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Law 4738/2020 introduces two distinct insolvency tools in Greece: the out-of-court debt settlement mechanism and the business rehabilitation procedure. While both require creditor majority agreement, they differ fundamentally in flexibility and objectives—debt restructuring through automated calculations versus business reorganization through negotiated solutions.

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

It is well known to anyone engaged in business that the position of a Chief Executive Officer entails responsibility not only towards the company's shareholders...

It is well known among all those who engage in business that the position of Chief Executive Officer constitutes a position of responsibility...

Summary: A few days ago Law 5072/2023 was passed in relation to the long-awaited legislative changes to the out-of-court debt settlement mechanism and the law on NPLs.

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...

Summary: In previous articles, we discussed the procedure for declaring simplified bankruptcy as well as the debtor's remaining assets following the declaration (see here).

In Greece, with its relatively well-developed tourism industry, there are hundreds of hotel units that are struggling to survive the various waves of economic crises, the pandemic, or the consequences of inflation.

According to Law 4738/2020, the rehabilitation process is a collective pre-insolvency procedure aimed at maintaining, utilizing, restructuring, and restoring the company...

Bankruptcy aims to satisfy creditors collectively by liquidating the debtor's assets. Law 4738/2020 decouples bankruptcy from commercial status, meaning the bankruptcy estate...

The recently enacted L. 4738/2020 on "Debt settlement and second chance providence" has been amended lately, inter alia, by L. 4818/2021.

Summary: The amendment of Article 7 of Law 4738/2020 (scope of application) by Article 75 of Law 5043/2023 resolved a major asymmetry in the Greek out-of-court debt settlement mechanism.

Risks potentially entailed for the company's directors/managers and shareholders.

One of the central concepts in insolvency law following Law 4738/2020 is the notion of the "vulnerable debtor." But which debtor is considered "vulnerable" under the law, and what benefits come from this designation?

Greek banks are under significant pressure to dispose their non-performing assets. They can choose between Greek Securitization Law and NPL Law to sell massively their loans.

This article examines the process of selling individual assets in bankruptcy, as outlined in Law 4738/2020, with emphasis on the deviations from the Greek Code of Civil Procedure and the legislative intent...

A key issue in the event of the submission of an application under the out-of-court debt settlement mechanism, the conclusion of a restructuring agreement, or the bankruptcy of a legal entity, is the treatment...

As we have noted on several occasions, the out-of-court debt settlement mechanism constitutes a constantly evolving instrument for the regulation of debts. Since its introduction by Law 4738/2020...