Firms To Watch: Insolvency and restructuring

Led by Diogo Matos Oliveira, who has a solid background in the banking sector, the insolvency group at NGA Advogados has extensive experience in credit recovery and corporate insolvencies.
RRP Advogados‘ litigation, restructuring and insolvency practice was launched in 2020 following the arrival of Filipa Alfaia Barata from SRS Legal, who brings a wealth of experience in acting for creditors, debtors and investors on the restructuring of debt and businesses.

Insolvency and restructuring in Portugal


Cuatrecasas' debtor and creditor clients benefit from the firm’s international approach and multidisciplinary offering, which includes legal support in related litigation, bank resolution measures, distressed M&A, schemes of arrangement, refinancing and cross-border insolvency proceedings. Of particular note is the team’s experience in acting for international funds in the acquisition of distressed debt and default loan portfolios. Banking and finance specialist Maria João Ricou and Miguel Almada, the latter of whom focuses on dispute resolution, jointly head up the team, which also features Frederico Bettencourt Ferreira and associate Bertha Parente Esteves, key contacts for the resolution of disputes arising out of insolvency proceedings and company recovery operations. Other notable practitioners include Manuel Requicha Ferreira, whose experience covers debt restructuring and banking resolution litigation, and Margarida Leal Oliveira, who is proficient in financing transactions.

Practice head(s):

Maria João Ricou; Miguel de Almada

Other key lawyers:

Frederico Bettencourt Ferreira; Manuel Requicha Ferreira; Lourenço Vilhena de Freitas; Pedro Marques Mantas; Bertha Parente Esteves

Key clients

Cross Ocean Partners

Bank of Portugal

Novo Banco

Senvion GmbH

Banco Privado Português – Em Liquidação (“BPP, SA”)

Summer Varzea

Deutsche Bank AG, London Branch

Work highlights

  • Providing Portuguese law advice to Cross Ocean in relation to the restructuring of the bank debt of two concessionaires of toll roads.
  • Provided Portuguese law advice to Bank of Portugal, as Resolution Authority, on several lawsuits brought against Bank of Portugal regarding the resolution of Banif.
  • Provided Portuguese law advice to Bank of Portugal, as Resolution Authority, in certain lawsuits brought against Bank of Portugal regarding the resolution of BES, namely Oak Finance and Banco Boavista.


Linklaters has a multidisciplinary insolvency and restructuring team, which benefits from its close collaboration with lawyers from its banking, corporate, litigation and tax practices. The team is best known for its involvement in some of the most complex and innovative restructuring and insolvency transactions across a range of sectors. Recent highlights saw the team lead on distressed M&A, debt restructuring, debt and equity capital raising, insolvency litigation and out-of-court proceedings. Practice head Nuno Ferreira Lousa is a renowned dispute resolution lawyer with extensive experience in restructuring and insolvency proceedings. Manuel De Abreu Castelo Branco is another name to note for both contentious and non-contentious restructuring and insolvency issues. Ricardo Silva Pereira is a key contact for several companies, insolvency practitioners and creditors in distressed situations.

Practice head(s):

Nuno Ferreira Lousa

Other key lawyers:

Manuel de Abreu Castelo Branco; Ricardo Silva Pereira; Tatiana Lisboa Padrão

Key clients

ECS – Sociedade de Capital de Risco, S.A.

Cerberus European Investments, LLC


Davidson Kempner European Partners

Bank of America Europe DAC

Lisgráfica – Impressão e Artes Gráficas, S.A.

