Bankruptcy Law

Our law firm provides high quality legal services in the field of the bankruptcy. Bankruptcy, conciliation and pre-bankruptcy resolution procedures are governed in Greece by the applicable Greek Bankruptcy Code.

The Bankruptcy Code in force until end of 2020 provides that a company in difficulty or bankruptcy may be subject to the following procedures: a Pre-bankruptcy Resolution Process, a Reorganization Process and the Liquidation Process. Classical bankruptcy due to cessation of payments or impending cessation of payments is provided for in Article 3 of the Code.

With the recent Greek bankruptcy law 4738/27.10.2020 on the “settlement of debts and the offer of a second chance” to debtors, an organic reform of insolvency procedures has been launched which has adapted the old legislation to the criteria dictated by Directive of European Union 1023/2019 which it fully implements. The new bankruptcy law introduces various innovations for Greek bankruptcy law, including the bankruptcy of private citizens and individuals.

The bankruptcy procedure is intended to repay the creditors on the basis of the principles of collective satisfaction and, if possible, the survival and reorganization of troubled or bankrupt companies. In contrast, the pre-bankruptcy process aims to reorganize and continue operating the troubled company by reaching an agreement with the majority of its creditors.

Our office provides specialized services in this field with extremely satisfactory results for its clients, creditors or businesses unable to fulfill their obligations.

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