In the light of current events regarding international health crisis resulting from the outbreak of Covid-19 virus Grupeer, would like to ensure you that we are closely monitoring and responding to the impact of Covid-19 on our daily business activity and interests of our investors, paying extra care to our employees’ safety.
During the month of March 2020 most European Union countries as well as many countries worldwide have declared an emergency state and implemented series or restrictions regarding international travel, movement, and gathering of individuals within the national country borders. Furthermore, it is universally acknowledged that restrictions of physical contact between individuals with the purpose to limit the spread of the virus will affect many areas of business and the calibre of such effects cannot be fully apprehended at this time.
Legal measures to protect business
In order to mitigate potential side effects of the safety measures and ensure business continuity, different countries have implemented means for business support. One of the ways in which the legislation seeks to protect businesses and individuals affected by the crisis is by preventing immediate and forced debt recovery processes. A new order in the debt recovery procedure and litigation is being introduced, ofttimes preventing any immediate actions towards forced debt recovery. Amongst others, such measures include postponing any court procedures during the time of emergency state, allowing delays in the provision of services and conduction of payments, prohibiting initiation of insolvency procedures and other legal measures against debtors, etc. Thus, we and our lenders have limited legal instruments towards recovery of debts from the borrowers.
These safety measures implemented by countries worldwide are inevitably complicating our efforts to achieve debt recovery and payments to our investors. It is the opinion of Grupeer that in many cases the outbreak of Covid-19 virus can be considered a force majeure circumstance regarding fulfillment of borrowers’ obligations to lenders, lenders’ obligations towards Grupeer as well as our obligations towards our investors.
Grupeer and its Loan Originators
In the light of these events Grupeer, is putting out best efforts to secure the continuity of our daily business activities and fulfillment of our obligations towards our investors. We have attracted legal experts to help us assist through these troubled times, pursuing and promoting the interests of our investors, but simultaneously honoring the legislative measures implemented in respective national jurisdictions.
Grupeer is in tight connection with all its borrowers in order to identify possible difficulties, delays in the fulfillment of obligations and processing of payments.
We monitor the situation and will inform you as soon as some information about any loan originator occurs.
Grupeer daily operations
In order to protect its employees Grupeer has introduced work-from-home mode since Monday 23rd of March. It is obvious that daily operations are not running as usual as remote work and restrictions implemented slow down the whole working process. Still Grupeer is doing the best in order to make investors’ experience as smooth as possible and respond to all requests in a due time.
In order to go through this crisis Grupeer is taking measures on the cutting daily operational costs.
We respectably would like to address you again with the seriousness of the current situation, which escalates in an unpredictable manner. With every passing day new measures are being implemented by local governments and more and more businesses of our debtors are facing struggles to honour their payment obligations. We are putting our best efforts to respond to the circumstances. We ask you to keep your trust in our diligence in dealing with the situation appropriately, but we all must recognize that this situation is unprecedented and unpredictable.
Grupeer would like to encourage the investors to be broadminded and exercise caution and patience in any attempt to speed up the retrieval of the investors’ funds. Any rushed and hasty individual actions may only hinder the execution of mutual interests of Grupeer and its investors. We have confidence and trust in our business and our people to overcome this crisis, coming out of it stronger and more adapted.
Next week Grupeer will present detailed operational plan for the next 4-6 months. We are heartening you to keep a positive outlook for the future and pay extra care to your health and the health of your loved ones. As always, if you have any questions or concerns, we kindly ask you to contact us at [email protected] with your inquiries.
Alla Kisika, CEO