Avoiding insolvencies – support measures extended again
Due to the ongoing pandemic certain insolvency related support measures were extended once more. The most recent amendment to the 2nd COVID-19 Act brought again a prolongation of the relief to file for insolvency for over-indebtedness from 31 March 2021 to 30 June 2021 (This relief continues not to apply for insolvency due to illiquidity). This also applies to the liability of managers linked to over-indebtedness (Sec 84 (3) no 6 Austrian Stock Corporation Act; of Sec 25 (3) no 2 Austrian Private Limited Liability Act). Thus, what previously applied until 30 March 2021 by and large continues to apply until 30 June 2021. (Here you will find more details to the legal situation applying until 31 January 2021 and here to the legal situation applying until 31 March 2021).
Please note: This blog merely provides general information and does not constitute legal advice of any kind from Binder Grösswang Rechtsanwälte GmbH. The blog cannot replace individual legal consultation. Binder Grösswang Rechtsanwälte GmbH assumes no liability whatsoever for the content and correctness of the blog.