Finance ministry table amendment to extend out-of-court settlement framework for private sector arrrears by a year

21 December 2018
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The finance ministry, as expected, on Thursday tabled a draft amendment to extend an out-of-court settlement framework for private sector arrears by a year.

The amendment lowers the ceilings for creditors seeking to recover arrears: 500,000 euros for an individual creditor, from the current two million euros, and five million euros in accumulated arrears towards more than one creditors, down from 20 million euros.

At the same time, the new law would raise the sum that a business wants to negotiate in the out-of-court settlement, from 50,000 euros to 300,000 euros.

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