Insolvency and restructuring in Portugal


Managed by the respective heads of its banking and finance and dispute resolution practices, Maria João Ricou and Miguel de AlmadaCuatrecasas covers the full range of insolvency and restructuring work, with recent mandates involving bank resolution processes, non-performing loan (NPL) transactions and debt restructurings. Aside from banking clients (including Novo Banco, Bank of Portugal and Deutsche Bank's London branch), the firm also has notable strength working in the pharmaceutical industry. Frederico Bettencourt Ferreira focuses on in-court and out-of-court resolution of disputes, while Manuel Requicha Ferreira has strength in structured debt issues. Counsel Margarida Leal de Oliveira has project finance expertise, while associate Bertha Parente Esteves focuses on the settlement of disputes relating to company recovery operations, insolvency and debt restructuring.

Practice head(s):

Maria João Ricou; Miguel de Almada

Other key lawyers:

Frederico Bettencourt Ferreira; Manuel Requicha Ferreira; Lourenço Vilhena de Freitas; Margarida Leal de Oliveira; Bertha Parente Esteves

Key clients

Sacyr Somague

Senvion GMBH

Novo Banco

Cross Ocean Partners

Deutsche Bank AG London Branch

Bank of Portugal

Banco Privado Português, SA – Em Liquidação (BPP)

Summer Várzea, S.A.

Work highlights

  • Assisted Sacyr Somague on the restructuring of its bank debt with Banco Comercial Português.
  • Acting for the Bank of Portugal, as resolution authority, in certain lawsuits brought against it regarding the resolution of BES, namely Oak Finance and Banco Boavista.
  • Advising and representing BPP and its winding-up board. The work covers legal assistance on a day-to-day basis, as well as in respect of litigation and pre-litigation matters.


Linklaters offers a full service in insolvency and restructuring, drawing on expertise from its dispute resolution, finance, corporate, tax and employment practices to advise its multinational client base. Nuno Ferreira Lousa, who heads both this and the dispute resolution practice, has developed significant expertise in contentious and non-contentious restructuring and insolvency issues, handling numerous domestic and cross-border insolvency and pre-insolvency proceedings. Key partner Ricardo Guimarães focuses on litigation and arbitration, and managing associate Ricardo Silva Pereira has experience assisting several companies, insolvency practitioners and creditors in distressed situations. Recent highlights have included advice to creditors, companies and banks.

Practice head(s):

Nuno Ferreira Lousa

Other key lawyers:

Ricardo Guimarães; Gonçalo Veiga de Macedo; Ricardo Silva Pereira

Key clients

Lisgráfica – Impressão e Artes Gráficas S.A.

ECS – Sociedade de Capital de Risco, S.A

Oitante, S.A.

Eurofactor Portugal

MEAG Munich Ergo Asset Management GmbH

Morgan Stanley Infrastructure Partners (“MSI”)

Novo Banco, S.A.

Acciona Green Energy Developments, S.L.U.

Work highlights

  • Advising Lisgráfica in its insolvency proceedings following the closure of its Special Revitalisation Process (PER).
  • Acting for ECS – Sociedade de Capital de Risco within the insolvency of Turiprojecto – Investimentos Imobiliários, acting for Belthema (managed by ECS Capital) which is the creditor and purchaser of such real estate assets.
  • Represented Eurofactor in litigation proceedings initiated against Gant regarding credits that were assigned to the Eurofactor by Ricon.

Morais Leitão, Galvão Teles, Soares da Silva & Associados

As a specialist in the field, managing associate Nuno Gundar da Cruz co-ordinates a group of cross-practice partners in Morais Leitão, Galvão Teles, Soares da Silva & Associados' insolvency and restructuring team. The team's restructuring work is primarily focused on advising companies in out-of-court negotiations, including under Special Revitalisation Proceedings (PER) or the Extrajudicial Company Recovery Scheme (RERE). The team also advises clients under national and transnational insolvency proceedings, as well as any arising litigation. As head of the Lisbon office's banking and finance group, Filipe Lowndes Marques is a key contact. Magda Fernandes is experienced in representing creditors and debtors, while Pedro Gorjão Henriques led advice to a group of domestic banks on three complex restructuring transactions in 2019.

