cura italia Decree

In order to facilitate access to the support measures provided under Decree Law No. 18 of 17 March 2020 as amended, published in the extraordinary edition of Official Gazette No. 70 of 17 March 2020 "Measures to strengthen the National Health Service and economic support for families, workers and businesses related to the COVID-19 epidemiological emergency" (hereinafter the “Cura Italia Decree”) and any additional forms of moratorium, the following information is made available to Clients and reference is made to the clarifications published on the Ministry of Economy and Finance website, at the following link http://www.mef.gov.it/covid-19/faq.html?s=3.

Who to contact for information

MBFACTA remains available at the usual addresses known by the Client, also in order to evaluate forms of moratorium other than those referred to in Article 56 of the Cura Italia Decree.

Forms of moratorium provided under Art. 56 of the Cura Italia Decree and related request format

Below are the measures to support business activities harmed by the COVID-19 epidemic, along with the relative request format:

 

A) MEASURE REFERRED TO IN ARTICLE 56, POINT 2, LETTER A) OF THE CURA ITALIA DECREE, which is concerned with the possibility of using the unused part of the revocable credit lines and loans granted against advances on receivables existing on 29 February 2020 or those at 17 March, if higher. The amounts granted by the financial intermediary may not be revoked, even in part, until 30 June 2021 inclusive.

  • Given the types of products offered by MBFACTA, this measure may be requested by those Assignors that have signed a factoring agreement of any type whatsoever (see all the information sheets in the Transparency section of this website, with the exception of the information sheet for “Payment extension at a deferred rate" and the information sheet for "Financing through direct promissory note discounting") which provides for a loan granted against advances on receivables existing as of 29 February 2020 or, if higher, as of 17 March 2020.

The measure referred to in Art. 56, point 2), letter a) of the Cura Italia Decree can be requested using the following format: request format A)

B) MEASURE REFERRED TO IN ARTICLE 56, POINT 2, LETTER B) OF THE CURA ITALIA DECREE, concerning the extension under the same conditions until 30 June 2021 of non-instalment loans maturing before 30 June 2021.

  • Given the types of products offered by MBFACTA, this measure may be requested by those Assigned Debtors to whom MBFACTA has granted a payment extension against payment (see information sheet for "Payment extension at a deferred rate", in the Transparency section of this website), also as part of an agreement (see information sheet for “Reverse Factoring" and information sheet for “Confirming Factoring", in the Transparency section of this website).

The measure referred to in Art. 56, point 2), letter b) of the Cura Italia Decree can be requested using the following format: request format B)

 

C) MEASURE REFERRED TO IN ARTICLE 56, POINT 2, LETTER C) OF THE CURA ITALIA DECREE, concerning the suspension until 30 June 2021 of the payment of instalments or leases falling due before 30 June 2021, for mortgages and other loans repayable in instalments, also finalised through the issue of agricultural loans. It is the Client's right to request the suspension of the entire instalment or only the principal. The suspension period includes the instalment due on 30 June 2021, meaning that the instalment due on 30 June 2021 does not have to be paid. The Client may waive the suspension (either of the principal or of the entire instalment) at any time by sending a specific notice to MBFACTA and resume the payment of instalments.

  • Given the types of products offered by MBFACTA, this measure may be requested by those public businesses that have in place direct promissory note discount financing (see information sheet for "Financing through direct promissory note discounting" in the Transparency section of this website) granted by MBFACTA S.p.A. as part of a partnership relationship.

The measure referred to in Art. 56, point 2), letter c) of the Cura Italia Decree can be requested using the following format: request format C)

How and when to submit the request under Article 56 of the Cura Italia Decree

1) Download the form that meets your needs, as specified in the previous paragraph.

2) Complete the form and sign it:

     a) with digital signature

          or

     b) if you do not have a digital signature, you can sign the form with a handwritten signature and scan it in PDF format together with your valid identity document.

3) Send the documentation referred to in point 2) above by email to emergenza-covid19@pec.mbfacta.itwith the subject “notice of request for COVID 19 emergency measures”

4) As soon as possible and only in the case of a form signed with a handwritten signature (see letter b) of point 2) above), send the originals by registered letter with return receipt to MBFACTA S.p.A., Via Siusi 7, 20132 Milan.

The application may be submitted from 17 March 2020 to 31 January 2021.

For those that have already been granted the moratorium as of 1 January 2021, the support measure will be automatically applied - without the need for further formalities - until 30 June 2021, except in the event of an express waiver to be received by MBFACTA by the deadline of 31 January 2021 (see paragraph 249 of Article 1 of Law No. 178 of 30 December 2020).

For those that have already been granted the moratorium until 30 June 2021, there is the possibility of extending the term of the aforementioned support measure - both in relation to the principal (in accordance with the provisions of the regulations) and in relation to interest (in accordance with the conditions granted by MBFACTA S.p.A.) - until 31 December 2021, by sending a communication to MBFACTA S.p.A. by the binding deadline of 15 June 2021 (see Article 16 of Decree Law No. 73 of 25 May 2021).

Applicant requirements

The request may be submitted by any Client - meaning any person with a contractual relationship with MBFACTA for the provision of financial services - if all the following conditions are met:

  • the applicant signs the self-declarations contained on the application forms;
  • the applicant is a micro, small or medium-sized enterprise (as defined in European Commission Recommendation No. 2003/361/EC of 6 May 2003) and has its registered office in Italy;
  • the applicant is not classified, as of the date of the Cura Italia Decree, as an impaired credit exposure under the rules applicable to credit intermediaries. As at 17 March 2020, the business must be performing, i.e. it must not have any debt positions classified as impaired exposures in the categories of non-performing loans, unlikely to pay or impaired past due and/or overdue exposures. In particular, it must not have any instalments that are overdue (i.e. not paid or only partially paid) for more than 90 days.
Accessory elements to the loan agreement pursuant to the Cura Italia Decree

Accessory elements are all contracts related to the loan agreement, including, in particular, guarantees and insurance; these contracts are extended without formality, automatically, under the conditions of the original contract.

In the case of revocable credit lines and loans granted against advances on receivables loans, the accessory elements of the loan agreement shall also remain unchanged without any formalities.

Economic conditions applicable to the moratoria referred to in Article 56 of the Cura Italia Decree

The regulations expressly provide that there shall be no new or increased expenses for the Client or for MBFACTA.

If only the principal portion of the instalment is suspended, the repayment plan is shifted forward for a period equal to the suspension granted. Interest on principal still to be repaid is paid on the original due dates. If the entire instalment (principal and interest) is suspended, the repayment plan is shifted forward for a period equal to the suspension granted. Interest accruing during the suspension period is calculated on the remaining principal at the interest rate of the original loan agreement. The amount corresponding to this interest will be broken down into instalments over the remaining repayment period. No fees will be charged in connection with the suspension.