Acciona Green Energy Developments SLU

Fluxys Lng SA

Morais Leitão, Galvão Teles, Soares da Silva & Associados

Morais Leitão, Galvão Teles, Soares da Silva & Associados enjoys a great reputation in the market for its restructuring and insolvency practice, which is sought after by debtors, creditors, investors and other stakeholders. The team is especially devoted to assisting companies in restructuring scenarios, showcasing considerable strength in out-of-court negotiations, including under the special revitalisation process (PER) or under the extra-judicial recovery regime (RERE). Litigation initiated within or related to insolvency proceedings is another core area of activity for the department, which is also frequently engaged in distressed M&A transactions. The ‘technically brilliant‘ Nuno Gundar da Cruz, who ‘combines an enormous execution capacity with excellent negotiating skills‘ coordinates the team. He is particularly noted for his track record in complex PER cases and insolvency-related litigation. Filipe Lowndes Marques brings a wealth of experience in financial restructurings. Creditor and debtor clients also turn to Magda Fernandes for advice on restructuring and insolvency issues.

Practice head(s):

Nuno Gundar da Cruz

Other key lawyers:

Filipe Lowndes Marques; Magda Fernandes


‘In-depth knowledge of the rules, a lot of experience, ability to explain matters, functional complementarity between people allocated, excellent coordination, timely response.’

‘Very consistent and balanced team – each one stands out in the part/function they are in charge of.’

‘Nuno Gundar da Cruz is very responsive, easy to deal with, has great English language skills and is prompt in providing advice.’

‘Personalised service from reception to meeting room. The team’s availability and ability to resolve/answer questions/doubts stands out. Discretion, politeness and professionalism of all team members. Proximity to the client.’

‘I recommend Nuno Gundar da Cruz for his attention to detail, responsiveness and client care.’

‘I worked with Nuno Gundar, who is an excellent professional. Nuno, more than a lawyer, is a partner who can put himself in the client’s position and, together, debate the various alternatives/solutions, discuss the pros and cons in the client’s particular situation, taking into account the business in question and market environment. With Nuno we are able to make informed and debated decisions. Nuno dominates the subjects, making and sharing the analyses with coherence and pragmatism, giving a confidence far above the usual. Additionally, I highlight availability, which is very important in these processes, as the deadlines for responses are often not consistent with normal business hours.’

‘MLGTS has a huge technical knowledge on the matter, giving the client a clear map of the steps to be taken and the options available, a proactive attitude for the friendly and quick resolution of the various obstacles associated with this type of process creating bridges with the counterpart in a fair, balanced and effective way, and it enjoys enormous credibility and reputation with the various stakeholders, both official and private, which gives the client enormous negotiating leverage.’

‘Nuno Gundar da Cruz was in fact the main driver of our process. Technically brilliant, he combines enormous execution capacity with excellent negotiating skills. More than listing problems, he presents credible, technically resilient solutions and has the ability to implement them with a practical spirit.’

Key clients

Banco Comercial Português, S.A.

Caixa Geral de Depósitos, S.A.

Sociedade Comercial Orey Antunes, S.A.

ING Bank


Thai Union

Work highlights

  • Advised and represented SCOA, a publicly listed company in Portugal, as debtor and company to be recovered, within its special revitalisation proceedings.
  • Represented Thai Union within the insolvency proceedings of António Ramos & Costa, S.A. in the context of a complex distressed acquisition of a real estate asset.
  • Advised ING Bank in connection with hypothetical legal effects, under Portuguese law, of the OW Bunker group insolvency.


PLMJ is a go-to choice for debtors and creditors from a wide range of industries, including banking, pharmaceutical, automotive, IT and agribusiness, and its role on the market’s largest restructurings and insolvency cases illustrates its expertise in this area. The practice is also retained by private equity funds and investors looking to acquire distressed assets, as well as international clients in debt recovery litigation and insolvency proceedings with a cross-border impact. Nuno Líbano Monteiro, who has unparalleled experience in the insolvency of financial institutions and restructuring matters, oversees the department with Joaquim Shearman de Macedo, a key contact for NPL transactions, debt restructuring and insolvency disputes. Pre-insolvency restructuring processes and restructurings within the pharmaceutical sector are some of Manuela Tavares Morais‘s core specialisms, while Pedro Caetano Nunes is a name to note for insolvency of financial institutions and directors’ liabilities. Catarina Guedes de Carvalho left the firm in January 2022.

