Extension of 120 installments scheme for public sector debts to entrepreneurs

The finance ministry plans to extend favourable debt settlement schemes with up to 120 installments for businesses and the self-employed, in the framework of out-of-court settlements and the 100-installment settlements scheme for debts to the tax office.
In particular, the 120-installment settlement is for businesses and entrepreneurs whose only outstanding debts are to the tax authorities and social insurance funds. The settlement concerns a large number of businesses and self-employed and will be part of an amendment that is to be tabled in Parliament, possibly within the week, as part of a bill on out-of-court settlement.
The rules for out-of-court settlement do not currently cover self-employed workers and businesses that owe more than 85% of their debts to the public sector (tax and social security funds). It also does not cover freelance workers, for whom there is no bankruptcy procedure. Once the bill is tabled, the favorable provisions of the out-of-court settlement for their debts will be extended to these categories also.