We knew that “great navigators owe their reputation to storms and storms”, but being on the high seas when the storm falls is quite different. That's where we are all, the good and the bad companies, the good and the bad entrepreneurs, the good and the bad projects. As in illness, also in business life, the strongest will resist, being that it will be synonymous with capitalized and strategically well positioned. At present, we have “top-of-the-range” companies and entrepreneurs in great difficulty, healthy projects and businesses that have been generating wealth for years that suddenly ran out of market and went into “default”, all due to uncontrollable factors in terms of the future, with the almost absolute certainty of that time will bring the normalization of the functioning of the market. The time! We will then have to distinguish which companies were affected by the virus and were healthy before the pandemic from the rest, mainly from chronic debtors who jump from restructuring to restructuring, without ever being able to fulfill their planning. With all the respect that these entrepreneurs deserve and deserve, I understand that we cannot mix them with those affected by a virus. The Resolution of the Council of Ministers 41/2020 already establishes the launch of an extraordinary process for making companies viable, with an exceptional and temporary character, for companies in a situation of imminent insolvency resulting from the economic crisis caused by the pandemic. We will even have to understand which companies are affected and for that we have to look at the accounting information, which will allow us to understand which companies, before the pandemic, were profit-generating, job-creating, invested, had financial stability with liabilities controlled and were compliant with all its creditors. 

This seems to be the easiest task. The success of the recovery measures of existing or to be implemented companies will always depend on the businesses that these companies develop and on the wealth they may create, on the ability of their managers to reinvent the business and, of course, on the trust capital they have gained with your creditors. It takes time to recover, but we don't know how much, and time translates into a need for capitalization: here the possibilities are opened and the opportunities are born. Regardless of the text of the judicial recovery measures, good companies have to be capitalized, either through capital supplies, venture capital, traditional credit, transformation of credit into capital, divestment in non-core sectors or several measures simultaneously. The enunciated measures must be aimed at companies and entrepreneurs who have already demonstrated their capacity to generate wealth, especially those, and these are the ones who should be the first to be supported, because without these we will lose many more jobs than those around us. 200,000 that we've already lost. 

Jorge Calvete – Partner Causa & Feito