Ecompensa – Electronic Compensation System for the purpose of voluntary credit clearing

Ecompensa – Electronic Compensation System for the purpose of voluntary credit clearing

The Decree-Law no. 150/2019 (“DL 150/2019”) was published on October 10th, entering into force on January 1st 2020, creating the Electronic Compensation System for voluntary compensation purposes (‘ECOMPENSA’).

For the sake of greater competitiveness of the national economy, the State intends to support measures that ensure greater efficiency in extinction of debts of natural and legal persons, thereby avoiding the use of debt mechanisms and reducing the existence of bad credit.

DL 150/2019 has the dual purpose of, through ECOMPENSA, promoting credit clearing as way of extinguishing obligations and protecting from certain risks to which it may be associated.

The participation in certified platforms, which are part of ECOMPENSA, will only be allowed to natural or legal persons who hold in Portugal a tax identification number or a legal entity identification number, being only eligible for voluntary compensation the pecuniary obligations arising from a legal act or business.

DL 150/2019 also establishes that the pending insolvency proceedings or equivalent on a participating entity entails the immediate refusal or revocation of its registration in an ECOMPENSA electronic platform by the respective managing entity. The managing entity is the entity responsible for the management and operation of an ECOMPENSA electronic credit clearing platform; its remuneration is equitably calculated and may not exceed 1% of the amount cleared on the electronic platform.

Nuno Nogueira Pinto

Nuno Nogueira Pinto

Nuno Nogueira Pinto

Lawyer

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