Overview Deadlines & Dates
01/29/2021
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Selected deadlines and dates related to COVID-19 laws, regulations and subsidies in the context of the pandemic.
Table of Content
1. Insolvency law, Financing & Restructuring
2. Corporate Law
3. Tenancy law
4. Supports & Financial measures
5. Public law
1. Insolvency law, Financing & Restructuring
| Deadline | Subject |
| 31.1.2021 | deferral of the lender's claims to repayment, interest or redemption payments |
| For loan agreements concluded by consumers (as well as by micro-entrepreneurs - less than 10 employees and less than 2 million in annual sales) before 15.3.2020, the following applies: claims of the creditor for repayment, interest payments or re-demption repayments due between 1.4.2020 and 31.1.2021 shall be deferred as soon as they become due if, due to the exceptional circumstances caused by the spread of the COVID-19 pandemic, the consumer suffers a loss of income that makes it unreasonable to expect him to provide the service owed. Unless otherwise agreed with the lender, the corresponding instalments will be added at the end of the contract term, thus extending it by the deferred months. In the case of account overdrafts, the law means that a bank can make the overdraft due for repayment on 1.2.2021 at the earliest. | |
| equity replacement privilege for up to 120 days of cash loans | |
| Short-term cash loans by shareholders that were granted or added for no more than 120 days in the period from 5.4.2020 to the end of 31.1.2021 and for which the Company has not provided a pledge or comparable collateral from its assets are not to be treated as equity-replacing, even if the requirements of the Equity Substituting Capital Act are met. | |
| 31.3.2021 | suspension of the obligation to file for insolvency in the event of over-indebtedness |
| If over-indebtedness occurs in the period from 1.3.2020 to 31.3.2021, there is no obligation (but still the opportunity) for the debtor to file an application for the opening of insolvency proceedings. Likewise, a corresponding application by a creditor is not possible during this period. If the over-indebtedness occurred earlier, the obligation to file an application remains in force. If the over-indebtedness continues at the end of 31.3.2021, the debtor must apply for the opening of insolvency proceedings without culpable delay, but at the latest within 60 days after the end of 31.3.2021 or 120 days after the occurrence of the over-indebtedness, whichever period ends later. Note: In the event of insolvency, the obligation to file within 60 days or 120 days remains unchanged if the insolvency was triggered by the COVID-19 pandemic. | |
| plus maximum of 90 days | procedural deadlines in insolvency proceedings |
| Procedural deadlines shall not be interrupted eo ipso in insolvency proceedings, however, the court may extend such deadlines (triggered by an event that falls in the period after the entry into force of the second COVID-19 Justice Accompanying Act) ex officio or upon application of a party or the insolvency administrator with a decision by a reasonable amount, however, by a maximum of 90 days. | |
| fulfilment of a right of suspension; termination of contract; transfer of use by shareholde | |
| The deadlines under Section 11 (2) and Sections 25a and 26a of the Insolvency Act (IO) may be reasonably extended by the court, but by no more than 90 days, if the extension is suitable for achieving the conclusion of a reorganization plan on the basis of a prospective improvement in the economic situation, the fulfilment of which is likely to be possible and this is in the common interest of the creditors of the insolvency proceedings. The extension of the time limit under Section 11 (2) IO also presupposes that the requirements of Section 11 (2) IO are met. | |
| plus 30 days | withdrawal of self-administration |
| The court must withdraw the debtor's self-administration and appoint a liquidator if the reorganization plan has not been accepted by the creditors within 120 days (previously 90 days) of the opening of proceedings. | |
| plus maximum of 9 months | deferral of payment plan instalments |
| If the debtor's income and assets deteriorate as a result of COVID-19 measures to such an extent that it is unable to meet due liabilities under the payment plan, the debtor may apply to the court for a deferral of the liabilities for a maximum period of 9 months prior to receipt of a reminder or within 14 days of receipt of the reminder. The deferral shall be granted if the majority of the insolvency creditors entitled to vote agree with the request or if the deferral is not associated with severe personal or economic disadvantages for a creditor objecting to the deferral. | |
