Covid-19 Regulation Index

Originally published by Arias Fabrega & Fabrega on 04/11/2020

Summary

Although no mandatory measures have been implemented, the Superintendent of Banks of Panama (the “SBP”), by means of Accord SBP No. 2-2020, adopted measures to allow banks to implement the necessary mechanisms to support its customers, both personal banking and commercial and corporate customers. A modality called “modified loans” was established by which banks are allowed to review the terms and conditions of loans, without being characterized as a refinancing and thus maintaining the credit score. Many banks have already published the different available mechanisms they offer. We recommend you contact your local bank to discuss possible modifications that apply to you.As a relief measure, more than 20 local banks, which together represent approximately 95% of the loan portfolio, will grant an automatic extension to their clients on personal loans, mortgages, credit cards and car loans in the payment of their monthly payments for three months without client’s having to file a request with the bank. Banks will continue to receive those payments made via payroll deduction and those made voluntarily. In addition, several banks are providing flexibility for commercial loans. For corporate customers with credit facilities, we recommend you contact your bank officer or attorney to discuss the impact of a potential non-compliance with financial covenants, and whether these covenants may be modified as part of the “modified loans” mechanism.

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Covid-19 Regulation Index

Originally published by Arias Fabrega & Fabrega on 04/11/2020

Summary

The Civil and Commercial Courts are closed until April 30, 2020 inclusive. Therefore, during this time, no new lawsuits or motions can be filed. Additionally, until April 30, 2020, filing deadlines are suspended (i.e., the deadlines for filing answer to complaints, writ of appeals, evidence, etc.).There are some courts, with the exception of civil and commercial courts, that do keep working to process urgent matters (for example, criminal courts and family courts).

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Comunicado

Originally published by General Direction of the Penitentiary System, Rebublic of Panama on 06/04/2020

Summary

Detention centers are taking measures restricting visitors, taking temperature upon entrance, 15 day quarantine for any newly admitted inmates, isolation areas for suspicious cases, reduction of sentences, amongst others.

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Comunicado al Pueblo Panameno

Originally published by Director of Human Rights Commission on 13/03/2020

Summary

Detention centers must have everything for preventive hygiene, liquid soap, alcohol, face masks, vitamin C, chlorine, among others.Important to mention that these are guidelines / proposals and are not mandatory for the State.

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