Insolvency

The standard arrangement of 24 to 48 installments for debts to the tax office is becoming more flexible, as the draft law makes it easier for those who owe more than 50,000 euros.

Trustees of Corporate Commercial Bank (KTB), currently in bankruptcy, announced the commencement of payments to creditors starting at 09:00 on November 5, 2024. This will involve amounts from the sixth partial account for distributing accepted receivables, totaling 30 million leva, as reported in a letter to BTA.

The "favorable arrangements" announced by governments always concern those who have not been consistent with their obligations toward the state and need a second chance. The state is doing well to grant it to them.

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.