Out-of-court settlement: An important tool to regulate debts to banks and public sector

Legal Tags: Banking, Debt, Legislation, Reforms
Photo by Panayiotis Tzamaros/Fosphotos
Photo by Panayiotis Tzamaros/Fosphotos

The Greek government intends to pass a law concerning the out-of-court settlement of debts of entities with trading licenses in an effort to regulate the so called “red loans” owed to banks, funds and the government. However, the draft law, in the form it is being discussed, is being challenged by interested parties, since it is expected to exclude from its favorable provisions 300,000 individual professionals defined as traders (freelancers) because they will not fulfill the specific set of conditions proposed.

The out-of-court settlement is being created with the aim of facilitating debtors to regulate their debts and to ensure, to a greater extent, availability and flow of public profits, while avoiding further damage to bank balance sheets. However, in its ...

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