05/12/2020 - 17:05
- Clarín.com
- Politics
Through a public videoconference, senators and deputies of Together for Change announced the presentation of three projects to try to benefit indebted companies with simpler restructuring processes and greater access to credit.
“The critical situation we are going through creates difficulties for small and medium-sized companies that can saturate the courts. We need a more agile, dynamic and economic tool to help these companies. It was worked together between senators and deputies and we believe that it is an adequate proposal that solves problems in a simple way, without going to court, "said during the talk the deputy Pablo Tonelli (PRO), one of the legislators who worked in the projects.
The initiatives - which were presented in both the lower and upper houses - basically seek to facilitate agreements between debt companies and their creditors.
One of the projects creates a Simplified Business Restructuring Procedure (PRES), which offers a "simpler credit recovery alternative, providing a framework of protection in favor of the debtor, so that in a period of 120 days, extendable to a maximum of 180 , generate in favor of the parties an area of negotiation that allows you to enter into an agreement or agreements between the debtor and the creditors. "
The idea is that it is carried out using simple predetermined forms in an out-of-court manner, and that it avoids companies having to resort to the Out-of-Court Preventive Agreements (APEs) that take longer and are more expensive.
"This process would be shorter than the APE -which lasts between six and nine months-, simpler and cheaper in terms of costs and time," said lawyer Juan Antonio Anich, an expert in bankruptcy, bankruptcy and extrajudicial debt restructuring, who also participated in the video call.
The second project modifies bankruptcy and bankruptcy law No. 24,522 to allow bankrupt companies access to credit and to eliminate the prohibition that prevents them from re-entering a bankruptcy contest the following year.
In turn, they modify the article that allows a company that has approved its competition, and must comply with its proposal, to readjust it to current reality , as the laws of other countries allow. That, they say, prevents bankruptcies.
From the third project - Financial Assistance and Production - he proposes the creation of a guarantee fund of 30 billion pesos for companies that are competing or that are submitted to the Simplified Business Restructuring Procedure.
The video conference included, among others, the head of the JxC interblock in the Senate, Luis Naidenoff, the president of the PRO block in the upper house, Humberto Schiavoni, Esteban Bullrich and Pablo Blanco. Also the head of the PRO bloc in Deputies, Cristian Ritondo, Pablo Tonelli and Eduardo Amadeo.