Law nº 75/2020, published in the Official Gazette in November 27, 2020, and in force from November 28, 2020 to December 31, 2021, has established the following:
a) An exceptional temporary regime for extending the period for concluding the negotiations undertaken with a view to the approval of the recovery plan or payment agreement, and granting an adjustment period for the insolvency plan proposal, within the scope of the COVID -19 pandemic.
In the aftermath of recent municipal bankruptcies in which issuers proposed and/or implemented bankruptcy plans involving partial discharges of the issuer’s payment obligation on insured bonds, there has been increased focus on whether municipal bond interest paid by a bond insurer after the bankruptcy plan’s effective date continues to be tax-exempt.
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