YEAR 2022 No 3 Volume 29

ISSN 2182-9845

The Special Revitalization Process with the amendments introduced by Portuguese Law nº 9/2022, of 11th January

Letícia Marques Costa

Keywords

Special revitalization process; negotiation; standstill; companies recovery; opposition right; contradictory; equality of treatment of creditors.

Abstract

Fulfilling the obligation to transpose Directive (EU) 2019/1023, of the European Parliament and of the Council, of 20th June and, taking advantage of this timing to make of changes to the insolvency law, in order to avoid a large number of insolvencies that will be expected in a post-pandemic crisis period, the legislator made, among other, numerous amendments to the provisions related to the Special Revitalization Process and introduced some novelties, through the publication of Law n.º 9/2022, of 11thJanuary. The main objective of adopting new measures and amending those that already existed is to offer companies in financial difficulties - but not yet insolvent - a robust and effective process that allows, in the best possible way, to revitalize them, avoiding closing its doors and its consequent liquidation, as well as all the consequences that such circumstances entails.The success of this pre-insolvency mechanism also frees the courts from a countless possible insolvency proceedings.