Insolvency and Restructuring International

Directive 2014/59/EU of the European Parliament and of the Council dated 15 May 2014 established a framework for the recovery and resolution of credit institutions and investment firms ('the Bank Recovery and Resolution Directive' or BRRD), and is of major interest. The underlying principle is that a bank resolution occurs when national authorities determine that a failing bank cannot go through normal insolvency proceedings without harming public interest and causing financial instability. This article deals with the Portuguese implementation of the 'no credit worse off' approach.