Decreto-Lei n.º 150/2019
- Emissor:Presidência do Conselho de Ministros
- Entidade Proponente:Presidência e da Modernização Administrativa
- Tipo de Diploma:Decreto-Lei
- Páginas:2 - 10
Summary in plain english (Without legal value)
What is it?
This decree-law creates the Electronic Clearing System (ECOMPENSA).
ECOMPENSA is a system of voluntary and multilateral clearing of credits through electronic platforms accredited for this purpose.
Voluntary credit clearing
It is a form of extinction of obligations in which the debtor pays his/her debt using a credit he/she has over the creditor (for example, person A owes 100 to person B, and B also owes 20 to A. Thus, A will have to pay 80 to B, clearing on platform 20).
More than two parties will be involved in a multilateral clearing. For example, person A owes 100 to person B, while B owes 100 to person C and C owes 100 to A. Thus, by analysing, in a network, the credits due, they can also be assigned and extinguished by clearing, settling all debts up to the amount of the lower one.
What is going to change?
Individuals or legal entities can now extinguish their debts through ECOMPENSA, which is composed of electronic platforms.
These electronic platforms will make it possible to define chain clearing, involving several entities and increasing the possibilities of clearing credits that, as a rule, would not be related to each other.
These electronic platforms are accredited by the National Cybersecurity Centre (CNCS) and supervised by the Agency for Administrative Modernisation (AMA).
Membership of these platforms is voluntary and will be allowed to any natural or legal person who has in Portugal a legal person identification number or tax identification number.
Credits originated by an act or business, voluntarily inserted in the platform and evidenced through documents may be cleared through ECOMPENSA, provided that the creditor and the debtor are participants in the platform.
What advantages does it bring?
This decree-law, by creating this mechanism for extinguishing debts, ensures greater efficiency in the clearing of credits.
It aims to reduce the existence of non-performing loans and ensure less recourse to indebtedness mechanisms.
When does it enter into force?
This decree-law enters into force on 1 January 2020.