Our colleague Atanas Valov in an interview for Bulgaria on Air
The emergency measures introduced in the country to stop the Covid-19 pandemic have, as a result, seriously affected the activities of most of the businesses, especially the small and medium companies.
In an interview with Bulgaria on Air Television our colleague Atanas Valov shared the cases in which the fulfillment of certain financial obligations of companies, mainly related to the payment of rent amounts for closed due to the emergency measures commercial establishments, may be canceled during the state of emergency due to a force majeure situation.
It was also discussed in which cases - various forms of credit relations (quick loans, investment and mortgage loans, working capital loans and financial leases) the risk of business downtime and liquidity shortages in this regard remains in the businesses which should actively seek to negotiate with their creditors extensions and modifications of the repayment plans. Refusals due to reference to force majeure clauses is not acceptable.
In this regard, the need for active dialogue between the State and the businesses and organizations to which they are members was emphasized in order appropriate measures for reduction of the losses to be identified and part of the burden of the emergency measures to be taken from the State through various mechanisms. It was discussed also the importance of conclusion of insurance contracts covering the risks of business interruption due to emergency situations.
by: Atanas Valov