Nuno Gundar da Cruz, a partner at Morais Leitão, spoke to Jornal de Negócios about the need for a new Insolvency and Corporate Recovery Code (CIRE).
The lawyer believes that the current CIRE, which is 20 years old and has undergone several changes, is no longer suited to the current economic reality and therefore suggests the creation of a commission to study the possibility of a new code, stating that insolvency legislation is particularly susceptible to economic changes, which justifies the frequent changes.
Nuno Gundar da Cruz anticipates more changes and believes that, sooner or later, a new code will be necessary to prevent the legislation from becoming confusing and inadequate. In addition, he predicts an increase in insolvencies as long as there are no factors capable of energising the economy and facilitating investment.
Read the full commentary here.
(The commentary is in portuguese only)