Practice head(s):

Nuno Líbano Monteiro; Joaquim Shearman de Macedo

Other key lawyers:

Manuela Tavares Morais; Pedro Caetano Nunes; João Tiago Morais Antunes; Rita Folhadela


‘The relationship with PLMJ lawyers is guided by permanent and continuous information on the status and evolution of the process, in a realistic language, but above all absolutely transparent.’

‘Nuno Líbano Monteiro is highly competent and very focused on the law applied by the courts in different instances.’

‘To start with, I would highlight the security that the firm gives me as a Client. I feel that the matters have complete follow-up. Having a point of contact always available is extremely valuable. I really appreciate the flexibility of time for meetings and contacts, the exceptional mastery of information and communication technology, adapted to current times and to Clients, who, like me, greatly appreciate the use of digital tools for the efficiency and productivity they add.’

‘I consider the work and support of Pedro Caetano Nunes to be fundamental, due to his proficiency in legal matters, mastery of business issues/problems and definition of the strategy for the success of the cases.’

‘Highly knowledgeable and very experienced.’

‘All partners are very well connected.’

‘PLMJ presents a combination of scale and individual quality of its members that make it unique in the national scene. The combination of these two factors ensure that we always have an expert on a particular subject, always just a call away, guaranteeing a wide coverage of all aspects of the processes.’

‘Pedro Caetano Nunes is certainly one of the most brilliant lawyers I have come across. He combines a deep technical knowledge in his area of expertise with an enormous capacity for problem solving and parallel thinking.’

Key clients

Attestor Capital

Strategic Value Partners

Atena Equity Partners

Mercedes-Benz Financial Services Portugal


Alliance Healthcare

Barclays Bank

TAP – Air Portugal

Bank of America

Iberis Semper

Oxy Capital

PIMCO Blackrock

Espírito Santo Financial Group (ESFG), Insolvent Estate

Rio Forte Investments (Luxembourg) and Subsidiaries, Insolvent Estate

Work highlights

  • Advising international investment funds, notably Attestor Capital and PIMCO/Blackrock Group, in the most significant recent insolvency of a Portuguese bank.
  • Acting for AHC (ad hoc committee composed by Strategic Value Partners, Cross Ocean Partners and Bank of Ireland) on the litigation and insolvency strategy to recover the debts owed by two highway concessionaires.
  • Assisting EIP in a restructuring procedure in the context of a transaction between Iberis Semper and Visabeira group regarding the EIP conglomerate.


In anticipation of the rise in demand in the fields of restructuring and insolvency, VdA recently set up an autonomous corporate restructuring and insolvency practice made up of specialised lawyers providing a full-service offering. Led by Filipa Cotta, who has more than 20 years’ experience in national and cross-border dispute resolution matters and who is now entirely devoted to restructuring and insolvency mandates, the department brings together expertise in financial restructuring, distressed asset transactions, PERs and REREs. Litigation and arbitration expert Frederico Gonçalves Pereira is also active in the team; he has represented clients in some of the most challenging and high-profile insolvency cases in the country. Teresa Pitôrra has significant experience in acting for creditors and debtors in insolvency proceedings and judicial and out-of-court restructurings across a range of sectors, including banking and telecoms.

Practice head(s):

Filipa Cotta

Other key lawyers:

Frederico Gonçalves Perreira; Teresa Pitôrra; Catarina Carvalho Cunha

Key clients

Banco Comercial Português

Oi, S.A

Carval Investors

Fir Tree Partners

Värde Wingspan Investments

Citibank London

Banco de Portugal

Massa Insolvente do Fundo Promovest

Massa Insolvente da Sociedade de Renovação Urbana do Campo Pequeno

Caixa Gestão de Ativos

Rio Forte Investments SA

Espírito Santo International

Banif Finance Limited

Portuguese Private Equity

Atena Equity Partners

Maló Clinic S.A.

