A. – Em Liquidação (BES)


BANCO INTERNACIONAL DO FUNCHAL, S.A. – Em Liquidação (BANIF)


BANCO PRIVADO PORTUGUÊS, S.A. – Em Liquidação (BPP)


Renault Group


FERROVIAL/MSF – BARRAGENS A.C.E.


Monumental Residence – Empreendimentos Imobiliários, S.A.


Orey Financial – Instituição Financeira de Crédito, S.A. – Em Liquidação


Aquila Capital Group (Pebble Hydro – Consultoria, Investimento e Serviços, Unipessoal, Lda.)


Akzo Nobel Group


Exact Software Iberia, S.L.U.


Kuoni Gts France S.A.S.


Eurowind Energy, Lda.


Vision-Box – Soluções de Visão por Computador, S.A.


Albatroz Group


Autoridade Nacional de Emergência e Proteção Civil (“ANEPC”)


Banco Comercial Português, S.A. (Millennium BCP)


Caixa Económica Montepio Geral (CEMG)


Highlight-Mandate


  • Representing TAP – Transportes Aéreos Portugueses, S.A. (“TAP”) in the insolvency proceedings of SPdH – Serviços Portugueses de Handling, S.A.
  • Advising Banco Espírito Santo (BES), as well as its Liquidation Committee, on pre-litigation and litigation matters, which involves a large diversity of legal issues.
  • Acting for BANIF, as well as its Liquidation Committee, in all legal matters relating to the liquidation of the bank, including several lawsuits.

Uría Menéndez

Uría Menéndez provides expert support to both debtors and creditors in domestic and international matters, with a strong emphasis on preventive restructuring mechanisms, insolvency proceedings, and associated litigation. The team is also noted for its proficiency in devising and implementing step-in structures. Leading the practice are David Sequeira Dinis , known for his expertise in bankruptcy and corporate restructuring, managing both court-based and extrajudicial settlements, and Nuno Salazar Casanova, described as ‘competent, experienced, and results-oriented,’ who advises on insolvency and restructuring cases at both national and international levels. Luís Bértolo Rosa strengthens the team with his broad practice spanning litigation, preventive restructuring, loan-to-own strategies, and non-performing loan transactions.

Praxisleiter:

David Sequeira Dinis; Nuno Salazar Casanova


Weitere Kernanwälte:

Luís Bértolo Rosa


Referenzen

‘The greatest possible attention to detail, a huge commitment to the process and customers, extremely high technical knowledge and total availability.’

‘The quality of our professionals is well above average. They are diligent, hard-working, genuinely concerned with delivering good customer service, available and with outstanding technical knowledge. They are concerned with building long-term relationships with customers.’

‘I have always worked with David Sequeira Dinis’ team for the reasons explained below.’

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Abreu Advogados

Praised for its ‘high technical quality’, the team at Abreu Advogados showcases significant expertise in distressed M&A, corporate restructuring, insolvencies, creditors’ rights, and asset tracing, working closely with its financial, tax, commercial M&A, and labour law teams to provide comprehensive support. Practice head Francisco Patrício brings notable experience in pre-insolvency strategies, insolvency-related transactions, and distressed M&A, acting for creditors, board members, and shareholders of insolvent companies. Gonçalo Delicado frequently advises on the negotiation and implementation phases of corporate restructurings, while Eduardo Peixoto Gomes focuses on contentious insolvency and restructuring matters, representing financial institutions, funds, and corporations, with particular strength in special revitalisation procedures.

Praxisleiter:

Francisco Patrício


Weitere Kernanwälte:

Gonçalo Delicado, Eduardo Peixoto Gomes


Referenzen

‘Abreu Advogados is a company that, in addition to high technical quality, responds in a unique way to the needs of its clients. Unlike other law firms, it establishes an unpretentious relationship with the client, using simple and accessible language, which allows for an improved level of communication.’

‘I recommend Francisco Patrício and Gonçalo Delicado, for their human qualities, high sense of responsibility and availability for the client and for making us feel confident in the relationship established.’

‘Abreu is well connected within Portugal and knows the market very well.’

Kernmandanten

Parvalorem S.A.


Organismo Coletivo de Investimento Imobiliário Imonegócios


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  • Assisting Parvalorem S.A. in several insolvency proceedings and special revitalisation processes, representing the client not only in these processes but also in recovery plans.
  • Assisting Parvalorem S.A. in the negotiation of several agreements, namely payments in kind of real estate assets and security agreements.
  • Assisting Organismo Coletivo de Investimento Imobiliário Imonegocios, a state-owned fund that invests in a diversified set of assets in the real estate market, predominantly in commerce and services engaged on distressed asset management.

