Corporate & Commercial
Our company has become insolvent. As the company’s manager, I believe that the insolvency is temporary because it was caused by the consequences of the epidemic and that we will remedy it after the epidemic is cancelled. Am I obliged to file a proposal to start a compulsory settlement or a proposal to start the bankruptcy procedure of the company?
If the insolvency occurred as a result of the declaration of an epidemic, you are not obliged to file a proposal to start a compulsory settlement or a proposal to start the bankruptcy procedure of the company. The aforementioned is applicable for three months after the cessation of measures under the intervention act.
The insolvency of a company is deemed to be the result of the declaration of an epidemic if the company carries out an activity for which it has been declared with a governmental, ministerial or municipal regulation or act that the carrying out of the activity (services or sale of goods) is temporarily prohibited or substantially restricted due to the epidemic.