Prado Cartolinas da Lousã

Caixa Gestão de Ativos, S.A. (“CGA”)

Paris INN Group

Investec Bank LTD

SLCM | Serra Lopes, Cortes Martins & Associados

SLCM | Serra Lopes, Cortes Martins & Associados is noted for its significant experience in major restructurings and insolvencies. The team is skilled at advising corporate and institutional clients, mainly in the banking, real estate, telecoms, media, agribusiness and energy sectors, in all phases of insolvency proceedings, PER cases, extra-judicial agreements for debt restructuring and distressed M&A. The department is jointly led by Luis Miguel Cortes Martins and Maria Raquel Moreira, the latter of whom brings together expertise in dispute resolution, banking and contractual law. Diana Simão Lourenço is also recommended for restructuring and insolvency matters.

Practice head(s):

Luís Miguel Cortes Martins; Maria Raquel Moreira

Other key lawyers:

Diana Simão Lourenço


Full availability with very short response times; interdisciplinary technical skills, which translate into the ability to respond to requests of different natures in the same process; professionalism and versatility, including in the negotiation process with counterparts – ability to present solutions to the challenges posed.’

‘Raquel Moreira and Diana Simão Lourenço are great.’

‘Technical knowledge, availability, integrity and quality of the performed analyses.’

Key clients

Nutrinveste Group

Controlinveste Group

Sociedade Central de Cervejas (SCC) – Heineken Portugal

ECS Capital

Banco Comercial Português, S.A.

Caixa Económica Montepio Geral

Novo Banco

Apollo Management Fund

Calm Eagle Holdings

Fundação Eugénio de Almeida

Work highlights

  • Acted on behalf of Banco Comercial Português in the PER proceedings of Udifar II, a company operating in the pharmaceutical distribution sector.
  • Advised Banco Comercial Português on the structuring and execution of a financial lease agreement and a loan agreement with Pestana Group.
  • Acted on behalf of Novo Banco in the insolvency proceedings of Totalpart – Gestão e Serviços.

Sérvulo & Associados

Bringing together a multidisciplinary team with expertise across financing, governance and dispute resolution, Sérvulo & Associados has a strong track record in complex and high-profile liquidation cases in Portugal and Europe. The team has recently experienced an uptick in instructions related to restructuring and insolvency proceedings as well as transactions involving distressed assets. Also noteworthy is the team’s collaboration in the implementation of an IT platform for the management of the liquidation proceedings of three major Portuguese banks - BES, BANIF and BPP. The department is under the joint leadership of four partners: Manuel Magalhães, who is particularly experienced in insolvencies in the financial sector; Mafalda Ferreira Santos, whose areas of expertise include in- and out-of-court restructuring and insolvency issues; António Teles and João Saúde.

Practice head(s):

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

Other key lawyers:

Maria José Lourenço; Alexandra Valpaços


‘Professionalism of members and proximity to the client.’

‘Manuel Magalhães is recommended.’

‘Technical capacity, namely in the legal combination of the different rules that govern a liquidation process, in the legal assessment of “new” matters, in which there are no previous decisions in the Portuguese courts. Rigour in the assessment of all the subjects.’

‘The knowledge and competence of Mafalda Ferreira Santos are evident in the management of litigation processes in matters of insolvency.’

‘Excellent knowledge of the subject matter.’

Key clients

TAP – Transportes Aéreos Portugueses, S.A.





Monumental Residence – Empreendimentos Imobiliários, SA

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


Nilit France, S.A.

Exact Software Iberia, S.L.

Work highlights

  • Represents TAP in the insolvency proceedings of SPdH – Serviços Portugueses de Handling, a company that provides handling services.
  • Acting as lawyers of BES, as well as of its Winding-Up Board, in pre-litigation and litigation matters.
  • Representing BANIF in almost all the pending proceedings against the client, as well as in all legal actions related to the resolution measure.

