SUSPENSION OF PAYMENT OF POST - DATED CHEQUES & BILLS OF EXCHANGE

Within the framework of your constant information from our company, we would like to inform you about the provisions, published, among others, with the relevant decision as at 30.03.2020, regarding the circulation of post - dated negοtiable instruments (cheques & bills of exchange), with expiry date, from 30.03.2020 to 31.05. 2020.

In particular, for these negotiable instruments, the deadline for their expiry, appearance & their payment, can be suspended, by seventy - five (75) days, from the date, which each negοtiable instrument bears. For instance, a cheque, expiring on 15.04.2020, can be paid on 29th of June 2020.

Companies, which, based on the foreseen activity codes (“KAD”), have suspended their business activity, under a governmental mandate, as well as those companies, which have been drastically affected by the Corona - Virus epidemic, can apply for a suspension of deadlines for any issued negοtiable instruments.
Companies, whose activity code will be included, after 30.03.2020, in the eligible activity codes, can also be included in this regulation.

Liable persons for electronic transmission of the data of the above negοtiable instruments, are: a) issuers of the negοtiable instruments, b) recipients of the negοtiable instruments, and, c) holders of the negοtiable instruments.

The data of the negοtiable instruments of the above deadlines, have to be transmitted to the operating Credit Institutions (Banks) in Greece, to the Branch - Offices of foreign Credit Institutions in Greece, to the Consignment Deposits & Loans Fund (“CDLF”) and to the Institutions of electronic money.

The transmission is performed, through a special, electronic application of the Credit Institutions, through the payment system of the company “DIAS S.A.” or the company “TEIRESIAS S.A”.

The transmission must be completed within three (3) working days, from the publication of the aforementioned decision, i.e. until Friday, on 02.04.2020

(we consider, that an extension will be granted, but this is still unknown). It should be noted, that for the companies, whose activity code will be included in the eligible ones in the future, a time - frame for transmitting the negοtiable instruments to the Banks, of three (3) working days, from the date of their inclusion in this measure, is foreseen.

Holders of negοtiable instruments, who do not belong to the affected activity codes, are able to be included in this regulation and so, from 01.04.2020, they can be included in the affected companies, provided though, that the total value of the negοtiable instruments, which are suspended, is more than 20% of the monthly, average, trading turnover in the year 2019, as this has been included in the corresponding Periodical VAT – Returns.

For instance, a company – holder of negοtiable instruments, amounting to € 200.000,00, whose the monthly, average trading turnover is € 900.000,00, can also be included in this regulation.

An exception is made for the companies - holders, whose turnover has increased, during the crisis, from the Corona – Virus epidemic, regardless of whether they meet the above criterion of 20%.

Moreover, it should be borne in mind that the aforementioned do not bind the payer as well as the payee of the negοtiable instrument, to agree on the direct payment of the negοtiable instrument to the payee, without the involvement of the credit institution concerned.

Finally, we should point out, that clarification circulars on this decision, are expected, since the relevant, electronic platform for submission to the Banks, is not yet ready for use.

An extension was already granted for the post – dated cheques, until Tuesday, on 07.04.2020.

NOTE: This article does not cover advisory, but only informational purposes, and cannot serve, as a basis for further actions, on the part of the reader.
Reception of specialized advice is required.

Our company does not hold any responsibility for any actions, taken by the readers, based on the present article.

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