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Grupos de sociedades em contexto de insolvência
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O Direito da Insolvência português não acompanha a realidade dos grupos societários. No caso de insolvência no seio do grupo, surgem diversas dificuldades em atingir as finalidades do processo – a satisfação dos credores. As normas previstas não estão capacitadas para lidar com a dinâmica plurissocietária. Na realidade, aquilo que funcionou de forma integrada num cenário de pré-insolvência passa a ser tratado separadamente para respeito da personalidade jurídica e da responsabilidade limitada de cada membro, dificultando a correcta satisfação dos credores. São necessárias normas excepcionais aptas a reorganizar activos e responsabilidades como a consolidação substantiva, bem como as que resultem num processo menos dispendioso, célere e eficaz. A organização dos interesses e prioridades constitui um elemento essencial e influente na determinação daquilo que cada credor receberá, sendo de considerar a conduta destes e a sua influência para os restantes sujeitos. De acordo com esse resultado, deverá a lei apresentar soluções adequadas incluindo uma norma excepcional e mais intensa para os casos de actos cujo resultado contrastam com as regras de Direito Societário e não só. Uma análise da lei actual demonstra a necessidade de adaptação a esta realidade cada vez mais frequente que, por envolver vários sujeitos individuais, exige um maior esforço e a criação de normas que, por serem mais intensas apresentam um carácter extraordinário; consequentemente a sua utilização requer devida fundamentação.
The Portuguese Bankruptcy Law does not follow the reality of corporate groups. In the case of bankruptcy within the group, there are several difficulties in achieving the goals of the process namely the satisfaction of creditors. The established provisions are not capable of dealing with the corporate group dynamics. In fact, what used to work as an economic unity during the pre-bankruptcy scenario is now treated separately in a bankruptcy context. This comes as a consequence of the compliance of the Principle of Separate Entity and the Limited Liability making it harder to satisfy the creditors’ claims. Exceptional provisions must be required in order to capacitate the reorganization of groups’ assets and liabilities such as the substantive consolidation, as well as measures that allow a less expensive, faster and effective process. The organization of priorities and interests is an essential and influent element on the determination of the amount each creditor is entitled to receive. We must also acknowledge its conduct and the consequences it will have on the remaining subjects. Depending on the following results, the law must provide adequate solutions, including an exceptional and more intensive set of rules for the cases in which the conduct does not comply with the Corporate Law. An analysis of the current law demonstrates the need of adaptation to this increasingly common reality that, as it involves many individual subjects, demands a higher effort and the use of provisions that, while being more intensive, have an exceptional character whose application must be substantiated.
The Portuguese Bankruptcy Law does not follow the reality of corporate groups. In the case of bankruptcy within the group, there are several difficulties in achieving the goals of the process namely the satisfaction of creditors. The established provisions are not capable of dealing with the corporate group dynamics. In fact, what used to work as an economic unity during the pre-bankruptcy scenario is now treated separately in a bankruptcy context. This comes as a consequence of the compliance of the Principle of Separate Entity and the Limited Liability making it harder to satisfy the creditors’ claims. Exceptional provisions must be required in order to capacitate the reorganization of groups’ assets and liabilities such as the substantive consolidation, as well as measures that allow a less expensive, faster and effective process. The organization of priorities and interests is an essential and influent element on the determination of the amount each creditor is entitled to receive. We must also acknowledge its conduct and the consequences it will have on the remaining subjects. Depending on the following results, the law must provide adequate solutions, including an exceptional and more intensive set of rules for the cases in which the conduct does not comply with the Corporate Law. An analysis of the current law demonstrates the need of adaptation to this increasingly common reality that, as it involves many individual subjects, demands a higher effort and the use of provisions that, while being more intensive, have an exceptional character whose application must be substantiated.
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Direito das sociedades Direito da insolvência Grupos de sociedades Teses de mestrado - 2015