Led by Catarina Guedes de Carvalho, Deloitte Legal‘s restructuring and recovery practice acts for both creditors and debtors in credit and asset recovery, restructuring strategies and insolvency proceedings.

Led by Porto-based Fernando Pizarro Monteiro and Nuno Miguel Lourenço in Lisbon, TELLES fields a business recovery and insolvency practice capable of assisting small, medium-sized and large companies with insolvency, special revitalisation and extrajudicial proceedings.

Cuatrecasas ‘stands out for its expertise’ across the full spectrum of complex restructuring and insolvency matters, guiding national and international creditors and debtors at every stage of proceedings. The ‘outstanding’ team handles bank resolution measures, debt restructurings, insolvency proceedings, special revitalisations, and real estate distress and restructuring with ‘professionalism, proactivity, and accountability’. Co-leading the group are Manuel Requicha Ferreira, who is experienced in debt restructurings and banking resolution litigation, and Maria Raquel Moreira, who focuses on insolvency proceedings, debt restructurings, and debt-recovery matters. Diana Simão Lourenço applies her ‘strategic vision’ to asset recovery, restructurings and distressed businesses.

With both national and international reach, Linklaters advises on the full spectrum of stressed and distressed scenarios, including business restructurings and insolvency and pre-insolvency proceedings. The team is also experienced in the refinancing and disposal of bank loan portfolios, debt restructuring and rescheduling, distressed M&A, asset tracing, and insolvency-related litigation. Practice head Nuno Ferreira Lousa covers the full range of contentious and non-contentious restructuring and insolvency matters, supported by Carlota Freire, who brings experience in litigation and corporate restructuring.

Morais Leitão, Galvão Teles, Soares da Silva & Associados assists debtors, creditors, investors and stakeholders navigating complex restructurings, cross-border insolvency processes, special situations and distressed investing, including NPLs. The ‘capable and knowledgeable’ team provides both preventive advice and representation in contentious and post-insolvency matters, including recovery agreements. Practice head Nuno Gundar da Cruz, praised for his ‘competence’, has notable experience in complex special revitalisation processes, insolvency cases and distressed deals. Other key contacts in the team include Luís Possolo, Catarina Martins Morão and Diogo Costa Fernandes, all of whom are active across insolvency and restructuring mandates.

Recommended for its ‘technical excellence, tactical intelligence and results-driven approach’, PLMJ advises domestic and international companies and institutional investors across insolvency and restructuring mandates. The practice is jointly led by Joaquim Shearman de Macedo, who handles cross-border insolvency cases, and the ‘professional’ Duarte Schmidt Lino, who combines disputes and corporate expertise with experience in distressed M&A. Nuno Líbano Monteiro represents major companies in complex, cross-border insolvency cases. Pedro Caetano Nunes advises investment funds, distressed companies and large insolvent estates, while Manuela Tavares Morais brings expertise in insolvency-related litigation and pre-insolvency restructuring processes.

Combining a ‘rigorous legal approach’ with business acumen, Sérvulo & Associados is trusted by creditors, distressed companies, financial institutions and public sector entities for assistance with complex insolvency and restructuring matters. Its work in judicial insolvency proceedings, out-of-court restructurings, enforcement actions and liquidation processes is recognised for its ‘exceptional quality’. Practice leadership is split between Manuel Magalhães, noted for his ‘in-depth technical knowledge’ of banking operations restructuring; Mafalda Ferreira Santos, who often represents both creditors and debtors in intricate insolvency and restructuring proceedings; António Teles, experienced in the resolution and winding-up processes of major financial institutions; and João Saúde, who advises across all stages of liquidation and insolvency processes.

VdA‘s ‘multidisciplinary’ restructuring and insolvency team supports corporate clients, creditors and debtors on financial restructurings, distressed asset negotiations, insolvency proceedings, recovery and insolvency plans and NPL-related matters. The firm’s ‘technical depth’ also covers special revitalisation processes and voluntary business rescue procedures. The practice is co-led by Frederico Gonçalves Pereira, also a key figure in litigation and arbitration, and Paulo Olavo Cunha, noted for his experience in group restructuring transactions and complex insolvency plans. Teresa Pitôrra, recognised for her ‘profound’ knowledge, is active in high-profile insolvency proceedings and judicial and non-judicial restructurings in Portugal and other Portuguese-speaking jurisdictions.