Practice head(s):

Nuno Gundar da Cruz

Other key lawyers:

Filipe Lowndes Marques; Magda Fernandes; Pedro Gorjão Henriques


‘Society that is distinguished by high quality standards in the services provided, stand out quality of service, technical knowledge and experience of the team interaction with customers, availability and courtesy. Multidisciplinary teams, covering the main areas. Interaction with other players, including public services, courts etc.’

‘The restructuring and insolvency team always presents an excellent job. It has an unusual capacity to analyze complex and extensive cases and to propose a clear strategy, developing as a result a creative, meticulous and comprehensive argument of great quality. It combines the excellence of legal knowledge with a positive and creative attitude in solving various issues, with great results. I also highlight the availability and openness of the team to discuss and analyze all issues.’

‘I highlight the partner Rui Patrício and the managing associate Nuno Gundar da Cruz. The first for the unusual ability to formulate strategies and develop creative and effective arguments. The second for the ability to work and ensure that all angles and possible topics are addressed and covered effectively.’

‘The partners in the restructuring and insolvency area (Filipe Lowndes Marques and Pedro Gorjão Henriques) have vast and recognized experience in all aspects of restructuring negotiations, including in the context of insolvency, providing an excellent service. The enormous experience and knowledge of the market, allow ML to act in a simplified and efficient way. Furthermore, the advice provided is transversal, sometimes involving other areas of ML, which makes the service provided complete.’

‘Filipe Lowndes Marques and Pedro Gorjão Henriques provide an experienced and qualified follow-up in the field of corporate restructuring and insolvency, as well as in the field of banking and financial law.’

Work highlights

  • Advised Banco Comercial Português, Banco BPI, Novo Banco and Caixa Geral de Depósitos on the complex restructuring transaction of Siva, Sag Gest, and IAMC (formerly known as SGC – SGPS).
  • Acting for Sociedade Comercial Orey Antunes on its special revitalisation proceedings (PER).
  • Representing several individuals in proceedings filed in Portugal by FRC – Papel Comercial ESI e Rio Forte, in connection with commercial paper issued by ESI and Rio Forte.


The insolvency and restructuring practice at PLMJ benefits from the expertise of Joaquim Shearman de Macedo, who recently returned to the firm. As part of his role as dispute resolution practice co-head, he leads on debt restructuring and insolvency disputes for investment funds, financial institutions and corporations. Manuela Tavares Morais is a specialist in pre-insolvency proceedings, PER cases, insolvencies and restructuring, especially within the pharmaceutical sector. Former judge Pedro Caetano Nunes focuses on the insolvency of financial institutions and directors’ liability, and senior disputes partner Nuno Líbano Monteiro has over 30 years’ experience in the area. Managing associate Catarina Guedes de Carvalho stands out at the non-partner level.

Practice head(s):

Joaquim Shearman de Macedo; Rita Samoreno Gomes; Pedro Metello de Nápoles

Other key lawyers:

Nuno Líbano Monteiro; Manuela Tavares Morais; Pedro Caetano Nunes; João Tiago Morais Antunes; Catarina Guedes de Carvalho


What I most appreciate about the service provided is the depth and breadth of the analysis of cases in record time. In the cases in which I am concerned, the evolution took place exactly as indicated and this gives me a lot of predictability and security.

In my experience PLMJ is uniquely qualified to handle the very complex restructuring transactions that we work in. They are able to have deep expertise in the very wide range of issues that are required for deep restructuring work and have an outstanding execution capacity to take them through.’

It is a satisfaction for me to be able to work with Pedro Caetano Nunes who I consider a reference both in the world of law and as an individual. It was with Dr. Pedro that for the first time I was able to appreciate an exceptional level of quality at the legal level and performance in court that I had not yet seen.

‘Catarina Guedes de Carvalho is a leading expert in recoveries, restructuring and insolvency matters, always a part of the solution, capable of very sharp anticipation scenarios and to make very wise proposals.’

‘Providing support quickly and professionally. Availability to assist the client. Ability to react under pressure.’

‘I work primarily with Joaquim Shearman de Macedo. I especially value the ability to think beyond the legal scope of the transaction and interpret the business and financial aspects of the operation. This allows us for collaborative high quality work with the PLMJ team. A note to say that PLMJ’s team of associates that support the partner work is extremely solid. This allows us for speed and precision in the execution of transactions as partner time is not a bottleneck.’