Uría Menéndez – Proença Carvalho

Uría Menéndez – Proença Carvalho stands out for its expertise in insolvency proceedings and restructurings in the banking, real estate and tourism sectors. The team – which features litigators, corporate lawyers, tax and employment experts – is adept in assisting both debtors and creditors in domestic and cross-border matters. David Sequeira Dinis is retained by clients in bankruptcy and corporate restructuring issues, including litigation and out-of-court schemes of arrangement. He manages the restructuring and insolvency practice with Pedro Ferreira Malaquias, who also leads the banking and finance team, and Nuno Salazar, who focuses on dispute resolution.

Practice head(s):

David Sequeira Dinis; Nuno Salazar; Pedro Ferreira Malaquias

Other key lawyers:

Luís Bértolo Rosa


‘Excellent technical and legal quality, go to the bottom of the issues. Top lawyers in Portugal.’

‘David Sequeira Dinis is recommended for his technical and legal quality.’

‘Very well selected team, with excellent professionals. Client service is brilliant and response time is minimal.’

‘David Sequeira Dinis and Luís Bértolo Rosa are recommended. Excellent response time. Assertiveness and security in the field of matters. Excellent client service.’

Abreu Advogados

Led by Francisco Patrício, Abreu Advogados' insolvency and corporate restructuring department is comprised of practitioners seasoned in asset tracing, insolvencies, creditor rights, restructurings and distressed M&A. Department head Patrício is adept in assisting creditors, boards of directors and shareholders of insolvent companies in the full range of insolvency and restructuring matters. He receives key support from Gonçalo Delicado, who is often involved in corporate restructuring, debt recovery and transactions, and Eduardo Peixoto Gomes, whose areas of focus include PERs and contentious insolvency proceedings.

Practice head(s):

Francisco Patrício

Other key lawyers:

Gonçalo Delicado; Eduardo Peixoto Gomes

Key clients

Fundo de Investimento Imobiliário Imoreal

Parvalorem S.A.

Caixa Geral De Depósitos

Grupo Marques

Work highlights

  • Assistance to Imonegócios in several insolvency proceedings and special revitalisation processes.
  • Assisted Parvalorem in multidisciplinary litigation against Grupo Imoholding.


Drawing on the strength of the firm’s multi-jurisdictional practices across M&A, banking and finance, tax and regulation, CMS‘s team in Portugal is equipped to handle all aspects of restructuring and insolvency matters. A diverse client base – comprising banks, distressed debt investors, private equity firms and corporates in financial difficulties – regularly turn to the team in relation to large restructuring processes, litigation arising from insolvencies and transactional work. Nuno Pena is a go-to litigator for issues pertaining to the banking sector; dispute resolution is also a strong point for Miguel Esperança Pina, who is highly regarded for insolvency and restructuring disputes. Other names to note include Rita Gouveia and Diogo Castanheira Pereira, the latter of whom is regularly sought by investment funds, financial institutions and real estate companies in restructuring matters.

Other key lawyers:

Maria Almeida Teixeira


‘The team in the restructuring area, led by Diogo Castanheira Pereira, stands out from others, in particular, but not only for its extreme proximity to the client, for its technical knowledge and pragmatic way of approaching each topic /difficulty encountered.’

‘CMS distinguishes itself from other firms for the commitment and dedication placed in its work. They are creative, proactive and seek to find solutions that best suit each client. They have the best quality / price ratio in the Portuguese market.’

‘Recently promoted to partner, Diogo Pereira is a brilliant lawyer and has a huge future ahead of him. Always demonstrates great professionalism, knowledge and availability. He shows great proactivity and initiative.’

‘Young and dynamic team, manages to deal with multiple issues diligently and effectively, scrupulously meeting the agreed deadlines. High proximity to the client in order to try to find multiple solutions and provide a quick response to different client requests.’

‘Diogo Pereira has an exceptional ability to address several issues at the same time, easily managing to prioritise the various issues; high ability to unlock complicated issues with out-of-the-box solutions; support always provided with a high level of quality and special attention to the needs of the client.’

