PORTUGAL Law and Practice Contributed by: Manuel Magalhães, Mafalda Ferreira Santos, Francisco Boavida Salavessa and Maria José Lourenço, Sérvulo & Associados
This remedy applies to transactions that are valid and to which the debtor is contractually obliged. If there are other grounds for the annulment or cancellation of a transaction, general rules are applicable. 8.2 Claims to Set Aside or Annul a Transaction or a Transfer The insolvency administrator is responsible for annul - ling transactions by sending notice to the relevant counterparty, within six months of the acknowledge - ment of the transaction, but no later than two years after the insolvency declaration (unless the transaction has not yet been performed, in which case the annul - ment may be declared, without any time limitation, by way of defence).
The validity of the annulment of the act against subse - quent transferees presupposes their bad faith, except in the case of universal successors or if the new trans - fer operates through a donation. The annulment has retroactive effect and the situa - tion that would have existed if the act had not been carried out or omitted, as the case may be, must be restored. The object provided by the third party will only be returned if it can be identified and separated from those belonging to the remaining part of the estate. When this circumstance does not occur, the obligation to return the corresponding amount consti - tutes a debt of the insolvent estate to the extent of the respective enrichment on the date of the declaration of insolvency, and a debt of the insolvency as to any remainder.
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