YEAR 2014 N.º 1

ISSN 2182-9845

The diffuse instruments of company financing: the comfort letters

L. Miguel Pestana de Vasconcelos


Typical Guarantes; atypical guarantes; company law; commercial law; banking law; finance


The commercial trade keeps developing new instruments better suited to fill its needs. One such instrument is the comfort letters, which are closely related to company financing. In contrast to the different types of guarantees, they have a diffuse character, which makes the qualification of each individual comfort letter a difficult task. To that end, a system of groups of comfort letters is here developed, so that their general regime may be determined. In that framework it is possible to determine the regime of each individual comfort letter with a far greater degree of precision.