Covid-19 | Statutory moratorium on creditors’ rights ended on 31 January 2021
- 10/02/2021
- News
On 31 January 2021, the temporal scope of the second statutory moratorium for certain enterprises forced to close as a result of the restrictions imposed within the context of the Covid-19 crisis ended. The statutory moratorium was applicable from 24 December 2020 until 31 January 2021 and provided that these enterprises were protected against (i) bankruptcy and judicial dissolution, (ii) attachment and enforcement measures and (iii) termination of existing contracts due to non-payment.
As a result of the non-extension of the protection measures, enterprises are now again exposed against claims for bankruptcy and creditors can seize their assets.
It is currently envisaged that a new law will be adopted that aims at simplifying the judicial reorganisation procedure, for example by easing the formal conditions to open such procedure, extending the situations in which a judicial officer can be appointed, etc. This draft bill is expected to be adopted by March 2021.
