Debtors can re-enter their arrangement

Debtors can re-enter their arrangement

The government is offering tens of thousands of taxpayers and corporations the chance to return to the 100- or 120-installment debt repayment programs, after submitting an amendment in Parliament on Wednesday.

Any debtors who have failed to keep up with their arrangements due to the health crisis and their inability to pay their tranches since March will now be able to be reinstated by paying the installment due this month by the end of December. The nine unpaid tranches that remained unpaid from March to November will be added at the end of each payment plan.

For example, a company that had entered a 120-tranche payment program but failed to pay the June and July installments would have been seen as forfeiting its right to stay in the scheme. However, once the platform opens, it will be able to re-enter the arrangement by resuming payments, preserving all its benefits. The two overdue tranches will then be paid after the end of the scheme.

The amendment also provides for the suspension of the online submission of declarations for property transfers, inheritances, donations and parental concessions until end-June.

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