The regulations in detail:
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.
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.
Extension of terms for the obligation to file for insolvency
Insolvency law was adapted again
In the course of the Corona Pandemic, insolvency law was adapted again to support companies that went into difficulties.Read more
R&R in the light of COVID-19
Managing short to mid-term cash and liquidity needs
The health crisis brought by the COVID-19 virus has suddenly paralyzed many sectors of the economies.Read more