{"id":5456,"date":"2024-09-11T13:27:56","date_gmt":"2024-09-11T13:27:56","guid":{"rendered":"https:\/\/rfblegal.co.uk\/?post_type=insight&p=5456"},"modified":"2025-11-14T14:22:38","modified_gmt":"2025-11-14T14:22:38","slug":"litigios-relativos-a-acordos-de-compra-de-accoes-litigios-relativos-a-provisoes-para-ganhos-de-capital","status":"publish","type":"insight","link":"https:\/\/rfblegal.co.uk\/pt\/percepcoes\/litigios-relativos-a-acordos-de-compra-de-accoes-litigios-relativos-a-provisoes-para-ganhos-de-capital\/","title":{"rendered":"Lit\u00edgios relativos a contratos de aquisi\u00e7\u00e3o de ac\u00e7\u00f5es: Lit\u00edgios relacionados com as cl\u00e1usulas de aquisi\u00e7\u00e3o"},"content":{"rendered":"

Compra de a\u00e7\u00f5es Agreements<\/a> (SPAs) are essential documents<\/a> that govern the private<\/a> sale and purchase of shares in a company. Increasingly, these agreements include earn-out mechanisms, which, while valuable, often lead to disputes regarding their interpretation and enforcement<\/a>. <\/p>\n\n\n\n

O que s\u00e3o \"Earn-outs\" nos acordos de compra de ac\u00e7\u00f5es?<\/em><\/strong>\u00a0<\/h2>\n\n\n\n

Earn-out provisions are frequently<\/a> included in SPAs to align the interests of compradores<\/a> and sellers, especially in cases where the selling<\/a> shareholder remains as a director and continues working for the company post-sale. <\/p>\n\n\n\n

Normalmente, uma estrutura de \"earn-out\" implica que o comprador pague um montante fixo inicial aquando da conclus\u00e3o da opera\u00e7\u00e3o, com pagamentos adicionais dependentes do facto de a empresa-alvo atingir marcos predefinidos. Estes marcos referem-se frequentemente a objectivos de receitas, limiares de EBITA ou outros indicadores-chave de desempenho (KPI). <\/p>\n\n\n\n

A inclus\u00e3o de uma cl\u00e1usula de earn-out pode beneficiar ambas as partes: <\/p>\n\n\n\n

(a) devolver o valor ao vendedor se a empresa-alvo exceder os seus objectivos, e <\/p>\n\n\n\n

(b) incentivising seller stakeholders to remain involved and committed to the performance of the business<\/a> even after the completion of the sale. <\/p>\n\n\n\n

Causas comuns de lit\u00edgios sobre ganhos de capital<\/em><\/strong>\u00a0<\/h2>\n\n\n\n

Os lit\u00edgios relativos a ganhos de capital resultam frequentemente de v\u00e1rios factores comuns: <\/p>\n\n\n\n

Ambiguidade na reda\u00e7\u00e3o:<\/strong> Vague or poorly defined terms can lead to disagreements over whether the conditions<\/a> of the earn-out provision have been met. For instance, disputes frequently arise over the definition of key financial metrics, the accounting standards to be used, and the specific methodology for calculating the earn-out. <\/p>\n\n\n\n

Controlo Operacional P\u00f3s-Conclus\u00e3o:<\/strong> Disputes may also arise concerning how the company is managed after the acquisition. Sellers may argue that the buyer has taken\u2014or failed to take\u2014actions that undermine the achievement of earn-out targets, either deliberately or negligently. On the other hand, buyers may assert that their management decisions<\/a>, even if they negatively impact the earn-out, are within their rights and in the best interest of the business. For example, a significant change in the company\u2019s business strategy could impact performance metrics. <\/p>\n\n\n\n

Desacordos sobre o relato financeiro:<\/strong> Uma vez que os pagamentos de \"earn-out\" est\u00e3o muitas vezes ligados ao desempenho financeiro, surgem inevitavelmente lit\u00edgios sobre a informa\u00e7\u00e3o financeira. Isto inclui quest\u00f5es como o reconhecimento de receitas, a afeta\u00e7\u00e3o de custos e os ajustamentos para rubricas extraordin\u00e1rias. Os argumentos giram frequentemente em torno da quest\u00e3o de saber se foram adoptados princ\u00edpios contabil\u00edsticos inadequados, deturpando assim o desempenho da empresa. <\/p>\n\n\n\n

Calend\u00e1rio<\/a> of Earn-out Payments:<\/strong> The timing of earn-out calculations and payments is another<\/a> area of contention. Disputes can arise over when the earn-out period begins, how long it lasts, and when payments are due. <\/p>\n\n\n\n

Como evitar lit\u00edgios sobre ganhos de capital<\/em><\/strong>\u00a0<\/h2>\n\n\n\n

Para reduzir o risco de lit\u00edgios relativos a ganhos, considere os seguintes passos: <\/p>\n\n\n\n

Reda\u00e7\u00e3o clara e precisa:<\/strong> Ensure that the SPA contains clear and detailed drafting. All key terms, including financial metrics, calculation methods, accounting standards, and timelines, should be clearly defined. Where possible, include illustrative examples to show how the earn-out vontade<\/a> be calculated. <\/p>\n\n\n\n

Revis\u00e3o e auditoria por terceiros:<\/strong> To avoid disputes over financial calculations, the SPA could prescribe an independent third-party auditor to review the company\u2019s financial statements used to calculate the earn-out. Independent verification often provides both parties with greater confidence<\/a> in the accuracy of the calculations. <\/p>\n\n\n\n

Abordagem do controlo p\u00f3s-conclus\u00e3o:<\/strong> O CCV deve abordar a forma como a empresa ser\u00e1 gerida ap\u00f3s a conclus\u00e3o da opera\u00e7\u00e3o, em especial se o vendedor continuar envolvido. O estabelecimento de orienta\u00e7\u00f5es claras em mat\u00e9ria de autoridade de decis\u00e3o e de controlo operacional pode ajudar a evitar lit\u00edgios sobre ac\u00e7\u00f5es que possam ter impacto sobre o pr\u00e9mio. <\/p>\n\n\n\n

Cria\u00e7\u00e3o de mecanismos de governa\u00e7\u00e3o:<\/strong> Including specific governance mechanisms in the SPA, such as an earn-out committee to oversee the achievement of earn-out targets, can foster transpar\u00eancia<\/a> and communication, helping to mitigate potential disputes. <\/p>\n\n\n\n

Resolu\u00e7\u00e3o de lit\u00edgios<\/a> Mechanisms:<\/strong> Incorporate specific dispute resolution mechanisms within the SPA, such as mandatory mediation, arbitragem<\/a>, or the involvement of experts. These measures can provide a more efficient and cost-effective way to resolve earn-out disputes. <\/p>\n\n\n\n

Lit\u00edgio sobre contratos de compra e venda de ac\u00e7\u00f5es: Contacte-nos<\/strong>\u00a0<\/h2>\n\n\n\n

If you need advice or assistance with navigating disputes related to share purchase agreements, including those concerning earn-out provisions, please contact<\/a> S\u00f3cio Jonathan Chan<\/a> em j.chan@rfblegal.co.uk<\/a>.\u00a0<\/p>","protected":false},"author":5,"featured_media":5457,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[62,65],"tags":[81],"class_list":["post-5456","insight","type-insight","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-litigation","category-corporate","tag-litigation-team-dj"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t