Bankruptcy

The 120-installment payment plan for self-employed professionals and businesses with debts to the state and social security funds has been extended from arrears of up to 50,000 euros to 125,000 euros.

The measure is also extended to include debts created in 2017.

With Bulgarian Justice Minister Ms Tsetska Tsacheva as chair, EU Justice Ministers on Monday reached an agreement on some of the rules that will make it easier for entrepreneurs to go restart their business if they have gone bankrupt.

The Economy Ministry appears to have agreed with the country's creditors on the inclusion in the extrajudicial debt settlement mechanism of individuals who are partners of enterprises in trouble.

Cold cuts producer BIKH has filed for bankruptcy in a bid for protection from its creditors, which could confiscate its assets, including its stock of products.

British company Cambridge Analytica, which is at the center of a Facebook scandal, has announced that it has begun insolvency proceedings and "stops all its operations immediately," says Bgnes.

Banks are about to issue a call to some 1,000 businesses with nonperforming loans from two or more credit institutions to enter the out-of-court debt settlement mechanism. The requests are expected to be made gradually over the course of May to entrepreneurs selected by Greece's four systemic banks with debts ranging between 50,000 and 2 million euros.

The Labor and Social Security Ministry is preparing a bill that will provide for the write-off of debts confirmed up to December 31, 2016 that are being challenged in court or where reasonable doubt has been recorded in relation to their confirmation by the social security fund.

The online platform for the extrajudicial debt settlement mechanism opened on Monday for self-employed professionals too, provided they have debts to the tax authorities or social security funds of between 20,000 and 50,000 euros.

Turkey's Doğuş Holding is in talks with banks on debt restructuring, sources familiar with the matter said on April 7.

Businesses and individuals who make sure they have honored their obligations toward the taxman have every reason to be outraged.

For example, entrepreneurs who make their loan repayments on time feel stupid when banks offer privileged terms to businesses that have been badly managed and which are obviously unsustainable.