Best Bankruptcy Lawyers in Thivais

About Bankruptcy Law in Thivais, Greece

Bankruptcy in Thivais is governed by Greek national law and administered by local courts in Boeotia. The modern framework is the Greek Insolvency Code, often referred to as the Debt Settlement and Second Chance regime. It applies to both individuals and businesses and coordinates court procedures like reorganization and bankruptcy with out-of-court settlement options. The goal is to manage unaffordable debt, protect viable businesses, maximize value for creditors, and offer a genuine second chance to honest debtors.

In practical terms, residents and businesses based in Thivais file in the competent Court of First Instance that serves the area. Proceedings involve strict timelines, formal filings, creditor notices, and, for businesses, public entries in the General Commercial Registry. Because insolvency affects assets, contracts, employees, taxes, and banking relationships, early legal advice is essential.

Why You May Need a Lawyer

You may need a bankruptcy or insolvency lawyer if you are facing persistent arrears, court enforcement actions, auctions of property, frozen bank accounts, or escalating creditor pressure. A lawyer can assess whether you qualify for the national out-of-court debt settlement mechanism, guide you through negotiations with banks and the state, and help prepare a realistic repayment or restructuring plan.

Businesses in Thivais often need counsel to decide between reorganization and liquidation, to handle payroll and supplier claims, and to protect directors from personal liability. Individuals may need help understanding how bankruptcy affects a primary residence, co-debtors, and guarantors. Legal representation is particularly important for drafting petitions, requesting protective measures, managing hearings, and ensuring that all statutory notices and registry entries are completed correctly and on time.

Local Laws Overview

Greek Insolvency Code Law 4738 establishes a unified framework for individuals and businesses. It includes an out-of-court debt settlement platform for consensual restructurings, a reorganization procedure for viable businesses, and bankruptcy for cases where restructuring is not feasible. The Code aims to give honest debtors a second chance, subject to conditions and timeframes. Consumer cases that used to proceed under earlier legislation are now channeled into the current system.

Out-of-court settlement allows banks, servicers, and public authorities to evaluate a standardized restructuring proposal. If sufficient creditors agree, the plan becomes binding and can include extended installments and interest adjustments. This option can pause enforcement while negotiations proceed, provided the statutory requirements are met.

Bankruptcy filings are made to the Court of First Instance with jurisdiction over the debtor’s center of main interests in Thivais. The court may grant protective measures to temporarily halt enforcement. A trustee is appointed to manage the estate, verify claims, liquidate assets, and distribute proceeds. For businesses, the process interacts with the General Commercial Registry and may involve going concern sales, contract treatment, and workforce issues.

Natural persons can obtain discharge of remaining debts after completion of the statutory period and conditions set by the Code. The timeline can vary depending on the presence and liquidation of assets and on debtor conduct. Certain debts, such as those arising from fraud or penalties, may be excluded by law. Vulnerable debtors may have access to state supported schemes that address primary residence via a sale and leaseback arrangement with rent subsidies, subject to eligibility criteria defined by law.

Cross border issues within the European Union are addressed by the EU Insolvency Regulation, which governs jurisdiction and recognition based on the center of main interests. Local practice in Thivais follows national procedural rules for filings, hearings, notifications, and registry entries.

Frequently Asked Questions

What is the difference between out of court settlement and bankruptcy in Greece

Out of court settlement is a consensual process that aims to restructure debt through a standardized platform and creditor voting. It keeps you in control of your assets if creditors agree to a plan. Bankruptcy is a court process that places assets under the supervision of a trustee for liquidation or reorganization. Bankruptcy offers a path to discharge for individuals but involves more formalities and loss of control over assets.

Can individuals file for bankruptcy in Thivais or is it only for companies

Both individuals and companies can file. The Insolvency Code applies to natural persons, sole traders, and corporate entities. The court with jurisdiction over Thivais hears these cases, and the procedure differs depending on whether the debtor is a consumer, an entrepreneur, or a company.

Will I lose my primary residence if I file

It depends on your finances, the value of the property, and the chosen procedure. In bankruptcy, assets are generally part of the estate. However, there are legal tools to protect vulnerable debtors, including a state supervised sale and leaseback scheme with rent support if eligibility criteria are met. An early evaluation by a lawyer can clarify realistic outcomes and available protections.

