Deferral

When the deferral overdue balances or individual repayment time points is postponed while maintaining the satisfiability. It belongs to the reorganization measures and is intended to bridge a short term tight liquidity situation of the debtor.

General

The Parties are generally linked to the respect of the contractual obligations entered into under the legal principle " pacta sunt servanda ". However, if a party unexpectedly unable to comply with the originally agreed performance times, they need to convince not to make his claim during the deferral period asserted in negotiations the creditor. As for contracts, both parties enter into performance obligations, deferral both cash payment obligations as well as other arising under a contract performance obligations may concern. In practice, the deferral is however mostly on cash payment obligations - reduced - for example, from credit agreements.

Legal bases

Deferral is not pronounced one-sided, but it is a debt contract amendment ( § 311 para 1 BGB) between all involved parties, which makes the existence of a demand basically unaffected. The creditor is not obliged to deferral, but it represents a voluntary concession dar. The deferral agreement prevents the start of a debtor defaulting with all the negative and eliminates the delay for the future. In practice, the deferral agreement contains a specific deadline by which a change in performance time is connected. A deferral is normally bound as subsequent contract modification to the shape of the base contract, with land sale contracts is therefore mandatory certification required ( § 311b BGB). Usually ( BGB § 127 ) is chosen for reasons of evidence in the form of freedom of the gewillkürte writing.

A deferral leads to a right to refuse performance of the debtor and inhibits the statute of limitations ( § 205 BGB). She is a subsequent change in the contractual maturity determination. A revocation of the deferral is permitted the creditor about at substantial deterioration in economic conditions. A deferral can not be resolved due § 158 BGB (condition) at any time. If after the expiration of the deferral despite a warning and a deadline is not paid, can the rights of § 326 BGB - especially resignation - must be made.

Species

The agreed deferral is an agreement between the creditor and the debtor, by the due date of a claim is postponed due to the fault amending treaty. Tacit or implied deferral is in contrast Still holding the creditor who makes no particular reminder. While the temporary deferral includes new, specific performance date, in the indefinite deferral no particular fulfillment date is provided. In the latter, the creditor may have a settlement date at its discretion set (§ § 315, § 316 BGB). The deferral may ( BGB § 158 ) are also linked to a condition subsequent, so that the maturity dates before the end of the period, the debtor should have unexpectedly sufficient financial resources.

Debtor

The deferral is basically the rescue of a loan, which currently can not be operated. It depends on the type of debtor, the form in which a deferral can be pronounced.

Business

An in- corporate crisis debtor will make the instrument of the deferral use if it is in temporary financial difficulties and can make his creditor proves that he can pay his debts on time to a later time. It is the simplest form of renovation by which a short-term illiquidity can be bridged. The creditors concerned must neither be waived in whole or in part on claims by way of debt relief, nor do they provide additional, high-risk renovation loans.

States

In the forefront of public discussion that got into a financial crisis, states have moved. Deferrals also here the creditors at least -demanding measures is that if a country can not pay its debts on the due date. Is he expecting after the due date and time sufficient income, he may request a postponement of its creditors. Deferral agreements with States with multiple creditors are called moratorium. Herein organizations such as the IMF, the Paris Club or London Club are on.

Individuals

Natural persons are mostly affected as borrowers of credit institutions of deferral questions. Often scheduled repayments to be suspended in order to bridge a temporary liquidity shortage of the borrower. The later the deferral takes place at annuity, the greater is the principal portion and the stronger accordingly discharge the debtor from. In overdrafts usually account for Deferral questions because these loans are not associated with regular redemption dates. Are the actually just short -term loans, however, MRP reduces a significant, lasting for a period of more than six months, not by crediting their accounts, they are considered as " frozen". "Freezing" is a kind of tacit moratorium as long as the credit institutions do not explicitly ask for a return of the disposable credit.

Special cases

In law, a deferral is provided in some cases in which the debtor would be met with immediate performance of an undue hardship. A gain compensation claim can be in accordance with § 1382 para 1 BGB by the family court on application be deferred if immediate payment would lead to a deterioration in the living room or living conditions of the debtor. In inheritance cases, a legacy of the deferral of a reserved portion under § 2331a BGB ask if it would meet the immediate fulfillment hard. The tax deferral is subject to special regulations as an administrative act.

Others

A deferral is not available if the creditor to the debtor only gives the time required for fundraising. The granting an extension pursuant to § 326 BGB is not a deferral.

For credit institutions is important to note that the deferral of loans no credit business within the meaning of § 1 para 1 sentence 2 No. 2 of the Banking Act, provided for the deferred amounts no rate adjustment - for example connected to a rate hike - is made. In contrast to the prolongation of the moratorium is basically the rescue of a loan, which currently can not be operated without pushing the borrower into bankruptcy. The provision concerning the deferral applies to the deferment of principal payments and interest payments.

The Holder is responsible for the balance sheet date in accordance with § 252 Section 1 No. 4 HGB duty to also evaluate those claims in its balance sheet, in which deferrals were made. Since deferrals among the simple restorative measures was recorded as a bad debt may possibly be necessary, but not as bad debt. The deferral request of the debtor has satisfied the creditor of the full collectibility of the receivable at a later date. The classification as flawless or doubtful receivables depends on the forecast of the probability of repayment.