Businesses will be granted “enforcement holidays”

Jul, 14 2020

The Federation Council is reviewing a draft law “On Specifics of Execution of Judicial Acts, Acts of Other Bodies and Officials, as well as of Overdue Debts Recovery during the Pandemic of the New Coronavirus Infection”.

It is assumed that individual entrepreneurs, small- and medium-sized businesses of the most affected sectors of the economy will receive a one-time delay until August 1, 2021 for repayment of taxes, fees, insurance premiums or credit agreements, if the amount of debt does not exceed 15 million Rubles.

The provisions of the draft law are planned to apply to enforcement documents presented for enforcement before October 1, 2020.

To implement this benefit, the debtor will need to submit an application to the respective executive body with a request to provide the appropriate installment plan.

In respect of persons subject to the moratorium on initiating bankruptcy cases, the term for the beginning of the provision of installments starts from the moment when such a moratorium expires.

One of the authors of the initiative, Alexander Khinshtein, explained that these measures are a natural continuation of other measures introduced at the legislative level to support the most affected areas of the economy.

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