Areas of Practice
22nd Apr 2020
Suspension of payments of instalments (including the interest) for loans (including syndicated loans) to financial institutions (financial institutions’ includes banks, loan management companies, insurance companies and the Cyprus Land Development Corporation) for a period of nine (9) months, until 31 December 2020, including business, natural persons and self-employed persons who had no delays in paying theιr instalments beyond 30 days from the date provided by theιr credit facility agreement on 29 of February 2020 (after written submission of interest to the financial institution).
Financial institutions do not have the right to reject the expression of interest, unless the person concerned does not meet the criterion of non-existence of delays of more than 30 days and has submitted a statement of interest for the suspension of instalments.
All interest payments whose repayment period is suspended will be added to the balance of the loan, and all instalments of capital and interest that will be suspended shall not become immediately required, unless otherwise agreed between the beneficiary and the financial institution.
Companies and self-employed persons may also, by written request, be exempt from the obligation to submit financial statements to financial institutions for the year 2019.
For more information on the implications of the suspension of payments of instalments, please contact us.
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