| plus 1 year | facilitation of the reorganization plan |
| The payment periods for the fulfilment of a reorganization plan pursuant to Section 141 para 1 first sentence and Section 169 (1) no. 1 lit. a IO are now three years instead of two. This applies to applications for the conclusion of a reorganization plan submitted by 31.12.2021. | |
| resumption upon request possible after the preconditions pursuant to Sec. 200b (1) EO have ceased to exist or after one year from receipt of the request for postponement. | deferment of foreclosure Pursuant to Sec. 200b EO, foreclosure has to be postponed at the request of the obligor without the provision of securities if the obligor has experienced economic problems due to a natural disaster, including a pandemic, which has led to the initiation of foreclosure and if foreclosure would result in the obligor’s economic ruin. Only applicable in connection with foreclosure sale of real estate and movable property. |
2. Corporate Law
| cut-off date for the annual financial statements plus 9 months | preparation and presentation of the annual financial statements |
| Extension of the 5 months deadline for the preparation and submission of annual financial statements by the executive board and management by up to 4 months. The annual financial statements and other accounting documents have to be submitted to the supervisory board in the first 9 months after the cut-off date for the annual financial statements. The prerequisite is that the deadline for preparation has not expired on 16.3.2020. The regulation currently applies until 31.12.2021. | |
| cut-off date for the annual financial statements + 12 months | disclosure of the annual financial statements |
| The 9 months obligation of companies to disclose annual financial statements and other documents referred to in Section 277 (1) of the Commercial Code (UGB) to the court and to publish them in accordance with Section 277 (2) UGB has been extended to 12 months. The regulation is currently valid until 31.12.2021. | |
| cut-off date for the annual financial statements + 12 months/ end 2021 | shareholders' meetings |
| The ordinary general meetings of joint stock companies and the ordinary general meetings of cooperatives and limited liability companies must be held within the first 12 months of the relevant financial/ calendar year (in this respect, the relevant deadline has been extended by 4 months). The meeting of an association may be postponed to the end of the year 2021. Deadlines or dates in the articles of association of corporations, partnerships, cooperatives, private foundations, associations, mutual insurance companies, small insurance companies or banks for certain meetings may be postponed to a later date in 2021. These regulations are currently valid until 31.12.2021. |
3. Tenancy law
| 31.3.2021 | restriction of the right of termination and the enforcement of claims for rent |
| If the tenant of an apartment has not paid his rent interest payment due partially or in full yet in the period from 1.4.2020 to 30.6.2020, because he has been significantly impaired in his economic performance as a result of the COVID-19 pandemic, the landlord can neither terminate the lease nor demand its cancellation under Section 1118 of the Civil Code (ABGB) solely on account of this payment arrears. The landlord cannot enforce the payment arrears until the expiry of 31.3.2021 or retain the tenant’s deposit in this respect. | |
| request for continuation possible when COVID-19 conditional restriction on freedom of movement ceases to apply or six months after grant of deferral | postponement of an eviction execution |
| A foreclosure for eviction shall be postponed at the request of the obligor without the imposition of a security deposit if the apartment serves to satisfy the obligor's urgent residential needs, unless the eviction is indispensable to avert serious personal or economic disadvantages for the creditor seeking the eviction. |
4. Supports & Financial measures
| From the 16th of each subsequent month until the end of the crisis | default bonus |
| The default bonus amounts to up to 30% of the loss of sales and is capped at EUR 60,000. It consists of a nonrepayable grant amounting to 15% of the loss of sales and an advance on the fixed cost subsidy II of a further 15% of the loss of sales. Applications can be submitted from the 16th of the following month. | |
| 28.2.2021 | application deadline investment premium |
| An application for an investment premium for new investments in fixed assets (7% or 14%), that can be capitalized, in accordance with the Investment Premium Act must be submitted by 28.2.2021 at the latest. Attention: A "first measure" must also be set by 28.2.2021. | |