‘Maria Almeida Teixeira is very diligent and pragmatic in dealing with matters; manages to create a good relationship with the various parties involved, sometimes being an important element in unblocking more complicated situations.’

Key clients










Work highlights

  • Advised Davidson Kempner European Partners on the acquisition of five NPL portfolios with a total outstanding balance of more than €3bn.
  • Advised Goldman Sachs International on the challenge of a claw back claim filed by the Joint Liquidators of Banco Espírito Santo.
  • Advised Bybrook Capital on the acquisition of NPL and REO portfolios with a total outstanding balance of more than €150m.


With notable strength in distressed M&A transactions and debt restructuring, Garrigues acts for a diverse client base operating in a range of industries, including banking, construction and real estate. In addition, the team is well positioned to advise on pre-insolvency matters and NPL deals. João Duarte De Sousa, who heads up the litigation and arbitration department, and Diogo Leónidas Rocha, whose areas of activity cover distressed debt transactions, banking and finance and M&A, jointly steer the team on restructuring and insolvency mandates. Vasco Rodrigues is also praised by clients for his active role in the practice.

Practice head(s):

João Duarte de Sousa; Diogo Leónidas Rocha

Other key lawyers:

Vasco Rodrigues


‘Clarity; technical knowledge; availability; assertiveness.’

‘Vasco Rodrigues is a versatile and very commercial lawyer.’

Key clients

Davidson Kempner

Njord Partners


Alain Afflelou


BNP Paribas Factor

Atena Equity Partners

Keller Cimentaciones S.A.U.


The Bank of New York Mellon

Castlelake LP

Work highlights

  • Advised Davidson Kempen on Project Webb, a circa €450m NPL portfolio.
  • Assisted Njord Partners in the acquisition of non-performing loans from Novo Banco and BCP in relation to the Elevolution Group, an international construction group based Portugal.
  • Assisted Castlelake in the full sale process of NPLs designated as Project Victoria II.

SRS Legal

SRS Legal‘s restructuring team brings together lawyers from the dispute resolution and finance departments with a wealth of experience in financial litigation. The team is regularly engaged by domestic and international clients in insolvency and restructuring matters, including refinancing and distressed transactions. José Carlos Soares Machado, who also heads the firm’s dispute resolution department, oversees the restructuring practice with José Jácome, who also focuses on litigation and arbitration proceedings. Natália Garcia Alves leads the credit recovery team.

Practice head(s):

José Carlos Soares Machado; José Jácome

Other key lawyers:

Natália Garcia Alves


‘Even though the matter is of a certain scope, SRS Advogados manages to bring together at the “same table” several professionals, which allows the Client to have a multidimensional perspective on the matter to make much more informed decisions.’

‘José Jácome has the ability, during a conversation or meeting, to be able to give very well-supported answers or advice, which speeds up decision-making processes.’

Key clients

Bain Capital

Shinko Electric Industries, Co. ltd

Ibex Brokers

EDP Renewables


Banco Carregosa

Work highlights

  • Assisting Barloworld STET with its credit claim in the special revitalisation proceedings (PER) related to Construtora do Tâmega, (now named Tâmega Engineering).
  • Assists Banco Carregosa in litigation proceedings, including preliminary injunctions, against participants in the fund Retail Properties – FIIF over the change of management of said fund.

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

APTS – Alves Pereira & Teixeira de Sousa, S.P., R.L. is equipped to act for debtors and creditors in restructuring, insolvency and winding-up proceedings across a range of sectors, including construction, logistics, banking and real estate. Leading the department is João Marques de Almeida, who stands out for his experience in cross-border insolvencies. João Alves Pereira, who chairs the employment department, is also engaged in restructuring and insolvency matters.

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

Free Now, Unip. Lda.

Garza Capital, S.L.

Geobrugg Ibérica, S.A.U.

