The Palette Of Solutions For Indebted Businesses

Summary: Extrajudicial mechanism, bankruptcy, second chance, mediation, reorganization, code of conduct. The truth is that it is difficult for anyone to know with certainty which is the best debt settlement legislation for them; a reasonable consequence when a plethora of alternatives unfold before you. However, the mechanisms on offer are now better understood as it is already some 3 years since the new Insolvency Code (Law 4738/2020) came into force.

Let us therefore examine some working cases in order to better understand through examples the practical manifestations of the broader legislative framework for dealing with corporate insolvency (each case is of course different and the options may differ based on personal preferences and taking into account other parameters).