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Restructuring and insolvency law in Thessaloniki, Greece, is designed to address financial distress affecting businesses and individuals. Thessaloniki, as Greece’s second-largest city and a key economic hub, has seen significant growth in business activity, making robust legal procedures crucial for handling financial difficulties. The legal framework enables companies and individuals to seek remedies, protect assets, and reach agreements with creditors. The focus is on providing solutions that might allow for a business’s survival or, if necessary, efficiently liquidate assets and settle debts. Whether you are a business owner, creditor, investor, or an individual facing insolvency, understanding the local procedures and legal options is essential.
Several situations may require the expertise of a restructuring and insolvency lawyer in Thessaloniki. Common scenarios include:
Given the complexity of Greek insolvency and restructuring law, a lawyer can help navigate procedures, negotiate with parties, ensure compliance, and maximize your legal protections.
Greece’s insolvency regime has undergone significant changes in recent years, harmonized with European Union standards. The key legal instruments include:
The courts of Thessaloniki play a central role in supervising these procedures. Specialized commercial courts handle insolvency filings, approval of restructuring plans, and disputes between parties. Local legal practices are aligned with the broader Greek legal framework but also reflect the unique economic characteristics and needs of businesses in Thessaloniki.
Restructuring involves reorganizing a company’s or individual’s debts to restore financial stability and avoid insolvency. Insolvency is the legal state where an entity is unable to pay its debts as they fall due, possibly leading to bankruptcy or liquidation.
Yes, both individuals and legal entities can initiate insolvency proceedings under Greek law. Individuals have access to debt settlement and bankruptcy procedures tailored to their needs.
Restructuring offers the chance to continue business operations, retain employment, and preserve the value of assets. Liquidation generally means selling off assets and ceasing business.
Timelines vary based on case complexity and the chosen procedure. Out-of-court settlements may conclude within months, while court-supervised bankruptcies or reorganizations can take longer, sometimes years.
Debtors are generally afforded protection from creditor actions (such as asset seizures) during approved restructuring proceedings, offering them time to negotiate and implement a plan.
Directors are usually not personally liable, but exceptions exist. For example, liability can arise from wrongful trading or not filing for insolvency in a timely manner.
Courts oversee and approve insolvency, restructuring, and liquidation proceedings, ensure compliance with the law, and resolve disputes among creditors or between creditors and debtors.
Yes, foreign creditors can make claims and participate in the proceedings under Greek law, with their rights protected in accordance with European regulations and local rules.
Employment contracts may be terminated or continued based on the circumstances and the restructuring or liquidation plan. Employees enjoy certain protections and priority in creditor claims for unpaid wages.
Yes, the law encourages amicable settlement among debtors and creditors through mediation or negotiated agreements, potentially avoiding formal insolvency procedures when the parties reach a viable compromise.
Those seeking further information or assistance can contact or consult the following resources:
If you believe you may need legal assistance in matters related to restructuring or insolvency in Thessaloniki, consider the following steps:
Early engagement with professionals increases your chances of reaching a favorable resolution, whether through restructuring, an out-of-court settlement, or formal insolvency proceedings.
