Chapter XIII · Liquidation of the company

Article 161 Return to business

Artigo 161.º · Regresso à actividade

Código das Sociedades Comerciais · Decree-Law No. 262/86 · consolidated text checked 26 October 2026

#

1. The members may resolve, subject to this Article, that the liquidation of the company be terminated and that the company resume its business.

1 - Os sócios podem deliberar, observado o disposto neste artigo, que termine a liquidação da sociedade e esta retome a sua actividade.

#

2. The resolution must be adopted by the number of votes required by law or by the articles of association for a resolution to dissolve the company, unless a larger majority or other requirements have been stipulated for this purpose.

2 - A deliberação deve ser tomada pelo número de votos que a lei ou o contrato de sociedade exija para a deliberação de dissolução, a não ser que se tenha estipulado para este efeito maioria superior ou outros requisitos.

#

3. The resolution may not be adopted:

3 - A deliberação não pode ser tomada:

#

a) Before the liabilities have been settled in accordance with Article 154, except for claims whose repayment in the liquidation has been expressly waived by their holders;

a) Antes de o passivo ter sido liquidado, nos termos do artigo 154.º, exceptuados os créditos cujo reembolso na liquidação for dispensado expressamente pelos respectivos titulares;

#

b) While any ground for dissolution persists;

b) Enquanto se mantiver alguma causa de dissolução;

#

c) If the liquidation balance does not cover the share capital, unless the share capital is reduced.

c) Se o saldo de liquidação não cobrir o capital social, salvo redução deste.

#

4. For the purposes of point (b) of the preceding paragraph, the same resolution may take the measures necessary to bring any ground for dissolution to an end; in the cases provided for in Article 142(1)(a) and Article 464(3), the resolution takes effect only once the statutory number of members has actually been restored; in the case of dissolution upon the death of a member, the concurring vote of the successors on the resolution referred to in paragraph 1 is necessary, but not sufficient.

4 - Para os efeitos da alínea b) do número anterior, a mesma deliberação pode tomar as providências necessárias para fazer cessar alguma causa de dissolução; nos casos previstos nos artigos 142.º, n.º 1, alínea a), e 464.º, n.º 3, a deliberação só se torna eficaz quando efectivamente tiver sido reconstituído o número legal de sócios; no caso de dissolução por morte do sócio não é bastante, mas necessário, o voto concordante dos sucessores na deliberação referida no n.º 1.

#

5. If the resolution is adopted after the distribution has begun, a member whose interest is significantly reduced in relation to the aggregate interest that member previously held may withdraw from the company, receiving the share that would have fallen to that member in the distribution.

5 - Se a deliberação for tomada depois de iniciada a partilha pode exonerar-se da sociedade o sócio cuja participação fique relevantemente reduzida em relação à que, no conjunto, anteriormente detinha, recebendo a parte que pela partilha lhe caberia.

What we checked in this article

The dissolution-resolution majority, the three bars in paragraph 3 (including the waiver exception for creditors), the cross-references to Articles 154, 142(1)(a) and 464(3), the successors' necessary but not sufficient vote and the withdrawal right after distribution has begun are retained.

Is Article 161 relevant to a company you run or plan to set up?

We advise on Portuguese company law in English every day: formation, capital, members’ resolutions, managers’ liability and restructuring. A written answer and a fixed quote within one working day.

Unofficial English translation prepared by BCA Portugal for reference. Only the Portuguese text published in the Diário da República has legal force. Editorial notes are ours and are not part of the statute.

Applying the law

Portuguese company law, explained in English by the people who apply it

Reading the statute is the first step. Applying it to your articles of association, your capital and your board is where mistakes cost money. Tell us what you are deciding and we will set out the rules that apply and what it costs to get it done.

Get a quote