Extension of extra-judicial mechanism for settling business debts

January 20, 2020

The existing framework for extrajudicial debt settlement for businesses, partnerships and freelancers is being extended until April 30, 2020.

This four-month extension offers more debtors the chance to settle their debts, as well as people who have already visited the relevant platform, but not submitted their application, to complete the preparation process within the granted deadline, given that this is the final extension and opportunity to utilize this mechanism.

The new institutional framework for debt settlement and bankruptcy of natural and legal persons will be implemented as of May 1, 2020 and will entirely replace the existing debt settlement tools.