| 1st Tranche: 30.6.2021; 2nd Tranche: 31.12.2021 | loss replacement |
| The first tranche can be applied for from 16 December 2020 and covers 70% or 90% of the (expected) loss in a continuous observation period between 16 September 2020 and 30 June 2021. Payment of the first tranche can be applied for from 16.12.2020 until 30.6.2021. Payment of the second tranche can be applied for from 1.7.2021 until 31.12.2021. The entire loss compensation, which is not yet paid out, will be paid out with this tranche. In the case of continuous lockdown sales replacement for Nov/Dec 2020, loss replacement for this period is excluded. Similarly, the fixed cost subsidy II cannot be combined with loss compensation. The loss replacement is limited to EUR 3 million per company. | |
| 31.3.2021 | Family Hardness Compensation |
| Families who have got into financial difficulties through no fault of their own as a result of the Corona crisis are to receive the best possible support from the Family Hardship Fund. Applications must be submitted by 31.3.2021 at the latest using the online form. | |
| I: 31.8.2021 II:31.12.2021 | Fixed cost subsidy I Fixed cost subsidy II |
| With the fixed cost subsidy I (FCS I) and the fixed cost subsidy II or fixed cost subsidy 800,000 (FCS II), companies can cover their fixed costs proportionately depending on the loss of sales (from 40% FCS I or from 30% FCS II). The amount of the subsidy is staggered according to the extent of the loss of sales. Applications can be submitted until 31.8.2021 (FCS I) or 31.12.2021 (FCS II). Parallel receipt of the FCS II and the loss compensation is excluded. | |
| 30.4.2021 | Hardship Fund |
| The Hardship Fund provides support for EPUs and microentrepreneurs affected by the Corona crisis. Applications can be submitted until 30.4.2021. In payment phase 2 (application after 20.4.2020), a separate application must be submitted for each of the twelve periods under consideration 16.3. - 15.4.2020 to 16.2. - 15.3.2021. | |
| 18.1.2021 until 15.6.2021 | Protective screen for events I |
| The funding can be applied for planned events in the period 1.3.2021 to 31.12.2022. Applications must be submitted to the Austrian Hotel and Tourism Bank (Österreichische Hotel- und Tourismusbank Ges.m.b.H). The prerequisites for an application are the existence of a conclusive implementation and financing concept, the existence of a draft COVID-19 prevention concept, and compliance with the maximum number of participants defined in the directive. Not eligible for funding are sports events in team sports that take place in national or international leagues and championships, political events and events, where it is already clear at the time of the application that on the date of execution the participation in the event will not be possible due to official restrictions. All expenses for services provided by third parties in the value chain and the company's own personnel costs for planning and implementing the event are eligible for funding. Funding is provided to the extent of 90% of the financial disadvantage suffered (negative balance of income less expenses). The maximum amount is EUR 800,000. | |
| Application until 20.8.2021 | Remuneration for special care periods (phase 4) |
| Employees are entitled to special care periods totalling 4 weeks with continued payment of the remuneration. The employers’ entitlement for public reimbursement of expenses relating thereto is capped at the maximum monthly contribution base under the General Social Insurance Act (ASVG) (2020: EUR 5,370; expected for 2021: EUR 5,550). Applications must be submitted by 20.8.2021. |
5. Public Law
| currently valid until 30.6.2021 | procedures |
| Negotiations, hearings, visual inspections and the like may be conducted using suitable technical equipment for word and image transmission. Also applies to the proceedings of the administrative courts, if the General Administrative Procedure Act (AVG) is applicable, as well as to the proceedings of the Administrative Court (VwGH) and Constitutional Court (VfGH) (Section 3 COVID-19 Administrative Law Accompanying Act). | |
| currently valid until 30.6.2021 | special regulation for certain deadlines |
| The period from 22.3.2020 to 30.4.2020 is not taken into consideration when calculating the lapse of time during which a petition initiating proceedings must be filed and in limitation periods (Section 2 of the COVID-19 Administrative Act). |
Note / Disclaimer: This overview is limited to selected periods and is subject to ongoing adjustments and changes. Liability for completeness and accuracy is excluded.
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