Covid accompanying measures: Austrian insolvency law

The maximum payment period for the payment of reorganization quotas following judicial reorganization proceedings is extended to three years.

There is a longer payment period for 2021 within which remediation must be completed: The remediation quota, e.g. 20% (of the total debt), may now be paid split over three years. Usually, the quotas were previously divided into an immediate quota of at least 5% and three further 5% quotas within two years. It will become clear in practice whether an immediate quota must continue to be paid and how many further quotas will be necessary.

"2. COVID-19-Justiz-Begleitgesetz"

Facilitated reorganization plan:
§ 11a. (1) The payment periods under section 141(1), first sentence, and section 169(1)(1)(a) of the Austrian Insolvency Code shall each be three years.
(2) Paragraph 1 shall apply to applications for the conclusion of a restructuring plan submitted not later than by December 31, 2021.