Loading...
Publication
Implementação do processo especial de revitalização (PER): um estudo de caso
| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 2.28 MB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
O Processo Especial de Revitalização (PER) foi aprovado em Portugal na sequência de
uma grave crise financeira e centra o paradigma das insolvências na reestruturação
empresarial em detrimento da liquidação. Este trabalho de projecto utiliza o método de
estudo de caso para compreender a realidade de uma empresa enquadrada no sector da
construção civil e que recorreu em 2013 ao PER como medida de reestruturação
empresarial face a uma situação de insolvência iminente.
A triangulação das várias fontes de evidência durante o período pré-PER permitiu
identificar as principais causas internas (capitais próprios negativos, excesso de
endividamento de curto prazo, meios libertos insuficientes, estrutura de custos
desajustada) e externas (crise económica e financeira, forte quebra de mercado,
insolvência de clientes, retracção da banca, penhora de credores) que levaram a empresa
a enfrentar um grave problema de liquidez. A análise do processo de negociação do
PER permitiu perceber quais as principais dificuldades nas negociações e as
condicionantes que permitiram aprovar o PER. A investigação do período pós-PER
permitiu conhecer em detalhe os factores determinantes (internacionalização, alienação
de activos não produtivos, alteração da política de crédito, alteração da estratégia
comercial, contexto económico mais favorável, reestruturação do passivo, envolvimento
de todos os colaboradores) para que a implementação do PER na empresa possa ser
considerada como um caso de sucesso.
Este trabalho contribuiu assim para o conhecimento de uma realidade complexa e para
reduzir a lacuna existente entre a teoria e a prática no que respeita à implementação do
PER como medida extrajudicial de recuperação de empresas.
financial crisis and focused the paradigm of bankruptcy into the restructuring of companies in opposition to the liquidation. This applied project uses the case study approach to understand the dynamics of a company operating in the construction industry that used the PER in 2013 as a tool of corporate restructuring given its imminent bankruptcy. The use of different sources of evidence during the pre-PER period allowed the identification of internal causes (negative owners’ equity, high level of short-term debt, insufficient cash-flow, bankruptcy of clients, banking restrictions, clients’ lawsuits) that took the company to an extreme problem of liquidity. The analysis of the PER negotiation allowed to understand them main issues during this process and the conditionings allowing the PER’s approval. The investigation of the post-PER period allowed the identification of the determinant factors (internationalization, alienation of non-productive assets, changes in the credit policy, changes in the commercial strategy, more favourable economic conditions, debt restructuration, motivation of all employees) allowing the success of the PER implementation in the company. This applied project contributes to the understanding of a complex phenomenon and to reduce the existing gap between theory and practice regarding the implementation of the PER as new approach to the recovery of companies.
financial crisis and focused the paradigm of bankruptcy into the restructuring of companies in opposition to the liquidation. This applied project uses the case study approach to understand the dynamics of a company operating in the construction industry that used the PER in 2013 as a tool of corporate restructuring given its imminent bankruptcy. The use of different sources of evidence during the pre-PER period allowed the identification of internal causes (negative owners’ equity, high level of short-term debt, insufficient cash-flow, bankruptcy of clients, banking restrictions, clients’ lawsuits) that took the company to an extreme problem of liquidity. The analysis of the PER negotiation allowed to understand them main issues during this process and the conditionings allowing the PER’s approval. The investigation of the post-PER period allowed the identification of the determinant factors (internationalization, alienation of non-productive assets, changes in the credit policy, changes in the commercial strategy, more favourable economic conditions, debt restructuration, motivation of all employees) allowing the success of the PER implementation in the company. This applied project contributes to the understanding of a complex phenomenon and to reduce the existing gap between theory and practice regarding the implementation of the PER as new approach to the recovery of companies.
Description
Keywords
Distress Financeiro Insolvência PER Recuperação