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A Proteção dos Credores nas Operações de Cisão de Sociedades com Sede em Portugal
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A presente dissertação tem o desígnio de analisar o regime da oposição e proteção dos credores nas operações de cisão de sociedades com sede em Portugal, à luz das alterações introduzidas pelo Decreto-Lei n.º 114-D/2023, de 5 de dezembro. Este diploma materializa a transposição para o ordenamento jurídico português da Diretiva (UE) 2019/2121, do Parlamento Europeu e do Conselho, de 27 de novembro de 2019, que altera a Diretiva (UE) 2017/1132, do Parlamento Europeu e do Conselho, de 14 de junho de 2017, na parte respeitante às transformações, fusões e cisões transfronteiriças (Diretiva (UE) 2019/2121). A relevância desta investigação é justificada não apenas pela atualidade
do tema, mas também pela crescente complexidade das operações de cisão e pelas potenciais implicações para os direitos e garantias dos credores.
Dada a natureza das responsabilidades tanto da sociedade cindida quanto das sociedades beneficiárias, esta dissertação procura conduzir uma análise crítica dos mecanismos de oposição e proteção legalmente consagrados, bem como avaliar a sua eficácia e adequação na salvaguarda dos interesses dos credores (e demais afetados) na cisão. Para além de uma exposição dos mecanismos de oposição e proteções dos credores no direito europeu e no direito nacional, a tese procura aferir se o atual quadro jurídico estabelece, de facto, um equilíbrio adequado entre os direitos dos credores e a flexibilidade necessária para que as sociedades possam cindir-se de forma eficiente.
A dissertação está organizada em três partes: na primeira parte, será explorado o enquadramento legal, abordando a justificação e relevância do tema, bem como o contexto da Diretiva Europeia 2019/2121 e da sua transposição para o direito português através do Decreto-Lei n.º 114-D/2023. Na segunda parte, será explorado o conceito de cisão e o respetivo enquadramento jurídico. Finalmente, na terceira parte, iremos analisar em detalhe o regime da oposição e proteção dos credores nas operações de cisão,
analisando os vários interesses envolvidos na operação, as responsabilidades da sociedade cindida e da(s) sociedade(s) beneficiária(s), bem como os desafios que o regime atual apresenta, oferecendo uma reflexão sobre as perspetivas futuras para o regime português.
The purpose of this dissertation is to analyse the regime of opposition and protection of creditors in demerger operations of companies with registered offices in Portugal, in the light of the changes introduced by Decree-Law no. 114-D/2023, of December 5. This law materializes the transposition into Portuguese law of Directive (EU) 2019/2121 of the European Parliament and of the Council of 27 November 2019, amending Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017, insofar as it concerns cross-border conversions, mergers and divisions (Directive (EU) 2019/2121). The relevance of this research is justified not only by the relevance of the subject, but also by the growing complexity of demerger operations and the potential implications for creditors' rights and guarantees. Given the nature of the liabilities of both the demerged company and the beneficiary companies, this dissertation seeks to do a critical analysis of the legally enshrined opposition and protection mechanisms, to assess their effectiveness and suitability in safeguarding the interests of creditors (and others affected) in the demerger. In addition to an explanation of the opposition mechanisms and creditor protections in European and national law, the thesis seeks to assess whether the current legal framework in fact establishes an adequate balance between creditor rights and the flexibility needed for companies to split up efficiently. The dissertation is organized into three parts: in the first part, the legal framework will be explored, addressing the justification and relevance of the topic, as well as the context of European Directive 2019/2121 and its transposition into Portuguese law through DecreeLaw no. 114-D/2023. In the second part, we will explore the concept of demerger and the respective legal framework. Finally, in the third part, we will analyse in detail the regime of opposition and protection of creditors in demerger operations, analysing the various interests involved in the operation, the responsibilities of the demerged company and the beneficiary company(ies), as well as the challenges that the current regime presents, offering a reflection on the future prospects for the Portuguese regime.
The purpose of this dissertation is to analyse the regime of opposition and protection of creditors in demerger operations of companies with registered offices in Portugal, in the light of the changes introduced by Decree-Law no. 114-D/2023, of December 5. This law materializes the transposition into Portuguese law of Directive (EU) 2019/2121 of the European Parliament and of the Council of 27 November 2019, amending Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017, insofar as it concerns cross-border conversions, mergers and divisions (Directive (EU) 2019/2121). The relevance of this research is justified not only by the relevance of the subject, but also by the growing complexity of demerger operations and the potential implications for creditors' rights and guarantees. Given the nature of the liabilities of both the demerged company and the beneficiary companies, this dissertation seeks to do a critical analysis of the legally enshrined opposition and protection mechanisms, to assess their effectiveness and suitability in safeguarding the interests of creditors (and others affected) in the demerger. In addition to an explanation of the opposition mechanisms and creditor protections in European and national law, the thesis seeks to assess whether the current legal framework in fact establishes an adequate balance between creditor rights and the flexibility needed for companies to split up efficiently. The dissertation is organized into three parts: in the first part, the legal framework will be explored, addressing the justification and relevance of the topic, as well as the context of European Directive 2019/2121 and its transposition into Portuguese law through DecreeLaw no. 114-D/2023. In the second part, we will explore the concept of demerger and the respective legal framework. Finally, in the third part, we will analyse in detail the regime of opposition and protection of creditors in demerger operations, analysing the various interests involved in the operation, the responsibilities of the demerged company and the beneficiary company(ies), as well as the challenges that the current regime presents, offering a reflection on the future prospects for the Portuguese regime.