‘PLMJ helped me to manage a large risk recoveries portfolio. The outcome was a high success; PLMJ, especially Nuno Libano Monteiro & Catarina Guedes de Carvalho, were key to achieve this outcome. I tend to say that without their expertise, we would not be able to achieve it.’

‘Pedro Caetano Nunes helped us in more specific cases of insolvencies with strong litigation and dispute. He is also a very senior lawyer, prompt and available which provides analysis into matters from both the perspectives of its strengths and weaknesses.’

Key clients

Espírito Santo Financial Group (ESFG), Insolvent Estate

Attestor Capital

Strategic Value Partners

Atena Equity Partners

Rio Forte Investments (Luxembourg) and Subsidiaries, Insolvent Estate

Mercedes-Benz Financial Services Portugal


Alliance Healthcare.

Barclays Bank

TAP – Air Portugal

Work highlights

  • Advising Rio Forte Investments in its insolvency and analysing the consequences of this situation under Portuguese law and related multi-jurisdictional regulations.
  • Acting for Espírito Santo Financial Group in all the legal measures taken in Portugal and other jurisdictions that relate to the implosion and insolvency of the Espírito Santo Group.
  • Assisting Alliance Healthcare (Walgreens Boots Alliance Group) on over 100 cases involving insolvency (liquidation or insolvency plans) or PERs (Special Corporate Recovery Process).


VdA significantly expanded its offering with the hire of Filipa Cotta as head of the restructuring and insolvency team in August 2020. Cotta has a background in dispute resolution and 12 years of experience in insolvency and restructuring, with particular strength in cross-border insolvencies and liquidations for major clients in the finance sector. The team advises on the gamut of matters in this area, including in the negotiation of distressed asset transactions. Dispute resolution practice head Frederico Gonçalves Pereira is the key contact for litigation and Claudia Cruz Almeida adds strength in the banking and corporate areas. Senior advisor Teresa Pitôrra also receives praise.

Practice head(s):

Filipa Cotta

Other key lawyers:

Frederico Gonçalves Perreira; Claudia Cruz Almeida; Tiago Correia Moreira; Teresa Pitôrra


‘They are very well prepared; real specialists on insolvency law.’

‘An outstanding team that navigates through complex situations in a very enthusiastic and practical manner.’

‘Cláudia Cruz Almeida and Teresa Pitôrra stand out as a great team combining complementary capabilities that enabled to navigate through a very complex project. I would like to highlight Cláudia and Teresa’s full availability, engagement, commitment and resilience further to their outstanding technical capabilities.’

‘The team leader led with an outstanding performance a very difficult, special and unusual process of a long existing debt between my company and our major client. It was the right choice, the fact that the team was always focused and tackled in advance on every move of the negotiation to unequivocally protect us in this conflict.’

‘Filipa Cotta’s leadership skills have contributed significantly to the outcome of this demanding process. Filipa’s knowledge about the specificity of this process, different legal environments combined with her excellent negotiating skills led all of us into the very positive outcome of this conflict.’

‘VdA has a particularly important characteristic when compared to other law firms: a true team spirit, sometimes even savage in pursuing the common objective. And the more demanding the challenge, the greater the delivery.’

‘Filipa Cotta represented us in a complex Portuguese banking matter. Her knowledge in the field is excellent and she was extremely easy to work with.’

‘A strong team with talent at all levels of the practice.’

Key clients

Caixa Gestão de Ativos, S.A. (“CGA”) and the Insolvent Estate of Fundo de Investimento Imobiliário Fechado Promovest

Banco Comercial Português, S.A. (“BCP”)

Banco de Portugal

Porsche Holding GmbH

Rio Forte Investments SA

Euroamerican Finance, SA

Espírito Santo International

Banif Finance Limited

Atena Equity Partners

Maló Clinic S.A.

Prado Cartolinas da Lousã

Work highlights

  • Advised the insolvent estate of SRUCP (Sociedade de Renovação Urbana do Campo Pequeno) on a matter related to the disposal of its business as a going concern in the context of its insolvency proceedings.
  • Acted for Porsche Holdings on the approx €200m acquisition of SAG’s automobile business, through the acquisition of its subsidiaries.
  • Assisting Caixa Gestão de Ativos (CGA) on the claim filed by participants of the Golden Eagle Real Estate Investment Fund against CGA and financing banks requesting a declaration of invalidity of the fund’s constitution and that of its financing contracts.

