Bankruptcy Lawyers in Greece - Representing Local and Foreign Clients
Bankruptcy Lawyers in GreeceUpdated on Monday 20th March 2023
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The services of bankruptcy lawyers in Greece are necessary for persons or companies that are involved in a situation in which they can’t repay their outstanding debts.
Bankruptcy in Greece is a sensible matter that will lead to court hearings where the court can establish a suitable financial plan.
It is best to address to our lawyers in Greece who are specialized in this particular area of expertise, also knowing, as a client, that the attorney will try to find the best financial solution to a specific scenario.
What legal services are available for bankruptcy in Greece?
Our Greek law firm is able to offer assistance in numerous ways to both creditors and debtors. Bankruptcy proceedings can happen on a voluntarily basis, or it can be initiated by the wish of the creditors.
Regardless of how this procedure is initiated, our bankruptcy lawyers in Greece can provide legal assistance on the following:
- consumer bankruptcy;
- bankruptcy litigation;
- bankruptcy arbitration;
- bankruptcy procedures for companies.
Our team is also specialized in:
- creditors’ rights;
- debt relief;
- creating a solvency plan;
- personal bankruptcy;
The latter 2 can be necessary when the Greece bankrupts are represented by Greek companies or by foreign companies operating on the Greek market.
What are the bankruptcy procedures in Greece?
Bankruptcy refers to the legal procedure through which an entity (natural person or corporate structure) is no longer required to pay all the financial debts accumulated over time, due to the fact that there aren’t sufficient assets that can be used for repaying the respective debts.
However, the procedure does not imply that the debtor no longer has any financial obligations towards the respective debts.
Instead, the legal action that can be taken is that the debtor can be required to initiate a reorganization plan or to repay a part of the debt, through an approved and agreed method.
This is generally done through court proceedings, and this is why it is very important to address to a team of bankruptcy lawyers in Greece, as they have accumulated sufficient experience in this field.
Greece bankrupts – recent statistics
The data concerning the bankruptcy level in Greece is gathered by the Hellenic Statistical Authority. The information has been collected through the data gathered by the Courts of First Instance, where such cases are typically held.
In the list below, you can find information on the bankruptcy in Greece for 2020:
- in comparison to 2019, the bankruptcy of businesses in Greece fell by 9.5% in 2020;
- in absolute numbers, this accounted for 63 bankruptcies in 2019 and for 57 bankruptcies in 2020;
- the highest decrease of bankruptcy for businesses was observed at the level of sole traders (a decrease of 27.8%);
- with regards to the economic activity, the largest number of businesses that went bankrupt was registered in the wholesale and retail trade, repair of motor vehicles and motorcycles (28.1% of the bankruptcies);
- over the last 10 years, the number of bankruptcies have gradually declined in Greece – in 2011, there were 474 bankruptcies, in 2015, 206 bankruptcies, and since 2018, the yearly number was below 100 (82 in 2018, 63 in 2019 and 57 in 2020).
What is the law on bankruptcy in Greece?
The main rule of law regulating this legal matter is the Law 4738/2020 (the Debt Settlement and Facilitation of a Second Chance). The law became applicable starting with 1st January 2021.
This new law also provides for the legal framework applicable to natural persons becoming bankrupt.
If you need further information concerning the provisions of this law, our law firm in Greece remains at your disposal.
We also invite you to contact us for information on other legal matters. Our law firm can represent you in immigration matters, citizenship, renting/buying real estate.
Thus, if you want to buy a property in Greece, our law firm can provide legal representation in all the stages of the procedure and will complete due diligence on your behalf, to make sure that the property doesn’t have any hidden liabilities.