Insolvency Law – Corporate Restructure
A significant part of our work focuses on resolving issues of over-indebted companies through existing judicial and extrajudicial remedies (restructuring, reorganization, bankruptcy, bankruptcy due to imminent insolvency, opposition to payment orders, opposition to enforcement actions, lifting of seizures from business bank accounts, etc.). We address every issue of over-indebtedness and legal insolvency for both legal entities and individuals engaged in trade, examining it simultaneously from the perspective of commercial, tax, and criminal law. We undertake the complete restructuring of the business, providing the client with more than one alternative solution with a comprehensive long-term plan for the proposed measures.
Also, in the field of criminal law, we handle any criminal prosecutions for tax offenses (debts to the public, non-payment of VAT and withheld taxes, submission of inaccurate income tax statements, fictitious invoices, etc.), leveraging our parallel expertise in tax and commercial law. We work with our partners in the business/finance sector to develop comprehensive business plans and relieve businesses and individuals of the financial burdens left by the challenging preceding decade.
We have successfully handled difficult cases, taking them on from the beginning when the aggressiveness of creditors was at its peak, until finding a sustainable solution and signing debt restructuring agreements, always in close and honest cooperation with our clients. The response of the Greek state, though delayed, has added to the legal arsenal of the debtor and the new processes of Law 4738/2020, concerning restructuring and extrajudicial mechanisms for debt settlement. Our deep knowledge of all opportunities provided by the law and the thorough, in-depth study of each case allow us to propose tailor-made solutions that meet the needs of our clients.
Indicatively, we provide the following services:
- Submission of an application for restructuring under Articles 31-64 of Law 4738/2020, concurrently with an application for obtaining precautionary measures.
- Submission of a bankruptcy application with simultaneous application for obtaining precautionary measures.
- Submission of an application for inclusion in the extrajudicial mechanism for debt settlement – Articles 5 et seq. of Law 4738/2020.
- Reorganization of businesses extrajudicially and judicially with contract review/due diligence (commercial, labor, lease, etc.) and improvement of these terms within the framework of optimal financial management.
- Mergers and demergers of companies with a focus on improving financial results and rationalizing financial statements.
- Applications for suspension of enforcement measures in view of the business’s sustainability risk.
- Declaration of claims in the context of the bankruptcy procedure.
- Requests for separation and claims within the bankruptcy procedure.
- Contestation of acts performed during the suspect period – bankruptcy clawbacks.
- Handling of criminal prosecutions for debts to the public and third parties (see also the “Economic Criminal Law” area of law).