Grammer AG

IPG Mediabrands

Megameios, ACE

Pacific Sky Corp, SL

Miki Travel Limited

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 Geobrugg Ibéria in the insolvency proceedings of OPWAY, a Portuguese construction company.
  • 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 the major private Portuguese bank (Banco Espírito Santo – BES).

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo is particularly noted for assisting financial entities - including lenders, investors in distressed assets and bondholders - in restructuring and insolvency proceedings, including issues pertaining to the resolution of Portuguese banks. The team is particularly proficient in assisting companies in the restructuring of their businesses and capital, refinancing of existing debt and other forms of acquisition finance. Mafalda Barreto, who focuses on banking and M&A transactions, oversees the practice with Miguel de Avillez Pereira and Miguel Castro Pereira. Rita Espiríto Santo is another noteworthy practitioner, who combines expertise in criminal compliance and insolvency matters.

Practice head(s):

Mafalda Barreto; Miguel Castro Pereira; Miguel de Avillez Pereira

Other key lawyers:

Rita Espiríto Santo


‘High legal knowledge and experience.’

‘Rita Espírito Santo is recommended.’

Key clients


CNH Industrial

Winterbrook Global Opportunities Fund

INFRATÚNEL – Construtores do Túnel do Marão A.C.E.

Sindicato dos Jogadores Profissionais de Futebol

Work highlights

  • Advised IVECO on several insolvency proceedings.
  • Advised CNH on several insolvency proceedings.
  • Assisted Sindicato dos Jogadores Profissionais de Futebol in several insolvency proceedings and special revitalisation processes.

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

PRA-Raposo, Sá Miranda & Associados, Sociedade de Advogados SP RL fields a sizeable and dedicated team handling restructuring and insolvency matters, including litigation proceedings and day-to-day management of issues. The team has been particularly active assisting clients in PER proceedings, and is best known for its work undertaken on behalf of debtors. Advising clients from the construction and real estate sectors is a particular area of strength for the department, which is led by Susana Santos Valente. Other names to note in the team include Andreia Damásio and Paula Magalhães Dos Santos, who are also widely recommended by clients.

Practice head(s):

Susana Santos Valente

Other key lawyers:

Paula Magalhães dos Santos; Andreia Damásio


‘It is a firm with a solid presence in the market. They have a huge proximity to the client, always looking for the best solution to the problem that may arise. In my specific case, the quality of the service provided by the Restructuring and Insolvency Department was excellent and could not have had a better resolution than the one I ended up having. Perseverance, study, dedication and the pursuit of perfection are some of the characteristics that define the team.’

‘Paula Magalhães dos Santos is, without a doubt, a young lawyer willing to position herself in a market where only the best are available. Not least, I would like to highlight Susana Santos Valente, to whom I also owe the understanding and ability to manage my entire situation. She is an experienced lawyer, very practical and with an unrivaled acumen.’

‘PRA is a firm with whom we work in specialised M&A, Restructuring and Insolvency matters. It has an experienced team and a track record of multiple transactions in this area, which allows them to offer a specialised service that involves not only analysis of the framework and definition of the legal strategy but also monitoring the economic and financial issues that are associated with this type of transaction and make them complex.’

‘Andreia Damásio is comfortable in matters of insolvency and stands out for her high level of monitoring and capacity to develop trusting relationships with clients.’

Key clients

Construtora do Tâmega, S.A.



Primores do Oeste, S. A

Tâmega Group, S. A.

Agrilanca – Casa Agrícola, S.A.

Stopline Films, Produção de Audiovisuais, Lda

Work highlights

  • Assisting Construtora do Tâmega, a player in the construction and public infrastructure sector, in the company’s third recovery plan.
  • Representing Stopline, a film production company in Portugal, in litigation proceedings challenging a declaration of insolvency.
  • Acting on behalf of Biosurfit, which focuses on biological detection technology, in insolvency proceedings in which the main creditor is the European Investment Bank.