SLCM | Serra Lopes, Cortes Martins & Associados

SLCM | Serra Lopes, Cortes Martins & Associados' restructuring and insolvency group is experienced both in the monitoring of all phases of insolvency and PER, as well as extrajudicial agreements for credit restructuring. Key domestic financial institutions Novo Banco and Caixa Económica Montepio Geral have been sources of significant recent instructions for the team, that is jointly headed by experienced arbitrator Luis Miguel Cortes Martins and Maria Raquel Moreira. Moreira and associate Diana Simão Lourenço receive strong praise.

Practice head(s):

Luís Miguel Cortes Martins; Maria Raquel Moreira

Other key lawyers:

Diana Simão Lourenço


‘The technical capacity and quality of the work is exceptional; the qualifier extends to the team, whether partners or associates; in addition to competence, they are empathetic lawyers who favor the working relationship both with the client and with the other party. Dedication to the profession and the client, exemplary ethical rigor. I’ve been working with SLCM for almost 10 years, quality standards persist over time.’

‘The monitoring of digitization, on the one hand, and the new areas of law, on the other, have been notorious. The world changes, and so do legal issues. SLCM has been able to monitor this evolution.’

‘I mainly highlight the partner Maria Raquel Moreira and the lawyer Diana Simão Lourenço. The availability, dedication and commitment are unparalleled in other offices, and it is always possible to count on your collaboration, even on tight deadlines!’

‘Multidisciplinarity of highly specialized know-how in the different legal aspects, which ensures complete and well-founded opinions; – responsiveness in very short timings;’

‘The qualities / characteristics that stand out are know-how; professionalism; availability; efficiency. I highlight the following people: Maria Raquel Moreira; Diana Simão Lourenço.’

‘It is an office with high technical competence in the various areas of litigation, always available, proactive and uncompromising in defending the client’s interests. I would highlight Maria Raquel Moreira and Diana Lourenço.’

‘Maria Raquel Moreira has extensive experience in advising clients from different sectors of activity, in matters of particular complexity, including corporate restructuring and litigation processes, among others.’

‘Restructuring and Insolvency Team (Maria Raquel Moreira and Diana Simão Lourenço) of great individual and joint quality. Great responsiveness. Great dedication to each dossier, even if the process has lasted for 10 years, they know all the procedural steps taken. Great ability to argue and be “aggressive” as much as necessary when defending the client. Meeting deadlines. They go beyond just legal advice, and intend to build together with the client the best legal strategy in order to achieve the greatest economic benefit for the business.’

Key clients

Nutrinveste Group

Controlinveste Group

Sociedade Central de Cervejas (SCC) – Heineken Portugal

ECS Capital

Banco Comercial Português

Work highlights

  • Acting for Controlinveste, SGPS, the former holding company of the Controlinveste Group, in its insolvency proceedings.
  • Advising Caixa Económica Montepio Geral in the PER and insolvency proceedings of several companies and individuals of the HN Group.
  • Assisted Novo Banco in the insolvency proceedings of Totalpart – Gestão e Serviços, a company pertaining to the Moniz da Maia family group.

Uría Menéndez – Proença Carvalho

A sizeable team from across Uría Menéndez – Proença Carvalho's various departments collaborate to advise clients on the gamut of restructuring and insolvency issues. The office has notable experience in finance and banking, real estate and tourism-related matters, with multinational and domestic heavyweights in those areas being key clients. David Sequeira Dinis focuses his practice on bankruptcy and corporate restructuring, working on both litigation and out-of-court settlements. Duarte Garin and Rita Xavier de Brito have specialisms in real estate; Pedro Ferreira Malaquias heads the Lisbon office's banking and finance team; and Nuno Salazar Casanova represents clients in multi-jurisdictional insolvency and restructuring proceedings.

Practice head(s):

Duarte Garin; Pedro Ferreira Malaquias; David Sequeira Dinis; Nuno Salazar Casanova; Rita Xavier de Brito


‘Team with diversified solutions and solid technical base.’

‘Nuno Salazar Casanova: Technical quality, focus on results and versatility of solutions.’

‘High technical capacity, market knowledge and recognized experience.’

Key clients

Banco Santander Totta

Work highlights

  • Representing Banco Santander Totta in the restructuring of the debt of the António Xavier de Lima Group.