CMS

Singled out for its ‘great technical competence and commitment’, CMS assists clients across the banking, finance, real estate, retail, and telecoms sectors, offering comprehensive guidance on both transactional and contentious restructuring and insolvency matters. The practice is jointly helmed by Nuno Pena, who is noted for his expertise in Bank Recovery and Resolution Directive-related issues, and António Payan Martins, a specialist in restructurings, special situations, and transactions involving distressed assets and non-performing loans. Miguel Esperança Pina  has left the firm.

Praxisleiter:

Nuno Pena; Antonio Payan Martins


Referenzen

‘The CMS team demonstrates great technical competence and commitment, anticipating the resolution of all legal issues. They also establish an excellent relationship with the client.’

Kernmandanten

Tâmega Engineering


BAI – Banco Angolano de Investimentos, S.A. | Sociedade Aberta


Davidson Kempner European Partners, LLP


BFI – Banco de Fomento Internacional, S.A.


Ondas & Neblinas, Lda.


ANA- Aeroportos de Portugal S.A.


Imoholding – Património Imobiliário, SGPS, S.A.


Goldman Sachs


Massily Portugal S.A.


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  • Advised Davidson Kempner European Partners LLP on the corporate and debt restructuring of the companies that own and control the Quinta do Lorde resort project in Madeira.
  • Advised BAI – Banco Angolano de Investimento, S.A. on the restructuring of the facility arrangements originally granted by BAI and the refinancing of a real estate project carried out in Angola by Panservice – Promoção e Gestão de Empreendimentos, S.A. relating to Torres Kianda.
  • Advising ANA – Aeroportos de Portugal, S.A. on the restructuring of Groundforce.

SRS Legal

SRS Legal is well positioned to assist its diverse roster of clients, consisting of distressed companies, various creditor classes, and potential buyers, on a range of insolvency proceedings. Spearheading the restructuring and insolvency practice is José Jácome, who offers extensive dispute resolution expertise. Natália Garcia Alves excels in civil, commercial, and banking litigation, with significant experience representing credit institutions.

Praxisleiter:

José Jácome


Weitere Kernanwälte:

Natália Garcia Alves, Bernardo Castro Caldas, Tiago Coder Meira


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Andersen

Andersen has bolstered its insolvency practice with the recruitment of ‘excellent professional’ Filipa Alfaia Barata from RRP Advogados, who now co-leads the team alongside Diogo Matos Oliveira . Under their joint leadership, the practice represents banks and other creditors across a broad spectrum of contentious and non-contentious insolvency matters.

Praxisleiter:

Diogo Matos Oliveira; Filipa Alfaia Barata


Weitere Kernanwälte:

Pedro de Sousa Batalha


Referenzen

‘Highly qualified team with great customer focus.’

‘Filipa Alfaia Barata: excellent professional and technically very competent, with a holistic view of the Portuguese legal system. Very creative and committed to presenting solutions that guarantee customer satisfaction.’

‘Diogo Matos Oliveira was spot on. Always on top of the work performed by the teams and guarantying an exceptional service was delivered to customer.’

Kernmandanten

Daikin Airconditioning Portugal, S.A.


Krest Group


Mazars


Daikin Europe, NV


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DLA Piper ABBC

Working seamlessly with the firm’s banking and finance, tax, real estate, employment, and criminal law practices, DLA Piper ABBC offers comprehensive expertise in debt and financial restructurings, in addition to advising on the acquisition and disposal of distressed assets and formal insolvency proceedings. The practice is jointly steered by Nuno Azevedo Neves and Vanessa Antunes; Azevedo Neves focuses on financial restructurings and distressed investments, while Antunes specialises in litigation, representing both domestic and international clients.

Praxisleiter:

Vanessa Antunes; Nuno Azevedo Neves


Weitere Kernanwälte:

Ricardo Violante Teixeira


Referenzen

‘Good level in performing tasks.’

‘Highlights mainly for Nuno Neves.’

