Arrangement proposals: grace period.
16 grudnia 2018

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The postponement (grace period) of the performance of the obligations may concern all or part of the claim. The moratorium on the implementation of arrangement obligations for the duration of the restructuring proceedings is in itself a deferment of the performance of obligations. However, deferment of the implementation of obligations refers to the phase of the implementation of the arrangement and not to the stage of its conclusion. In the case of deferring the performance of only part of the obligations, this should be clearly indicated in the wording of the arrangement proposals. In addition to the method of restructuring liabilities, arrangement proposals should indicate the date of their implementation. In accordance with the order of the Supreme Court of February 25th , 1997. II CKN 71/96, "defining in the arrangement proposals [in the arrangement procedure of 1934] the date by which the repayment of the debt is to be postponed, constitutes the essentialia negotii of these proposals." This view is also legally valid for current regulations. In practice, three methods are used for deferred payment structures. Payment is made on a given day (i.e. on the 14th day from the day when the court's decision regarding the acceptance of the arrangement becomes final) or "until" on the given day. Finally, payment can be determined "from" to "on” a given day. When stating the date of payment rigidly, it should also be considered an acceptable introduction to the text of the clause of the clause allowing for early repayment than provided for in the arrangement proposals. The payment term "to a specific date" is a frequently used in practice construction of the payment deadline (i.e. until the end of the quarter following the quarter in which the court's decision on the approval of the arrangement became final).

 

Deferment of the repayment date (grace period) should be specified in the wording of the arrangement proposals. The repayment date cannot result from the unspecified arbitrary will of the debtor. In other words, based on the content of the arrangement proposals, the creditors should know when the arrangement will be performed.

 

 

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