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The process of due diligence in Athens, Greece aims at revealing all legal and business information related to a company or enterprise. During transactions like mergers and acquisitions or when investing in a company, due diligence plays a significant role. Provided by law firms, it involves thoroughly examining legal documents, contracts, financial records, intellectual property, and other business aspects. The diligence process also uncovers potential liabilities making it an integral part of risk assessment. Greek laws fully recognize and outline the scope of due diligence, making it a critical component of all major business transactions.
Engaging a lawyer who is skilled in due diligence can greatly minimize risk when dealing with major transactions like purchasing a company or real estate. A lawyer can guide you through regulatory and statutory compliance, ensuring all legal aspects of a deal are carefully scrutinized. In cases where disputes arise during or after transactions, a lawyer would be invaluable for advice and representation.
The local laws governing due diligence in Athens incorporate European Union legislation and Greek commercial and civil law. Notable laws are the Codified Law 2190/1920 governing Greek Company Law and the Greek Civil Code regulating contracts or obligations. Close adherence to Data Protection Act 2472/1997 is crucial during the due diligence process considering it involves handling sensitive data. The laws enforce careful disclosure of all material facts, honest and fair practices during transactions, and protection of intellectual property rights.
Due diligence in Greece includes legal, financial, and business due diligence. It covers review of material contracts, verification of assets and liabilities, identification of legal and financial risks, and assessment of regulatory compliances and intellectual property rights.
The Greece law provides protection against nondisclosure or incorrect disclosure of material facts, violation of intellectual property rights, unfair practices, and breach of privacy rights during the due diligence process.
While the presence of a lawyer isn't typically mandatory, it is recommended given the legal and financial intricacies involved in the due diligence process.
There is no set timeline for the due diligence process as it largely depends on the complexity of the transaction and the thoroughness needed. But generally, it can take anywhere between a few weeks to several months.
Yes, bypassing or violation of due diligence requirements can lead to legal ramifications, including penalties and potential nullification of the transaction.
For individuals seeking more information and guidance on due diligence in Athens, Greece, the Hellenic Capital Market Commission and Athens Chamber of Commerce and Industry are good resources. They provide comprehensive information about the local laws and regulations.
If you require legal help with due diligence in Athens, Greece, you should engage a local law firm that specializes in business law, mergers, and acquisitions. Before hiring, ensure to verify their experience, reputation, and their understanding of local and EU laws. It is advisable to have a lawyer on board right from the beginning of the due diligence process.
