Portaria (Ordinance) No 261/2014 - Diário da República (Portuguese official gazette) No 242/2014, Series I of 2014-12-16

Amending for the first time the Regulation of the Local Support and Micro-company Incentive Scheme.

Law No 79/2014 - Diário da República (Portuguese official gazette) No 245/2014, Series I of 2014-12-19

Reviewing the legal framework of urban lease.

Decree-Law No 182/2014 - Diário da República (Portuguese official gazette) No 249/2014, Series I of 2014-12-26

Amending the legal framework of the setting up and modification of retail establishment and commercial complexes.

Council of Ministers of December 18, 2014

The Council of Ministers has approved amendments to the Sistema de Recuperação de Empresas por via Extrajudicial (SIREVE) (Companies Recovery System through Extrajudicial Agreements), to the Código da Insolvência e da Recuperação de Empresas (CIRE) (Code of Insolvency and Recovery of Companies) and to the Código das Sociedades Comerciais (CSC) (Companies Code), in order to establish a setting more favourable to the recapitalisation, restructuring and renewal of the business base and with the aim of promoting the acceleration of economic growth and job creation .

With regard to the amendments made to the SIREVE, the goal is to ensure the effectiveness of this resource, both by limiting the situations in which this mechanism may be resorted to, and by introducing a mechanism enabling to timely signal the existence of financial difficulties. In addition, financing granted during the stage in which the negotiation process takes place, is granted additional protection .

New rules are also introduced concerning the majorities required for the approval of recovery plans, with the approximation of the framework established in the SIREVE to the framework laid down for the approval of recovery plans in the scope of the PER.

With regard to the review of Código das Sociedades Comerciais, alternatives to bank financing are promoted, broadening financing options through hybrid capital instruments and reviewing the rules applicable to the issue of notes, such as the ones on the issue limits and the exceptions thereto.