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Corona relief measures

Extension of terms for the obligation to file for insolvency

Wolfgang Kaltenegger Wolfgang Kaltenegger

In the course of the Corona Pandemic, insolvency law was adapted again to support companies that went into financial difficulties as a result of COVID-19.

One measure is the current suspension of the obligation to file for insolvency in case of over-indebtedness. In Austria, this period of time has been extended once again and has now been redefined for the period 1 March 2020 to 31 March 2021. If there is over-indebtedness on 31 March 2021, an application for insolvency must be filed without undue delay, but at the latest within 60 days of the end of 31 March 2021 or 120 days after the occurrence of over-indebtedness, whichever period ends later.

Irrespective of this, there is still a continuous obligation to file for insolvency in the event of inability to pay.

If you find yourself in such a crisis that endangers your company, we will be happy to support you. Especially in these situations, it is helpful to get support from our experts in order to better decide whether a continuation of the business and under which conditions makes sense. We are also happy to prepare Going Concern forecasts for you.

Do you still have any further questions? Our expert Wolfgang Kaltenegger is at your disposal.

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