Abreu Advogados

As part of its corporate and commercial law practice, Abreu Advogados fields a collaborative team in restructuring and insolvency, advising on corporate insolvency, creditor rights, director and shareholder interests and criminal liabilities, recovery and corporate restructuring. Practice head Francisco Patrício is praised for his 'excellent technical knowledge' and has recently been leading advice to Fundo Investimento Imobiliário Mercapital in several insolvency proceedings and special revitalisation processes. Gonçalo Delicado concentrates on corporate and group restructuring exercises, while associate Eduardo Peixoto Gomes is the key contact in the Porto office.

Practice head(s):

Francisco Patrício

Other key lawyers:

Gonçalo Delicado; Eduardo Peixoto Gomes


‘The team is strongly committed to the permanent updating of technical and legal knowledge, giving a quick and correct answer to the questions put to them.’

‘Our experience is mainly with Francisco Patrício. In addition to excellent technical knowledge, he demonstrates an availability and empathy with the customer, which conveys confidence and security.’

Key clients

Fundo de Investimento Imobiliário Imoreal

Parvalorem S.A.

Caixa Geral De Depósitos

PH Energia/ Energia Simples

Grupo Marques

Work highlights

  • Assisting Imonegócios in several insolvency proceedings and special revitalization processes.
  • Acted for Parvalorem in multi-disciplinary litigation against Grupo Imoholding, involving insolvency proceedings and special revitalization processes.
  • Advised Caixa Geral de Depósitos in the negotiations of the contractual package for the sale of a non-performing loan portfolio of the Portuguese public bank in France.


CMS has particular strength in bank resolution and insolvency, and as such was well placed to represent several clients in the aftermath of the resolution and liquidation of Banco Espírito Santo. The firm leverages its considerable international footprint to advise on cross-border matters spanning various sectors, including finance, real estate, sports and telecoms. Nuno Pena has a focus in the bank recovery and resolution directive (BRRD) and related matters, and co-heads the practice with Miguel Esperança Pina, a dispute resolution expert. Head of the banking practice António Payan Martins is another key contact. Joaquim Shearman de Macedo left the firm in June 2020.

Practice head(s):

Nuno Pena; Miguel Esperança Pina

Other key lawyers:

António Payan Martins

Key clients

Davidson Kempner European Partners, LLP

Fortress and Altamira – Project Lemon

Goldman Sachs International

Massilly Holding, S.A.S. – Neorelva

Panificação Reunida de Queluz

Royal Summer, S.A., SPV from the Discovery Real Estate Fund, SICAV-FIS

Sunnyplace VII, S.A., SPV from the Discovery Real Estate Fund, SICAV-FIS

Attestor Capital LLP

Summer Ria, S.A., SPV from the Discovery Real Estate Fund, SICAV-FIS

Imoconsórcio – Sociedade Imobiliária, Lda.

GCC Lisboa – Gestão de Centros Comerciais (“GCC Picoas”)

Work highlights

  • Advised the global institutional investment management firm Davidson Kempner European Partners, LLP on the acquisition of a portfolio of non-performing loans in Portugal.
  • Assisted Fortress Investment Group and Altamira Asset Management on the due diligence and bidding stage of a large portfolio of restructured and non-performing loans and related exposures from the Portuguese lender Banco BPI.
  • Representing Goldman Sachs International in proceedings against the Bank of Portugal and Banco Espírito Santo’s Winding-Up Committee as a result of Banco Espírito Santos’ downfall and seizure amid allegations of fraud in 2014.


A multi-disciplinary team of banking and dispute resolution specialists form Garrigues's insolvency and restructuring group in Lisbon. Transactions involving distressed assets and restructuring have recently made up a significant part of the team's work, with Njord Partners' acquisition of NPLs from Novo Banco and BCP being a standout instruction. Dispute resolution expert João Duarte de Sousa co-heads the team alongside finance-focused Diogo Rocha. Principal associate Vasco Rodrigues receives significant praise for his 'high level of experience and technical knowledge'.

Practice head(s):

João Duarte de Sousa; Diogo Rocha

Other key lawyers:

Vasco Rodrigues


Garrigues offers an excellent service in terms of technical skills, experience in transparency, ease of communication and a multidisciplinary offer.’

‘Vasco Rodrigues has a high level of experience and technical knowledge. In addition to his legal skills, Vasco Rodrigues is distinguished by his high sense of business, ability to understand client priorities and ease of communication.’

