Over-indebted Households and Enforcement

With many years of experience in the law of banking contracts and specifically in non-performing loans, our office deals with Banking Law. We draft and file stoppages and suspensions of payment orders and in general acts of forced execution/enforcement, auctions and confiscations. Our Office also handles pending applications under Law 3869/2010 (Katseli Law), which due to Law 4745/2020 are now at the stage of appeal.

A very large part of the loans have been transferred, in recent years, from the banks to Funds. The banks have, in essence, sold the loans (at low prices) to the Funds. The Funds, in turn, claim these claims of non-performing debts, from businesses and individuals.

Our office offers a wide range of legal services in the field of loans, with the aim of effectively settling your debt, as well as avoiding unnecessary legal disputes. He is able to assess what is the best possible option for you and advise you responsibly.

We undertake the entire process of negotiation, the drafting of out-of-court dispute resolution requests and the drawing up of strategy always in relation to the alternatives provided by the law and allowed by each case.

Bankruptcies of Natural Persons

The new bankruptcy law - second chance (Law 4738/2020) introduces the bankruptcy of “small object”, which is carried out through the new simplified procedure regulated in articles 172-188 of the Civil Code. This procedure applies to any natural person, who does not run a business and does not draw up balance sheets, the criterion for inclusion in the category of bankruptcy of “small object” is determined by the value of all their property which must not exceed the amount of 350,000 euros, or a legal person or association of persons, with or without legal personality, business or organization of a profit or non-profit nature, belonging to the private or public sector, which, when drawing up its balance sheet, does not exceed the limits of at least two of the following three criteria : a) Total assets 350,000 euros, b) Net turnover 700,000 euros, and c) Average number of employees, during the period, 10 people.

“Red loans” arrangements - Extrajudicial Debt Settlement Mechanism

With the recent law 5024/2023, as well as ministerial decisions no. 40953 and 40992, significant changes were made to the Extrajudicial Debt Settlement Mechanism of law 4738/2020, i.e. the famous "out-of-court platform". These are the most important changes to date in this procedure, with the aim of making it more "attractive" for debtors.

Our office undertakes the attempt and out-of-court resolution of overdue loan disputes, advice on the drafting of banking contracts and arrangements for overdue debts, within the new Out-of-court mechanism, seeking sustainable, realistic and fair arrangements for the debtor, co-debtor and guarantor , depending on the particular needs and characteristics of each case, such as the change in the time of fulfillment of claims, payment in more installments, interest rate reduction, dependence of interest payment on profits, deletion of part of claims, capitalization of claims.

Based on the new law, we undertake the application to the out-of-court debt settlement mechanism if you owe a total of more than €10,000 to financial institutions, the public and social security institutions.