Raposo Bernardo

The restructuring and insolvency team at Raposo Bernardo is skilled at handling an array of matters involving the industrial, retail, pharmaceutical, distribution, tourism and construction sectors. The department is under the leadership of senior associate Ana Cláudia Rangel, who brings together expertise in dispute resolution, employment law and corporate restructuring processes.

Practice head(s):

Ana Cláudia Rangel


‘Among the qualities that we most value are the ability to achieve goals, the efficiency of work without digressions, the effectiveness of the final results, pragmatism and supreme dedication to the client. To all this they also add high ethical values, transparency, an integrated team, with impeccable and highly professional ethical conduct.’

‘Ana Cláudia Rangel stands out for her experience, She is a tireless lawyer, dedicated, extremely friendly and respected by all people.’

‘All the work is of extreme quality, very detailed, focused on what matters. Whenever we have a question or need something, they are extremely quick and available to respond, which reveals that they understand the business world and the need for a quick answer.’

‘Ana Cláudia Rangel coordinates a fantastic team and provides us with a service of the highest quality, thus generating effective additional value to the our activity. I admire her tenacity, perseverance, ability to grasp a situation that is complicated and turn it around in our favour.’

‘We really like the way they work, they manage to work as a team in a cohesive way, but they also have their own style and adapt perfectly to what we want. I also have a special admiration for the Restructuring and Insolvency team, who always prepare very well, are meticulous and very organised in the tasks they develop. We feel they are always committed to our affairs.’

‘Ana Cláudia Rangel is a fantastic lawyer. She is extremely fast and very clear in everything, has great legal knowledge, understands our needs well and even anticipates the work, focusing on giving us concrete and useful results. She is a lawyer who never gives up when faced with the difficulties of a negotiation or contract, with a great capacity for work and a lot of experience in litigation, insolvency and restructuring matters.’

‘Raposo Bernardo’s team gives us very personal treatment, communicates very well and is always very comfortable and confident when dealing with difficult people or situations on the other side of the table, which often happens in insolvency and restructuring processes.’

‘The department is superiorly headed by Cláudia Rangel, a fantastic lawyer, with an excellent attitude, always available, with an infinite capacity for work and totally focused on providing us with the best services.’

Work highlights

  • Advising a client on insolvency.
  • Advising a company on the restructuring of its activity and its portfolio of assets.
  • Advising a client on a complex restructuring.


DLA Piper ABBC fields a team of experienced lawyers with deep knowledge of complex restructurings and judicial insolvencies. The team offers legal support to a host of domestic and international clients, and is often involved in cross-border matters. The practice is jointly led by Nuno Azevedo Neves and João Costa Quinta, both of whom specialise in transactional work, including private equity. Vanessa Antunes is seasoned in restructuring cases and dispute resolution, while Gonçalo Castro Ribeiro is regularly involved in distressed debt deals and other financing matters.

Practice head(s):

Nuno Azevedo Neves; João Costa Quinta

Other key lawyers:

Gonçalo Castro Ribeiro; Vanessa Antunes


‘Constant search for innovative solutions in a highly regulated sector.’

‘Vanessa Antunes is a very professional person with excellent technical skills.’

‘The quality of service and results they have provided us distinguish DLA Piper ABBC from other law firms in our experience.’

‘Knowledge of the sector, proactivity.’

‘Attention to detail and availability. Vanessa Antunes is great.’


At MACEDO VITORINO, insolvency and restructuring work is handled by a cross-practice team made up of lawyers who primarily focus on banking, capital markets and litigation matters. Practitioners are adept at assisting borrowers and lenders, including large international banks, in restructuring transactions and insolvency proceedings. António de Macedo Vitorino and João Macedo Vitorino jointly manage the team.

Practice head(s):

António de Macedo Vitorino; João Macedo Vitorino

Key clients

KTMC – Kessler Topaz Meltzer Check, LLP

Work highlights

  • Advising several international investors that invested in bonds that were originally issued by BES, transferred to Novo Banco and retransferred to BES by the Bank of Portugal.