‘Very responsive, makes me feel like I am being taken care of. ’

‘Really love working with Vasco. He makes me feel like his only client even though he is probably juggling numerous files.’

‘Vasco Rodrigues. Competence and commitment.’

Key clients

Bain Capital Credit

Njord Partners


Alain Afflelou


BNP Paribas Factor

Atena Equity Partners

Iberian Distressed Asset Fund

Keller Cimentaciones S.A.U.


The Bank of New York Mellon

Castlelake LP

Work highlights

  • Advised Bain Capital in Project Nata II, a circa €3.2bn NPL portfolio.
  • Acted for Njord Partners in the acquisition of non-performing loans from Novo Banco and BCP in relation to the Elevolution Group, in the total amount of €280m, and the subsequent restructuring of the debt.
  • Assisted Castlelake on Project Victoria, the sale of a Portuguese non-performing loan.

Sérvulo & Associados

Sérvulo & Associados specialises in advising on the restructuring and insolvency of banks and financial institutions, and it also assists banking groups in the restructuring and insolvency cases of their clients. Four partners co-head the restructuring and insolvency group: Manuel Magalhães has wide-ranging expertise and clients including Banco Espírito Santo and Banif; Mafalda Ferreira Santos and João Saúde focus their practices on dispute resolution both in and out of court, representing creditors and debtors; and António Teles is recognised for commercial litigation. Francisco Boavida Salavessa is another name to note.

Practice head(s):

Manuel Magalhães; Mafalda Ferreira Santos; António Teles; João Saúde

Other key lawyers:

Francisco Boavida Salavessa; Sofia Thibaut Trocado; Maria José Lourenço


‘Deep knowledge of the topics covered. We recommend Mafalda Ferreira Santos, Maria José Lourenço and Manuel Magalhães.’

‘Technical quality, work capacity, timely response.’

‘Security in the legal solutions found.’

‘Manuel Magalhães. for attention, treatment and reasoning and legal knowledge.’

Key clients






Monumental Residence – Empreendimentos Imobiliários, SA

Multi 24 – Sociedade Especial de Investimento Imobiliário de Capital Fixo, SICAFI, SA

Orey Financial – Instituição Financeira de Crédito, S.A. – Em Liquidação

Nilit France, S.A.


Work highlights

  • Representing Banco Espírito Santo – Em Liquidação (BES) in its close to €1bn liability in pre-litigation and litigation matters, following the Bank of Portugal’s decision to put BES into resolution.
  • Advising BANIF in almost all pending legal actions following the Bank of Portugal’s decision to put BANIF into resolution.
  • Advising BPP in pre-litigation and litigation matters following the revoking of its banking license in 2010 and subsequent liquidation.

SRS Advogados

SRS Advogados strengthened its contentious restructuring and insolvency work with the addition of six new dispute resolution lawyers following the firm's merger with AAA Advogados in September 2020. The team often advises the creditors in insolvency related disputes, with notable strengths in the construction and tourism industries. José Carlos Soares Machado leads the practice as well as the firm's wider dispute resolution group in Lisbon. Natália Garcia Alves is a specialist in civil, commercial and banking litigation, recently acting for Bain Capital on its bid for the acquisition of an NPL portfolio from Novo Banco.

Practice head(s):

José Carlos Soares Machado

Other key lawyers:

Natália Garcia Alves; Vasco Correia da Silva

Key clients

Bank of Portugal

Carl Zeiss

European Construction Services (ECS)

Intel Mobile Communications (IMC)



The Portuguese Securities Market Commission (CMVM)

Work highlights

  • Advising Bain Capital in the bid for the acquisition of a non-performing loans portfolio from Novo Banco.
  • Acting for Nutpor in relation to the recently implemented Special Revitalization Proceeding (PER).
  • We have been assisting Barloworld STET (a well-known Portuguese company active in the construction sector) with its credit claim in the Special Revitalization Proceedings (PER) related to Construtora do Tâmega.

APTS - Alves Pereira & Teixeira de Sousa, S.P., R.L.

Companies in sectors ranging from construction and logistics to banking and real estate instruct APTS - Alves Pereira & Teixeira de Sousa, S.P., R.L. on restructuring procedures, insolvency matters and winding-up proceedings as both debtors and creditors. Practice head João Marques de Almeida is strong on cross-border matters; João Alves Pereira is the firm's labour practice head and has significant experience in restructuring matters, acting for national and multinational companies.

