Insolvency

Taxpayers' overdue debts to the tax office are divided into three categories, for which the National Economy and Finance Ministry and the Independent Authority for Public Revenue (AADE) are planning settlements.

The tax authorities are right to help those who find it difficult to meet their obligations. But before allowing them to enter a debt repayment scheme, they must first assess those debtors. 

Those who were found to be in debt due to weakness and those who have been caught actively evading taxes cannot be treated in the same way.

Sri Lankan authorities have declared a five-day closure of financial markets from June 29 ahead of a controversial move to restructure the government's domestic debt amounting to more than $51 billion.

The restructuring affects government bonds in line with an IMF bailout agreed in March, after Sri Lanka defaulted on its foreign debt in April last year and declared bankruptcy.

For two years, businesses received significant government support because of the pandemic, but now rising energy and debt service costs, along with general inflationary pressures, are putting the recovery of small and medium-sized businesses at risk, EURACTIV writes.

She’s feeling free after the judge in her conservatorship case took control away from her dad

Restructuring of the Turkish real sector's debts to the domestic lenders has accelerated in the past two months, according to figures from the Banks Association of Turkey (TBB).

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Debts worth 24.9 billion Turkish Liras ($2.9 billion) were restructured in May and June as part of a program launched in 2018.

The National Revenue Agency (NRA) collected over BGN 4 million in outstanding payments in just 7 days.

Dozens of debtors have committed to pay more than BGN 9 million for taxes and social security contributions in the next 2 weeks, the NRA announced.

Ljubljana – Marjan Dikaučič, an official receiver, has become Slovenia’s new justice minister after the National Assembly voted 44:41 in favour on Tuesday. He succeeds Lilijana Kozlovič, who resigned due to the government’s decision to suspend the appointment of Slovenia’s members of the European Public Prosecutor’s Office.

The number of companies and authorised individuals (PFA) that entered insolvency has gone down by 31.75% in January 2021, in comparison with the first month of 2020, 316 companies being registered as insolvent, according to the data published on the website of the National Trade Register Office (ONRC).

Two full years after the scandal broke at Folli Follie, the troubled jewelry company's new management is close to completing its streamlining plan and starting the restructuring process according to the bankruptcy code, Kathimerini understands.