Businessman Manuel Serrão was recently declared insolvent, opening the door to the possibility of exoneration of his remaining liabilities, a legal mechanism that could allow him to get rid of most of his debts. According to Jornal de Negócios, Serrão maintains a monthly pension of 3,191 euros, a value that serves as the basis for calculating the income available in the insolvency process.
This is a case that involves huge amounts of money. According to the same source, Manuel Serrão could be free of debts of around 50 million euros, with the majority of these amounts being claimed by public entities. The request for exemption from the remaining liabilities was made by the businessman himself and is awaiting a final decision from the Court.
“Operation Maestro” and suspected fraud
The legal and financial context of the process intersects with “Operation Maestro”, an investigation by the Public Ministry that investigates suspicions of fraud in obtaining subsidies and financial incentives. According to the same source, allegations of providing false information in applications, possible money laundering and other related economic-financial offenses are also being analyzed.
Serrão, former director of the international promotion of Portuguese fashion, is named as the main defendant. The same newspaper says that the businessman is described as the alleged mastermind of a scheme to fraudulently use community support through the entity Selectiva Moda.
Selectiva Moda and European funds
Selectiva Moda, a company led by Serrão, applied for various support from Portugal 2020. According to the publication, the entity approved at least 14 projects co-financed by the Agency for Development and Cohesion, originating more than 38 million euros in reimbursements or advances.
The Public Prosecutor’s Office suspects that part of these resources was directed to the businessman’s personal accounts and family accounts. For almost a decade, Serrão’s bank account would have served as a channel for R$33.5 million from resources, with partial circulation through relatives’ accounts. It is also said that the businessman lived for eight years in a luxury hotel in Porto, paying for the expenses associated with the support.
In the same investigation, two other defendants appear: António Branco Mendes da Silva, brother-in-law of Manuel Serrão, and António Sousa Cardoso, former general director of ANJE. According to the same source, everyone had received subsidies for their own benefit and from companies managed by them, including Selectiva Moda, No Less and House of Project — Business Consulting.
Business insolvency and personal impact
Selectiva Moda was declared insolvent in September 2024. As , Manuel Serrão assumed, in July 2024, a debt of 645,000 euros owed by his brother-in-law to No Less, an amount that was not paid, leading to the businessman’s personal insolvency request.
The Commercial Court of Vila Nova de Gaia, of the Judicial Court of the District of Porto, declared the insolvency on January 5th. According to the same source, Serrão contested the insolvency, but ended up corroborating the essential facts and asked for the remaining liabilities to be released. The process administrator recommends that the request be accepted, with the transfer of all available income to the trustee during the legally stipulated period.
If the recommendation is followed, Manuel Serrão could be released from most debts in three years, keeping only legally excluded credits, such as those owed to the Tax Authorities and Social Security, which total 64,234 euros.
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