Practice head(s):

João Marques de Almeida

Other key lawyers:

João Alves Pereira

Key clients

Abdullah A. Al Jiburi Contracting Company

Ameriprise Financial

Amway Iberia, S.A.

Bear Canyon, Ltd.

Dupi Import SL

Garza Capital, S.L.

Geobrugg Ibérica, S.A.U.

Grammer AG

IPG Mediabrands

Megameios, ACE

Pacific Sky Corp, SL

Rentokil Initial Portugal, Lda.

Threadneedle Asset Management Holdings Limited

Valormed – Sociedade Gestora de Resíduos de Embalagens e Medicamentos, Lda.

Veralia Corporación, SL

Work highlights

  • Representing Abdullah A. Al Jiburi Contracting Company in the insolvency of Coffor – Internacional Exploração de Patentes, Lda. and in several criminal proceedings against the debtor’s former shareholders and director.
  • Advising and representing the Interpublic Group of Companies (Mediabrands Portugal) in the insolvency proceedings of several local companies.
  • Representing several institutional senior bondholders in the judicial liquidation of major private Portuguese bank Banco Espírito Santo, SA – BES.

Caiado Guerreiro

Caiado Guerreiro's work in restructuring and insolvency is led by João Caiado Guerreiro and Sandra Ferreira Dias, with strength in contentious matters and cross-border instructions. Real estate, media and finance are all sectors frequently covered by the team.

PRA-Raposo, Sá Miranda & Associados, Sociedade de Advogados RL

Dedicated restructuring teams in Lisbon, Porto and Albufeira advise PRA-Raposo, Sá Miranda & Associados, Sociedade de Advogados RL's clients - often on the debtor side - on a range of matters, with strengths in PER and litigation. Real estate, infrastructure and construction stand out as sector specialisms for the practice, which is led by Susana Santos Valente, who is praised for her 'decision-making capacity and leadership.Andreia Damásio and Paula Magalhães dos Santos stand out at the senior associate level.

Practice head(s):

Susana Santos Valente

Other key lawyers:

Paula Magalhães dos Santos; Andreia Damásio


‘It is a company capable of providing an integrated and transversal service, with high specialization in all areas of legal activity.’

‘The Law Firm PRA-Raposo, Sá Miranda e Associados has professionals with considerable experience and knowledge of the legislation in this area. One of the skills highlighted is the monitoring of the process in a team, with a coordinator and some collaborators, the themes being analyzed together with the ability to simulate various hypotheses or perspectives for resolution. Also noteworthy is the speed of response and the thoughtful analysis of procedural situations. The individuals that I highlight in this area are Susana Valente and Paula Magalhães dos Santos.’

‘Susana Santos Valente – coordination, understanding, consideration, decision-making capacity and leadership.’

Key clients

Construtora do Tâmega, S.A.

Nova Primores do Oeste – Serviços e Consultadoria, A.C.E..

Primores do Oeste, S. A

Tâmega Group, S. A.

Agrilanca – Casa Agrícola, S.A.

Aguambiente Portugal, Lda

Luis Abreu & Filhos, Lda

Stopline Films, Produção de Audiovisuais, Lda

MSF- Moniz da Maia, Serra & Fortunato Empreiteiros, S. A.

Work highlights

  • Represented Construtora do Tâmega in one of the largest ever insolvencies in the Portuguese construction industry.
  • Assisted Nova Primores do Oeste – Serviços e Consultadoria on the creation and management of a recovery plan to reorganise the company’s existing debt and inject new money from its banking creditors.
  • Advising Agrilanca – Casa Agrícola on its PER (Special Revitalization Proceedings).

Raposo Bernardo

Ana Cláudia Rangel leads Raposo Bernardo's restructuring and insolvency team, which has advised on large operations for leading companies in sectors including distribution, construction, healthcare, life sciences and tourism. Senior associate Rangel is recommended as 'a lawyer with great quality'.

Practice head(s):

Ana Cláudia Rangel


I have the best opinion of Raposo Bernardo’s work, which has a very high quality. The secret was just one, they know very well how these processes work, they bring together lawyers specialized in each area and the next is work and perseverance. These are just two of its main qualities, which together with the very long experience in this area, which comes from having many restructurings on hand, the dynamics that contribute to things happening and developing, especially in the most complicated phases of a restructuring, and very important, a winning and leadership mentality.’

