Latest news and stories about insolvency in Portugal for expats and residents.
Welink Energy Portugal 2 UK, the company managing the Solara4 solar plant in Alcoutim, has entered insolvency proceedings. The facility, which is the largest solar power plant in Portugal, has faced persistent operational setbacks since its inauguration in 2021.
The sale of the Tupperware factory in Montalvo, Santarém, remains ongoing after initial purchase offers failed to meet the required 10 million euro minimum. The insolvency administrator, Jorge Calvete, confirmed that the sales process will proceed despite the lack of successful bids. The factory's future remains uncertain as the search for a buyer continues.
The Judiciary Police (PJ) is carrying out new searches in Vila Nova de Gaia as part of the investigation involving lawyer Paulo Topa, as reported by SIC Notícias on Tuesday, September 29. The operation is taking place at an equestrian centre and includes personnel from the GNR and the Public Prosecutor's Office. According to the broadcaster, the Public Prosecutor's Office aims to seize high-value assets and investments suspected of being used to launder part of the approximately ten million euros allegedly embezzled. The case, investigated by the Porto DIAP, involves suspicions of manipulating various insolvency proceedings and an alleged network composed of lawyers, insolvency administrators, and straw men. Some companies under investigation were reportedly placed in the names of homeless individuals. Paulo Topa was arrested during the investigation and remains in pre-trial detention. The case was revealed by SIC Investigation last year. According to SIC Notícias, the Public Prosecutor's indictment may be imminent. The PJ has arrested another businessman in Operation Cinderella, which investigates a scheme involving insolvency proceedings, and previously detained 15 people from a group that managed a money laundering service for other criminal structures.
In April of this year, the Cachão Industrial Slaughterhouse entered insolvency proceedings, requested by one of its creditors, Ares Lusitani, following a debt that reportedly reached nearly one million euros.
Five days separate the last Instagram video and the insolvency ruling. The patients, mostly British, were left without answers regarding treatments and with embryos transferred to another clinic.
The State is the largest creditor in the final stage of the process, but will only receive 26 thousand euros of the 12.5 million it was owed.
Welink, owner of the largest solar power plant in the country, faces restructuring and longs for the green light for a wind farm
The company responsible for the largest solar energy facility in Portugal has filed for bankruptcy.
Falling electricity prices in the market and production levels below expectations have led the company Welink Energy Portugal 2 UK to insolvency. Creditors aim to recover the asset's performance and are seeking a buyer.
The company responsible for the largest solar energy facility in Portugal has declared bankruptcy.
The number of declared insolvencies in Portugal increased by 5.5% in the first seven months of the year, while in July alone it rose by 58% year-on-year to 163, according to data released this Wednesday by Iberinform. In the accumulated total for the first seven months of the year, declared insolvency proceedings grew by 5.5% compared to the same period last year, reflecting increases of...
Organised in shifts, they are preventing the removal of machinery and merchandise. Men and women are without wages, holiday pay, and Christmas bonuses.
A footwear factory in Gaia dismissed 60 workers without prior notice. July salaries and holiday allowances remain unpaid, a debt exceeding 100,000 euros.
The management of the Pontual footwear factory in Vila Nova de Gaia has confirmed the permanent closure of the industrial unit, noting that the insolvency filing was submitted this Tuesday. The payment of July salaries and holiday allowances to the workers of the Pontual footwear factory in Gaia will depend on the insolvency administrator, it was stated.
Footwear factory in Avintes, founded 78 years ago, closed at the administration's request, catching about 70 workers by surprise with the announcement of insolvency and permanent closure.
Maria Clarisse Barros executed the creditors' assembly resolution. Keys to the facilities must be handed over by July 31st.
Around a hundred workers from the Association for the Promotion and Youth Development of Sintra (APDJ) received 45% of their salary and are at risk of the institution becoming insolvent, says the Union, potentially leading to job losses.
Banif contested and complained to the Minister of Finance and the court, but ultimately had to transfer approximately 50 million euros belonging to the insolvent estate of the bank that failed in 2015 to State accounts at the IGCP. At the root of this dispute is a rule that determines the centralisation and maintenance...
Unbabel founder Vasco Pedro and investor Wuessen have requested to challenge the 1.3 million euro credit claimed by IAPMEI regarding the insolvency of the machine translation company, according to case documents.
Following its insolvency declaration in March, the Portuguese tech company Unbabel is set to be liquidated after creditors unanimously approved the move at the Lisbon District Court. CEO Vasco Pedro, who admitted defeat to generative AI, confirmed the company had already ceased operations and laid off its staff. Unbabel, which once sought unicorn status, faced debts of 15.5 million euros to 31 creditors. Despite receiving 14.1 million euros in Recovery and Resilience Plan (PRR) funding, the company failed to secure a recovery plan. Legal disputes regarding creditor priority and the previous sale of assets to the US-based TransPerfect remain ongoing.
The closure and liquidation of the tech company Unbabel was approved today by a unanimous vote of the creditors present at the assembly held at the Lisbon District Court.
The closure and liquidation of the tech company Unbabel was approved this Thursday by a unanimous vote of the creditors present at the assembly held at the Lisbon District Court. According to the judge presiding over the insolvency proceedings, no recovery plan was submitted to attempt to save Unbabel, which owes debts to thirty creditors.
The tax office is claiming payment from Jacques Rodrigues for taxes on three properties in Cascais, Albufeira, and Santarém.
More than 80% of Sicasal's creditors voted in favour of the insolvency plan this Tuesday, which provides for the sale of the company to Portral for 11.5 million euros and a 76.2% 'haircut' on the debt of common creditors. During the vote held at the Sintra court, only the credit recovery firm Camacho Nunes...
Sicasal creditors are meeting this Tuesday at the Sintra court to review and vote on the insolvency plan, which provides for the sale of the meat company to Portral for 11.5 million euros. The plan, presented to the Commercial Court of Sintra by insolvency administrator Jorge Calvete, includes...
With Artlant's insolvency in its final stages, Caixa risks recovering only €20 million
Since April 20, the stadium and the complex belonging to the 'checkered ones' were electronically for sale on the official Leilosoc website, but only the latter real estate asset received offers above the minimum.
The insolvency administrator, appointed by the court, failed to provide information and meet deadlines. Celebrities are left without over a million.
The insolvency administrator chose not to put the recovery plan to a vote due to a lack of support from creditors. Gérard López maintains interest in saving the SAD, and there is a deadline until the end of May.
BCP, the largest creditor of Sicasal and the party behind the insolvency request approved in January, has filed a challenge against the labour credits of Álvaro Santos da Silva, arguing that they are not owed.