Abreu Advogados, recognised for its ‘deep legal knowledge’, advises on insolvency proceedings, recovery and corporate restructuring, debt restructuring and transactions concerning distressed assets, as well as director and shareholder liability issues. The practice is led by Francisco Patrício, recognised for his ‘technical rigour’ and ‘strategic vision’, who brings extensive experience advising large Portuguese groups, creditors, directors and shareholders in recovery, restructuring and insolvency processes. Gonçalo Delicado supports clients through negotiation and operational restructuring, while Eduardo Peixoto Gomes focuses on contentious insolvency and restructuring matters.

The ‘highly competent’ team at Garrigues Portugal advises private equity and distressed debt funds, institutional lenders, creditors, sponsors and corporates on the entire scope of restructuring and insolvency matters, including ‘complex’ in-court and out-of-court restructurings, distressed transactions and insolvency proceedings. The firm is also competent in rescue finance, pre-insolvency guidance and the sale and acquisition of NPL and REO portfolios. Vasco Rodrigues, who handles transactions concerning distressed debt and assets, co-leads the practice alongside Miguel Azevedo, recognised for his ‘technical competence and strategic approach’ to insolvency and recovery issues.

Uría Menéndez‘s multidisciplinary team provides ‘unparalleled advice’ to debtors and creditors on domestic and cross-border insolvency and restructuring mandates. The firm adopts a ‘solution-oriented approach’ to preventive restructuring mechanisms, insolvency and related litigation, as well as the design, structuring and implementation of step-in rights. The practice is jointly led by David Sequeira Dinis, who stands out for his ‘technical knowledge’ of bankruptcy and corporate restructuring and is active in both litigation and out-of-court schemes of arrangement, and Nuno Salazar Casanova, who is active in multijurisdictional insolvency and restructuring matters.

CMS‘ ‘experienced, versatile and technically sound’ team is well placed to advise creditors, distressed debt investors and businesses facing financial difficulty on national and cross-border restructuring and insolvency, covering both transactions and litigation. Practice leadership is shared by Nuno Pena, who has a solid track record in restructuring and cross-border insolvency disputes, with a focus on the Bank Recovery and Resolution Directive (BRRD); Gonçalo Madeira, who is experienced in disputes; and António Payan Martins, who acts on special situations, restructurings, turnarounds and transactions involving distressed assets and NPLs.

SRS Legal‘s team is recognised for its ‘excellent service’ in restructuring and insolvency proceedings before the Portuguese courts, with strong expertise in financial litigation. The firm acts for distressed companies, creditors and potential purchasers. Practice head José Jácome is recommended for his ‘extensive legal knowledge’ of national and international dispute resolution. Tiago Coder Meira is recognised for his ‘extensive’ experience representing creditors in insolvency proceedings and debtors pursuing debt restructuring.

Andersen advises domestic banks, creditors, and directors and shareholders of insolvent companies on contentious and non-contentious restructuring and insolvency matters. The team has a strong track record in the financial services sector, including banking liquidations. Practice heads Diogo Matos Oliveira and Filipa Alfaia Barata represent clients in litigation and advise creditors, debtors and investors on credit recovery and company restructurings. Following the integration of Teixeira & Guimarães in January 2025, the firm added the experienced Marlene de Sousa Teixeira to the team.

Drawing on the firm’s global reach, DLA Piper ABBC supports clients on multijurisdictional insolvency and restructuring matters, with a strong track record in the Portuguese banking sector. Practice head and litigator Vanessa Antunes has vast experience managing restructuring cases, both within and outside insolvency contexts. Nuno Azevedo Neves handles high-stakes restructurings, while Ricardo Violante Teixeira specialises in insolvency and pre-insolvency matters.

Gómez-Acebo & Pombo is trusted by investors, banks, distressed companies and private equity funds on high-profile insolvency and restructuring cases. Filipa Cotta, recognised for her ‘vast knowledge’ of the field and ‘pragmatic advice’, co-leads the practice alongside Mafalda Barreto, who is experienced in special revitalisation proceedings and judicial liquidations.

Led by the ‘practical and experienced’ Susana Santos Valente, PRA - Raposo, Sá Miranda e Associados provides ‘excellent’ service to creditors and debtors on judicial recovery, insolvency-related litigation and special revitalisation proceedings. Mariana Osório de Castro and Francisco da Cunha Matos joined from PLMJ in October 2024 and September 2025, respectively, bringing experience in credit recovery and insolvency matters.

Raposo Bernardo‘s ‘proactive’ team advises on a broad range of restructuring and insolvency matters across the technology, hospitality, industry and banking sectors. The ‘impeccable’ Ana Cláudia Rangel leads the team, drawing on extensive experience in non-performing loans recovery, business restructurings and judicial action against debtors.