Changes to the Insolvency and Corporate Recovery Code

Law 9/2022 was published in Diário da República, the Portuguese official gazette, on 11 January 2022. This new law establishes measures to support and speed up corporate restructuring processes and payment agreements. It is the result of the incorporation into Portuguese law of Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 (“Directive (EU) 2019/1023”). Furthermore, it amends the Insolvency and Corporate Recovery Code (“CIRE”), the Companies Code (“CSC”), the Commercial Registration Code, and other related legislation.

Of the various amendments introduced by Law 9/2022, the most noteworthy are those introduced in relation to the Special Revitalisation Process (Processo Especial de Revitalização - “PER”) and the insolvency process.