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P&P Newsletter - Bankruptcy Law

October 2012 - Corporate & Commercial. Legal Developments by Politis & Partners.

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New Law 4072/2012, published in the Greek Government Gazette no. 86/11.04.2012, amended, among others, certain provisions of the pre-insolvency rehabilitation procedure of the Greek Bankruptcy Code (the "GBC"), recently introduced into the Greek legal system pursuant to the innovative provisions of Law 4013/2011 (Gov. Gazette no. 204/15.09.2011).

Law 4013/2011 came into effect to reform the previous “conciliation process”, which was broadly characterized as inefficient, though popular due to its abusive use by debtors. Instead, the rehabilitation procedure focuses on the collective negotiations between debtor and creditors, which will set favorable conditions for the conclusion of an effective rescue agreement (the “Rehabilitation Agreement”), without the collective interests of the creditors to be impaired. 

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