Insolvency Law - Extrajudicial Debt Settlement Mechanism

The lifecycle of business activity, in addition to the formation and operation of entities, inevitably includes their dissolution or liquidation in some form. Unforeseen events, crises, and even changes in services, products, or consumer habits can disrupt any planning and lead to adverse personal consequences for all involved.

Law 4738/2020 reorganized all previous judicial and extrajudicial procedures for preventing and addressing insolvency into a unified code for both individuals and legal entities. For the first time, individuals in Greece now have the ability to declare bankruptcy for non-commercial debts.

Indicatively, our services include:

• Negotiations with creditors, including public authorities and banks, for debt restructuring
• Inclusion in the out-of-court debt settlement mechanism
• Drafting and judicial ratification of restructuring agreements
• Protection of primary residences
• Bankruptcy filings
• Post-bankruptcy procedures