Insolvency and Restructuring Law in Greece: A Guide to Debt Relief and Business Recovery
Insolvency and restructuring law in Greece plays a crucial role in helping individuals and businesses overcome financial difficulties while ensuring economic stability. Whether facing mounting debts or seeking to restructure financial obligations, Greek law provides mechanisms to achieve debt relief and business recovery. At Economou & Economou law office, we specialize in handling complex insolvency and restructuring cases, offering expert legal services to both businesses and individuals.
Understanding Insolvency and Restructuring Law in Greece
Insolvency and restructuring law in Greece is governed by the Greek Bankruptcy Code (Law 4738/2020), which introduced significant reforms to modernize and streamline debt restructuring and bankruptcy proceedings. The law aims to offer a fresh start for over-indebted individuals and viable businesses while ensuring creditor protection.
Key Features of Insolvency and Restructuring Law in Greece
1. Out-of-Court Debt Settlement:
The extrajudicial mechanism allows businesses and individuals to negotiate debt restructuring with creditors without filing for bankruptcy. This process is designed to be efficient and prevent lengthy court proceedings.
2. Rehabilitation Process (Pre-Bankruptcy Procedure):
Companies that are financially distressed but still viable can enter a court-supervised restructuring plan. This enables businesses to negotiate with creditors, reduce debts, and continue operations.
3. Simplified Bankruptcy Procedure for Individuals and Small Businesses:
The law allows individuals with unmanageable debts to file for bankruptcy and obtain a discharge from their obligations, giving them a chance to start anew.
4. Early Warning System:
Businesses are encouraged to address financial difficulties at an early stage to prevent insolvency through restructuring measures.
5. Automatic Stay of Enforcement Measures:
Once an insolvency application is filed, creditors are temporarily prevented from taking enforcement actions against the debtor’s assets, ensuring a fair negotiation process.
Why Choose Economou & Economou law office for Insolvency and Restructuring Cases?
At Economou & Economou law office, we are recognized as the best law office in Greece for insolvency and restructuring law. Our team of expert lawyers provides tailored legal solutions to businesses and individuals, ensuring the best possible outcome in financial distress situations.
Successful Insolvency and Restructuring Cases Handled by Our Law Firm
Case 1: Debt Restructuring for a Leading Tourism Business
A well-known tourism company in Greece faced severe financial difficulties due to the economic downturn. With over €5 million in outstanding debts, the company risked liquidation. Our legal team successfully negotiated a debt restructuring plan under the rehabilitation process, reducing the company’s liabilities by 60% and securing favorable repayment terms. As a result, the business continued operations and regained profitability within two years.
Case 2: Personal Bankruptcy and Debt Discharge
An entrepreneur with personal debts exceeding €800,000 sought our assistance to avoid asset seizure. We guided them through the insolvency and restructuring law in Greece, ensuring their eligibility for bankruptcy protection. Through a court-approved bankruptcy plan, we secured a full discharge of their debts, allowing them to restart their financial life without the burden of previous obligations.
Case 3: Extrajudicial Debt Settlement for a Real Estate Developer
A real estate developer with multiple bank loans and creditor claims totaling €10 million faced imminent bankruptcy. Our firm initiated negotiations through the extrajudicial debt settlement process, achieving a restructuring agreement that extended repayment periods and reduced debt obligations. This strategic legal approach allowed the developer to complete ongoing projects and restore financial stability.
Case 4: Restructuring a Major Manufacturing Company
A leading Greek manufacturing company faced severe financial difficulties due to market downturns and mounting debts. Our team at Economou & Economou successfully negotiated a pre-bankruptcy agreement with creditors, allowing the company to restructure its debts and continue operations. This case highlights our expertise in insolvency and restructuring law in Greece.
Case 5: Reorganization of a Hospitality Business
A well-known hotel chain was on the brink of liquidation due to unsustainable debt levels. We developed a comprehensive reorganization plan approved by the court, enabling the business to reduce its debt burden and return to profitability. This success story underscores our commitment to excellence in insolvency and restructuring law.
Case 6: Special Administration for a Retail Group
A large retail group with multiple subsidiaries faced insolvency due to economic pressures. Our team successfully applied for special administration, preserving jobs and ensuring the continuity of the business. This case demonstrates our deep understanding of insolvency and restructuring law in Greece.
How We Can Help You
As the leading experts in insolvency and restructuring law in Greece, Economou & Economou law office provides:
• Personalized legal advice tailored to your financial situation.
• Expert representation in court and out-of-court negotiations.
• Comprehensive debt restructuring solutions for individuals and businesses.
• Fast and efficient legal processes to minimize financial disruption.
If you are facing financial distress, contact Economou & Economou law office today. As the best law office in Greece according to Lawzana for insolvency and restructuring law, we are committed to delivering successful results and securing your financial future.
For expert legal assistance, reach out to us at:
📧 Email: econlaw@live.com
📞 Phone: (+30) 2103603824
🌐 Contact Form : https://www.econlaw.gr/contact/
Don’t let financial difficulties define your future—trust Economou & Economou law office, the top legal experts in insolvency and restructuring law in Greece.