The moratorium is introduced in the following way:
- suspension on the duty to file for bankruptcy for debtors affected by the coronavirus
- creditors are not allowed to initiate a bankruptcy petition, charge penalties and fines for breach of contracts of such debtors
- prohibit creditors from enforcing their collateral interests for a default on payments by debtors affected by the coronavirus
- prohibit debtors from paying dividends to shareholders, income by shares, distribution of profit between the shareholders
- prohibition on offset of counterclaims if the priority of creditors’ claims is breached
- suspension of ongoing enforcement proceedings on property claims arising prior to the introduction of the moratorium
- creditors’ meetings can be held in absentia regardless of attribution to affected debtor
Moratorium aftermath
If the affected debtor becomes bankrupt within three months after expiration of moratorium:
- all non-ordinary transactions exceeding 1% of the value of the debtor’s assets concluded during moratorium will be declared null and void
- amicable agreement is allowed on the basis of the out-of-court agreement with separate creditors
- terms for challenging fraudulent transactions extend in order to cover moratorium period