Impact of Directive (EU) 2026/799 on Portuguese insolvency law
On April 1, 2026, Directive (EU) 2026/799 of the European Parliament and of the Council of March 30, 2026, harmonizing certain aspects of the insolvency law (the “Directive”) was published. Member States must transpose the Directive into their national law by January 1, 2029.
The Directive is commonly referred to as the Second Insolvency Directive, as it follows Directive (EU) 2019/1023 of the European Parliament and of the Council of June 20, 2019. It aims to harmonize Member States’ insolvency regimes less broadly than its predecessor, excluding preventive restructuring regimes from its scope and generally establishing only a minimum harmonization framework.
In Portugal, some solutions included in the Directive already have parallels in the CIRE; however, transposition will require significant legislative revisions in certain cases.
In our Legal Flash, we analyze the Directive’s scope and main implications for Portuguese law, identifying the areas where significant legislative innovations will be necessary, particularly the introduction of pre-pack proceedings.
For further information about this topic, you can email our team at the Knowledge and Innovation Group or contact your usual representative at Cuatrecasas.