Extrajudicial Settlement of Business Debts

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Integrated Consulting Services, a company which offers Greek Language Consulting Services to expatriates and non-residents informs you that: Law 4469/2017 of the Ministry of Economy & Development entitled “Extrajudicial Mechanism for the Settlement of Business Debts” was adopted by the Hellenic Parliament and published in the Government Gazette.

This bill establishes an integrated institutional framework which offers a rational way of settling the overall debts of viable businesses towards all their creditors at once, whether in the private or the public sector. The bill focuses on the debtor and introduces simplified procedures for the extrajudicial settlement of the debts of viable businesses which are struggling to meet their obligations.

The aim is, through the settlement or even the reduction of debts, to contribute to the rehabilitation of businesses on the one hand; they would thus become more active again and survive which would ensure thousands of jobs and on the other hand, it would lead to the invigoration of the Greek economy. The bill allows for the classification under this procedure of businesses which had terminated their activities, but which can, with the filing of a business commencement declaration, be reclassified as an open business. In order to avert the risk of misinterpretations regarding the possibility of a closed business to file a business commencement declaration and fall under the mechanism, a pertinent improvement in the legislative drafting process was submitted which explicitly provides for this possibility.

Self-employed professionals and farmers can request to be subject to the law on over indebted households, while the cases of debt towards the Public sector or the Social Insurance Organizations is provided for in paragraph 21 of article 15. However, farmers who have income and expense books may be subject to the extrajudicial mechanism.

Another change concerns the deferral time of the procedure in the Code of Ethics of Banks. The coordinator invites, after reviewing the whole file, the creditors to declare whether they are willing to participate in the procedure. From this moment on and as long as the negotiations are underway, any enforcement of judgments against the debtor is deferred. With an improvement in the legislative drafting process, it is determined that the procedure provided for in the Code of Ethics of Banks is deferred from this moment onwards and not from the moment when the application is filed.

The adoption of Law 4469/2017 regarding the Extrajudicial Mechanism for the Settlement of Business Debts constitutes a revolution for the country and it will promote development offering multiple benefits for the economy and society.

Our company has started to take on client cases regarding the classification of their debts under the extrajudicial settlement procedure.

For information on the documentation and the application filing procedure, contact us directly.

We provide full support until the completion of the settlement procedure.

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