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Restructuring and insolvency law in Marousi, Greece forms an integral part of the Greek financial and legal landscape. Marousi, a prominent northern suburb of Athens, is home to many businesses, entrepreneurs, and individuals who may face financial difficulties. The local restructuring and insolvency framework governs how businesses and individuals handle periods of financial crisis, whether through reorganization, settlement of debts, or formal insolvency proceedings. Greek law provides several mechanisms that aim to facilitate payment arrangements, protect creditors’ rights, and, when possible, help viable businesses continue their operations.
Legal guidance is indispensable when facing restructuring or insolvency challenges. Some situations where legal assistance is vital include:
Having a lawyer help navigate restructuring and insolvency law in Marousi ensures that you make informed decisions and avoid risks that can arise from misunderstandings or missteps.
Greek restructuring and insolvency law has undergone significant reforms in recent years, with the introduction of the Greek Bankruptcy Code (Law 4738/2020) and harmonization efforts with European Union direct atives. Marousi, as part of the Attica region, follows the same legal framework as the rest of Greece, but local courts and administrative practices might have particularities.
Key aspects of local law relevant to restructuring and insolvency include:
Restructuring refers to legal processes that help reorganize a company’s or individual’s debts to improve financial health, often avoiding insolvency. Insolvency is the state where debts exceed assets and the entity cannot meet its financial obligations as they fall due, often leading to bankruptcy procedures.
Both debtors and creditors can request bankruptcy proceedings if certain financial thresholds and conditions set by Greek law are met.
Greek law has some provisions that protect a primary residence for vulnerable individuals and under specific circumstances. However, every case is unique and it is crucial to seek legal advice to understand your rights.
Yes, there are out-of-court settlement mechanisms and preventive restructuring plans that may help resolve financial difficulties without entering formal insolvency.
Employees have protected rights under Greek law, including being high-priority creditors for unpaid wages and compensation. The bankruptcy administrator addresses these claims during liquidation.
The duration varies depending on the size and complexity of the case. Some cases may resolve in a few months, while complex liquidations can take several years.
Yes, foreign creditors have the right to participate and submit their claims, subject to compliance with Greek legal procedures.
Directors must act in good faith, avoid actions that worsen the company’s position, and initiate restructuring or insolvency filings in a timely manner to avoid personal liability.
Entering into a restructuring agreement or insolvency proceedings will likely impact your creditworthiness. The degree and duration depend on the type of procedure and its outcome.
Not always. Some cases can be resolved through out-of-court settlements or mediation, while others require judicial approval, especially for more formal restructuring or bankruptcy procedures.
If you need more information or support, the following organizations and resources may be helpful:
If you are facing financial difficulty or considering restructuring or insolvency in Marousi, Greece, it’s essential to act promptly:
Legal frameworks around restructuring and insolvency can be complex, but with professional advice and early action, you can navigate these challenges and protect your interests.