‘I highlight the person in charge of this area, Ana Cláudia Rangel, who has all the qualities of an excellent lawyer, with enormous quality, very experienced, capable of leading any restructuring process, even with many parties and interlocutors, has enormous patience and a great capacity to generate consensus and get everyone to agree and sign the restructuring agreements.’

‘The quality of the service is very good, I would say excellent. It is often above our best expectations. The skills that most impress me are the ease in understanding even what we need and in responding to our requests. Being very clear is also a very important quality and availability. Whether during the week or even on weekends we can always count on them. This has a lot of value.’

‘I work mainly with Ana Cláudia Rangel and I am very satisfied. She is a lawyer with great quality, very experienced and knowledgeable in all the secrets of restructuring and insolvencies, in addition to litigation and labor matters. I recommend you with great distinction for being a lawyer of great quality, also an extraordinary human being, with a great capacity to understand our needs and respond.’

‘What makes us turn to Raposo Bernardo & Associados is precisely the high quality of its legal services, the guarantee of a serious, rigorous, flawless work, on time and in accordance with the commitments assumed.’

‘In this area, the qualities I highlight are: deep practical knowledge, complete mastery of the restructuring procedure, experience, proactive attitude, efficiency and effectiveness with good results in sight. I am very satisfied and I recommend the company with great pleasure, for us they have been an indispensable partner.’

‘The area of restructuring and insolvency is led by Ana Cláudia Rangel, who does it with skill and a lot of capacity. I value her quality of experience, knowledge of the mechanism of the restructuring procedure, self-confidence, security and the ability to dominate the subject and reassure us.’


DLA Piper ABBC's sizeable restructuring team in Lisbon acts for a wealth of overseas and domestic clients, with a particularly strong base in banking and financial services, reflecting the expertise of the wider firm. International corporations in a variety of industries also instruct the practice, which is jointly led by Nuno Azevedo Neves and João Costa Quinta, with Gonçalo Castro Ribeiro and Vanessa Antunes being further key names to note.

Practice head(s):

Nuno Azevedo Neves; João Costa Quinta

Other key lawyers:

Gonçalo Castro Ribeiro; Vanessa Antunes


‘Nuno Azevedo Neves and Gonçalo Castro Ribeiro – dedication, monitoring and quality of work.’

‘Dedication and deep legal knowledge.’

‘Full involvement and deep professionalism.’

Gómez-Acebo & Pombo

The restructuring and insolvency practice at Gómez-Acebo & Pombo acts for a range of lenders, bond holders and prospective investors. Mafalda Barreto often assists hedge funds on implementing distressed investments in the Portuguese market, and fellow practice head Miguel Castro Pereira has broad banking and finance expertise. Rita Espiríto Santo is heavily involved in R&I matters at the non-partner level.

Practice head(s):

Mafalda Barreto; Miguel Castro Pereira

Other key lawyers:

Miguel de Avillez Pereira; Rita Espiríto Santo

Key clients

Winterbrook Global Opportunities Fund

Infratúnel – Construtores do Túnel do Marão

Sindicato dos Jogadores Profissionais de Futebol

Work highlights

  • Acting for Infratúnel – Construtores do Túnel do Marão on the special revitalization process (PER) of the joint-venture Mecanotubo – VSL and insolvency of the company Mecanotubo.
  • Advising Sindicato dos Jogadores Profissionais de Futebol on several insolvency proceedings and PERs.

Macedo Vitorino & Associados

Partners from Macedo Vitorino & Associados' banking, capital markets and dispute resolution groups collaborate to advise clients on high-value restructuring transactions and contentious insolvency issues. Founding partner António de Macedo Vitorino is strong in corporate restructuring and co-heads the group with João de Macedo Vitorino, who has commercial law and arbitration expertise. André Vasques Dias is also a key contact in this area.

Practice head(s):

António de Macedo Vitorino; João de Macedo Vitorino

Other key lawyers:

André Vasques Dias

Work highlights

  • Assisting KTMC (representing several international investors) disputing the Bank of Portugal’s re-transfer resolution before the administrative courts on behalf of the investors and lodging claims in BES liquidation proceedings.