A subordinação de créditos no processo de insolvência e a tutela dos credores das sociedades comerciais

Abstract

This dissertation studies the subordinated debt - claims by the lower ranking insolvency creditors -, the reason for its introduction in the Portuguese Insolvency and Corporate Recovery Code (CIRE), its role in the pursuance of the objectives of the insolvency proceedings and the different types of credits that are included in this class of credits.
It compares the CIRE with the Spanish and German Insolvency acts to better comprehend these types of credits. Some emphasis is also put on the study of the equitable subordination - which is stipulated in the American Bankruptcy Code - and the possibility of introducing a similar mechanism in our legal system is taken into consideration, but its insertion would have to be strictly outlined in order to ensure legal certainty and security.
The various paragraphs of article 48 of the CIRE and the questions that arise from them are analyzed, and special attention is given to the study of the credits claimed by persons closely related to the debtor, concluding that article 49 consists on an exhaustive list (subject to extensive interpretation) and entails an irrebuttable presumption. The possibility of introducing a legal norm of casuistry application is also considered but it is soon realized that this would not be compatible with the purposes of the insolvency proceedings. Moreover, it is established that the order by which the debt subordinated by agreement in article 48 subparagraph c) is paid should be able to be shifted in an upward direction; and that subparagraph d) should be subject to restrictive interpretation as not to encompass the gratuities that are in accordance with the organization’s objectives.

Lastly, the focus is set upon the various consequences that derive from the qualification of a credit as subordinated and its impact on the creditor throughout the insolvency proceedings.

Date of Award	30 Oct 2017
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Maria de Fátima Ribeiro (Supervisor)