Morais Carvalho, Jorge; Pinto-Ferreira, Joao Pedro --- "PORTUGAL" [2019] ELECD 1216; in Kadner Graziano, Thomas; Bojars, Juris; Sajadova, Veronika (eds), "A Guide to Consumer Insolvency Proceedings in Europe" (Edward Elgar Publishing, 2019) 802

Book Title: A Guide to Consumer Insolvency Proceedings in Europe

Editor(s): Kadner Graziano, Thomas; Bojārs, Juris; Sajadova, Veronika

Publisher: Edward Elgar Publishing

Section: Chapter 25

Section Title: PORTUGAL

Author(s): Morais Carvalho, Jorge; Pinto-Ferreira, João Pedro

Number of pages: 14

Abstract/Description:

Insolvency proceedings are governed by the Insolvency and Corporate Recovery Code. In 2012, following significant reform, Special Proceedings were established. These proceedings are especially aimed at debtors in a difficult economic situation or in a situation of imminent insolvency. In the same year, following an alarming growth of the number of insolvencies, with particular emphasis on natural persons, Decree-Law no. 227/2012 was approved. This Decree-Law sets out rules and principles that must be respected by credit institutions where there is a risk of non-performance or the non-performance of a credit agreement with a bank customer.