Update on the new framework on corporate insolvency

A Code for debt settlement and providing a second chance.

The new insolvency framework, enacted by Law 4738/2020 (Greek Government Gazette A' 207/27.10.2020) introduces a holistic approach to insolvency legislation in Greece and enables households and businesses to settle their debts, to the State, social insurance funds, banks, servicers and other private creditors. 

The present newsletter addresses the corporate insolvency aspects of the new framework with special regard to the pre-pack rehabilitation process and the bankruptcy proceedings, which will enter into force as of 1.3.2021

We will follow up our update with the provisions addressing the debt restructuring and bankruptcy of small materiality cases as well as the new framework for vulnerable individuals and households which will enter into force as of 1.6.2021.

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