COVID-19 Related Payment Moratoria on Bank Loans in Southeast Europe
COVID-19 Related Payment Moratoria on Bank Loans in Southeast Europe
The COVID-19 pandemic has multiple effects on the world’s economy. Many businesses struggle to survive and are or may become unable to service their bank debt in the same way as they did before the outbreak of the pandemic. Governments and central banks around the world are imposing various emergency measures and taking actions to support the economy, the business and households in this emergency situation.
One of the measures some governments adopt is a payment moratorium on bank loans. Other governments have refrained from imposing mandatory payment moratoria, but banks and/or bank associations in such jurisdictions have decided commercially to allow their eligible borrowers affected by the pandemic to suspend payments until the emergency situation exists.
In an ocean of legal alerts and memos regarding the legal effects of COVID-19, business managers need a simple and clear direction.
In an attempt to provide such a straight-forward direction, SEE Legal Group has prepared the below summary of measures affecting repayment of bank loans in Southeast Europe.
The summary is available for download here.
The COVID-19 pandemic has multiple effects on the world’s economy. Many businesses struggle to survive and are or may become unable to service their bank debt in the same way as they did before the outbreak of the pandemic. Governments and central banks around the world are imposing various emergency measures and taking actions to support the economy, the business and households in this emergency situation.
One of the measures some governments adopt is a payment moratorium on bank loans. Other governments have refrained from imposing mandatory payment moratoria, but banks and/or bank associations in such jurisdictions have decided commercially to allow their eligible borrowers affected by the pandemic to suspend payments until the emergency situation exists.
In an ocean of legal alerts and memos regarding the legal effects of COVID-19, business managers need a simple and clear direction.
In an attempt to provide such a straight-forward direction, SEE Legal Group has prepared the below summary of measures affecting repayment of bank loans in Southeast Europe.
The summary is available for download here.