Kernmandanten

Caixa Geral de Depósitos


Swissport


Keensight Capital and Vision-Box Holding


Rio Tinto Aluminium Pechiney (Group Rio Tinto)


World Bank Group


C2 Capital Partners, SCR, S.A.’ shareholders


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  • Advising the state-owned bank Caixa Geral de Depósitos on the insolvency proceedings of Investifino SGPS Limited (company registered in Malta) and Manuel Fino SGPS, SA (as a dominant company, responsible for the debts of the controlled company) (€350m).
  • Advising Keensight Capital and Vision-Box Holding on the sale of 100% of Vision-Box’s share capital to Amadeus IT Group, for an enterprise value of approximately €320m.
  • Advising Rio Tinto Group on the insolvency proceedings of EXTRUSAL – COMPANHIA PORTUGUESA DE EXTRUSÃO, S.A., namely in the claim for a credit worth around €3m and representation in negotiations and decision-making, as a creditor sitting on the Creditors’ Committee, with a view to the sale/recovery of the insolvent debtor/business (transfer of undertaking worth around €20m).

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo is a go-to firm for investors and financial institutions, including lenders and bondholders, seeking advice on restructuring and insolvency matters. The team, which is jointly led by Mafalda Barreto and Filipa Cotta, advises international corporations and investment funds, leveraging the firm’s global network, which includes offices in London, New York, Brussels, and Madrid.

Praxisleiter:

Filipa Cotta; Mafalda Barreto


Weitere Kernanwälte:

Rita Espírito Santo


Kernmandanten

IVECO


CNH Industrial


Herdeiros de Lúcio Thomé Feteira


Maló Clinics SA


ESPIRITO SANTO INTERNATIONAL (ESI)


RIO FORTE INVESTMENTS (RFI)


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PRA-Raposo, Sá Miranda & Associados, Sociedade de Advogados RL

Serving major clients in the construction, banking, agriculture, and media sectors, PRA-Raposo, Sá Miranda & Associados, Sociedade de Advogados RL is noted for its focus on special revitalisation proceedings. Susana Santos Valente, who is praised as an ‘excellent communicator’, leads the credit recovery and insolvency practice. She is supported by Andreia Damásio and Paula Magalhães Dos Santos.

Praxisleiter:

Susana Santos Valente


Weitere Kernanwälte:

Andreia Damásio, Paula Magalhães dos Santos


Referenzen

‘The great capacity for organisation and work in terms of debt recovery.’

‘Susana Santos Valente – great quality of work and remarkable organisation.’

‘Always helpful and adaptable to the client.’ 

Kernmandanten

Insolvent Estate of Ilha – Indústria Agrícola, S.A.


SPDH – Serviços Portugueses de Handling, S.A.


RARI – Construções Metálicas, Engenharia, Projetos e Soluções Industriais, Lda


OVO Solutions – Soluções Ambientais, S.A.


CEDI – Empresa de Trabalho Temporário, Lda


R&C, SGPS, LDA


RARI GMBH


M.O.P. – COMÉRCIO E INDÚSTRIA DE MÁRMORES, LDA


Roberto Rodrigues & Sousa Cordeiro, Lda (Grupo 2RC)


FILIPPO MARIA MACCHI


FUTERRA, TORREFAÇÃO E TECNOLOGIA – TRANSFORMAÇÃO DE BIOMASSA PARA ENERGIA, S.A.,


Tâmega Engineering, S.A.


Primores do Oeste, S. A


Nuno Miguel Manta Ribeiro Dos Santos


Highlight-Mandate


  • Represented a group of Groundforce’s workers, in their capacity as creditors, in the company’s insolvency proceedings.
  • Acting for RARI in the sale of all the company’s assets for a value of approximately €5m linked to the company’s insolvency process.
  • Assisting MOP in their insolvency proceedings, including litigation proceedings and the liquidation of the company.

Raposo Bernardo

Praised for its ‘impeccable legal service’, Raposo Bernardo provides comprehensive advice on restructuring and insolvency proceedings, serving clients across sectors such as banking, insurance, aviation, and real estate. Ana Cláudia Rangel, who leads the practice,  is noted for assisting with the recovery of non-performing loans, including mortgage credit portfolios tied to high-value assets such as hotels, office buildings, and luxury properties.

Praxisleiter:

Ana Cláudia Rangel


Referenzen

‘With an impeccable legal service of superior quality, Raposo Bernardo has vast capabilities. All the work is very well done, without errors, focused precisely on what we need and technically very solid.’

‘They establish a very open dialogue with our internal team, when approaching each process or subject that is presented to them. The commitment of all lawyers is total and they monitor our matters permanently.’

‘Ana Cláudia Rangel is a lawyer with impressive inner strength, she is very determined and even fearless.’

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