// RTP / Flickr, Sugo Cork Rugs
Businessman declared insolvency and asked for the remaining liabilities to be released: in three years, he could be free of debts of around 50 million euros.
Manuel Serrão was declared insolvent and will be able to benefit from the release of the remaining liabilities, a legal mechanism that, if confirmed by the court (which it should be, according to ) will allow him to get rid of the majority of debts within three years.
At stake will be approximately 50 million eurosthe overwhelming majority claimed by public entities.
The case intersects with the , criminal investigation by the Public Ministry that investigates suspicions of fraud in obtaining subsidies and financial incentives, provision of false information in requests for public support, possible money laundering and other related economic-financial infractions.
The businessman and former director of the international promotion of Portuguese fashion is named as main defendant and described as the alleged mastermind of a scheme to fraudulently use community support.
At the heart of the investigation is the Selective Fashionan entity promoting Portuguese fashion that Manuel Serrão — now retired and with a pension of 3,191 euros — headed. According to the facts described, within the scope of Portugal 2020 alone, Selectiva Moda will have managed to approve at least 14 projects co-financed by the Agency for Development and Cohesion. These projects will have generated more than 38 million euros in refunds or advances.
According to the MP’s suspicion, Selectiva Moda applied for support and hired companies linked to the businessman himself, family members or people close to him.
Allegedly, part of these amounts was used for personal purposes. For almost a decade, Manuel Serrão’s bank account served as a channel for 33.5 million euros from European funds allocated to Selectiva Moda, with partial circulation of this money through family accounts. It is also mentioned that Serrão, with expenses covered by funds associated with support.
In the same investigation, two other names were accused: António Branco Mendes da Silva, brother-in-law of Manuel Serrão, and António Sousa Cardoso, former general director of ANJE. All of them, knowing in detail the rules for application, execution and payment of co-financed funds, will have decided to obtain subsidies for their own benefit and that of companies managed by them, including Selectiva Moda, No Less and House of Project — Business Consulting.
Selectiva Moda was meanwhile declared insolvent in September 2024. In the context of the insolvency of the company No Less, a relevant fact emerged for Serrão’s personal process: in July 2024, through a debt assumption contract, the businessman assumed as his own a debt of 645 thousand euros that his brother-in-law owed to that company.
As the amount was not paid, No Less’ insolvent estate advanced with the personal insolvency request by Manuel Serrão. According to Negócios, the insolvency was declared on January 5th, by the Commercial Court of Vila Nova de Gaia, in the Judicial Court of the District of Porto.
According to the administrator’s report, Manuel Serrão contested the insolvency but ended up corroborating the essential facts in the initial petition, defending the declaration of insolvency itself and asking for the exemption of the remaining liabilities. The administrator considers that this request should be granted, with the transfer to the trustee of all the insolvent’s available income during the legally stipulated period.
If the court follows this recommendation, Serrão could be released from most debts after three years, remaining only without paying the credits that the law excludes from this regime — in this case, the amounts owed to the Tax Authorities and Social Security**, which total 64.234 euros.