How long does it take to be discharged from debts

The Insolvency Code provides for discharge of honest individual debtors after a statutory period that depends on factors like asset liquidation and debtor conduct. Timeframes can be shorter if there are no realizable assets and longer if assets must be sold and proceeds distributed. Your lawyer can provide a timeline estimate based on your case facts and local court practices.

What happens to guarantors and co debtors

A debtor’s filing does not automatically release guarantors or co debtors. Creditors may continue to pursue them unless a restructuring plan or separate legal arrangement covers those obligations. Any settlement should consider guarantees and joint liabilities to avoid unexpected enforcement against family members or business partners.

Can tax and social security debts be included

Yes. The out of court platform and court procedures can address debts to the tax authority and social security funds, often with structured installments and interest adjustments, subject to statutory rules. Some public claims may have limits on reductions or require specific conditions. Fraud related liabilities are typically excluded from discharge.

Will my bank accounts be frozen

Creditors may impose seizures before you seek protection. Filing for reorganization or bankruptcy can lead to protective measures that suspend enforcement, subject to court approval. In out of court settlement, certain protections may also apply while negotiations are active. Coordinate timing carefully with your lawyer to minimize business disruption.

What documents should I prepare before meeting a lawyer

Gather identification documents, tax returns, recent pay slips or financial statements, lists of assets and liabilities, loan agreements, notices from creditors, court documents, business registry extracts, and any correspondence with servicers or collection agents. A current cash flow snapshot and a list of essential contracts are also useful.

How are employees and suppliers treated if my business files

Employee wage claims often receive statutory priority up to legal limits. Secured creditors have priority over the proceeds of their collateral. Unsecured trade creditors share pro rata after priority claims. A reorganization plan can modify treatment if creditors approve and the court confirms it. Accurate claim verification is critical.

Does an EU connection change anything

If you operate across borders, EU rules determine the main forum based on the center of main interests. A Greek proceeding that qualifies as a main proceeding is recognized in other EU member states, which affects how assets and enforcement are handled. Your lawyer will assess where to file and how recognition will work.

Additional Resources

Court of First Instance serving Thivais for insolvency filings and protective measures.

General Commercial Registry GEMI for company entries, publication of corporate insolvency events, and access to corporate records.

Special Secretariat for Private Debt Management for the national out of court settlement platform and guidance on eligibility.

Independent Authority for Public Revenue AADE for information about tax debts, payment arrangements, and certificates required in restructurings.

Unified Social Security Fund EFKA for employer and self employed contribution debts and settlement options.

National Insolvency Register administered by the Ministry of Justice for publication and search of insolvency events and trustee appointments.

Local bar associations and legal aid services in Boeotia for referrals to insolvency practitioners and potential legal aid based on income criteria.

Hellenic Consumer Ombudsman and financial mediation services for complaints against financial institutions and guidance on debt collection conduct.

Next Steps

Start with a candid financial assessment. List all creditors, balances, collateral, court notices, and pending auctions. Identify essential assets and contracts you need to keep your household or business functioning. Check whether any payments or transfers you are considering could be voidable in insolvency and pause non essential transactions until you receive advice.

Consult a bankruptcy lawyer in Thivais early. Ask about suitability for out of court settlement, feasibility of reorganization versus liquidation, and realistic timelines and costs. Bring your documents to the first meeting so your lawyer can evaluate options and request protective measures if needed.

If out of court settlement appears viable, prepare accurate financial data for the platform and be responsive to creditor information requests. If a court filing is likely, your lawyer will draft the petition, propose interim protections, coordinate with the trustee once appointed, and handle communications with employees, suppliers, and public authorities.

Throughout the process, maintain transparency and cooperate with the court and the trustee. Keep up with tax filings even if you cannot pay yet. Monitor deadlines for creditor claim verification and plan voting. After resolution, follow through on plan payments or closure steps so that you can obtain discharge and move forward with a clean slate.

This guide is informational and not legal advice. Laws and procedures can change, and local practices in Thivais may affect your case. Always seek tailored advice from a qualified lawyer before taking action.