Loan restructuring: FIDC seeks clarity from RBI on relief measures
May 14, 2021
FIDC said that NBFCs are very small and do not have a well developed website - HAKINMHAN
FIDC said that NBFCs are very small and do not have a well developed website - HAKINMHAN×
Seeks moratorium up to an additional three years The Finance Industry Development Council (FIDC) has written to Reserve Bank of India Governor Shaktikanta Das seeking more clarity and highlighting residual issues in the NBFC sector after the announcement of relief measures for loan restructuring on May 5.
“To clarify or permit restructuring of such MSME accounts, which had been restructured under Restructuring Framework 1.0 and increasing the period of moratorium and/or extending the residual tenor up to a total of two years for MSMEs, along the same lines as the support provided to individuals and small businesses,” said the representation by FIDC, which is the representative body of assets and loan financi
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Looking back at the last few months, the COVID-19 pandemic has hit many companies hard and amplified disruptive trends in various sectors. In addition to other measures to address COVID-19 impact on businesses, Germany has made significant progress toward international best practices for restructuring: StaRUG known as the German scheme came into effect on 1 January 2021, as one of the most modern restructuring laws in the world. But how will StaRUG help German companies survive the crisis and what if insolvency is unavoidable?
What does the German market currently look like?
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On 17 December 2020, the German Parliament passed the
Act on the Further Development of Restructuring and Insolvency Law
( SanInsFoG ), which is expected to lead to a fundamental
change in the restructuring landscape in Germany.
The SanInsFoG primarily serves to implement the EU Restructuring
Directive of 20 June 2019
(Directive (EU) 2019/1023) and aims at introducing a
comprehensive legal framework for out-of-court restructurings in
Germany (preventive restructuring framework). The centerpiece of
the SanInsFoG is the Act on the Stabilization- and Restructuring
Framework for Companies ( StaRUG ). Apart from that, the
Thursday, January 7, 2021
After its publication in the German Federal Gazette (
Bundesanzeiger) on 29 December 2020, the Law for the Further Development of the Restructuring and Insolvency Laws (
SanInsFoG) came into force in Germany on 1 January 2021. The major part of this new law, the Law on the Stabilisation and Restructuring Framework for Enterprises (
StaRUG), introduces a new framework for restructurings outside of formal insolvency proceedings, implementing EU Directive 2019/1023 of 20 June 2019 on preventive restructuring frameworks.
In addition to the new tools, the core one of which is the restructuring plan other important changes to the German insolvency and restructuring laws were made which we discuss below.
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Through implementing the EU Restructuring Directive, German restructuring and insolvency law will be modernized, more effective, and enriched by new instruments.
On 17 December 2020, the German Bundestag passed the Act on the Further Development of the Restructuring and Insolvency Law (SanInsFoG). The SanInsFoG specifically provides for the implementation of Directive (EU) 2019/1023 on Preventive Restructuring Frameworks (Restructuring Directive) into German law. In addition to the adoption of a Law on the Stabilization and Restructuring Framework for Enterprises (StaRUG), which serves to implement the Restructuring Directive, the Act contains several other reforms of German insolvency and restructuring law. In particular, the Insolvency Code shall be adjusted in those areas where the Federal Government saw need for improvement following the evaluation of the Law to Further Facilitate the Restructuring of Enterprises (ESU