The payment of bank credits in Romania has been postponed for 9 months
An Emergency Ordinance has been published in the State Gazette in Romania regarding the postponement of payments for bank credits. It states that bank loans may be suspended, at the customer's request, for up to 9 months, but no later than December 31st 2020. The maximum credit period, provided for in the creditors' rules, may be extended by a period equal to the duration of the suspension of the payment obligation.
In order to benefit from the measure, the clients should submit a request to the banks at their offices, via mail or email, specified in the credit agreement, or through another channel of the bank, but no later than 45 days after this Ordinance enters into force.
Eligible companies must meet the following cumulative conditions:
1. They have ceased their activities completely or partially as a result of the decisions issued by the competent authorities during the emergency and possess a Certificate of Emergency, issued by the Ministry of Economy, on the basis of a Declaration of Personal Responsibility, that their income has decreased by a minimum of 25% in March of 2020, compared to the average for January - February 2020.
2. The company is not insolvent at the date of the credit postponement request.
The Ordinance also envisages reliefs for individuals.
