ARTICLE · 23 NOVEMBER 2018

Heavily Indebted Individuals

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A Procedure for the Express Settlement of Minor Debts has been introduced.

GreeceInsolvency/Bankruptcy/Re-Structuring

Evelina Papadimitropoulou

Katerina Christodoulou

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Law 4336/2015 aims to enhance the legal framework regarding heavily indebted individuals, as established by Law 3869/2010 and amended by Law 4161/2013, with a view to improving its effectiveness and ensuring the adequate fulfilment of its objectives.

First of all, the scope of Law 3869/2010 is extended to the arrangement of debts towards the State, Tax Authorities, Local Authorities and Social Security Organizations. It should be noted that individuals having submitted their debts towards the State to a different procedure of arrangement may choose the procedure provided for heavily indebted individuals. Nevertheless, this is possible only if these debts coexist with debts towards private creditors.

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Heavily Indebted Individuals

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