Insolvency & Restructuring

 

Greece codified its bankruptcy provisions for the first time in 2007. The Bankruptcy Code also brought fundamental changes to pre-insolvency and insolvency proceedings. However, despite several rounds of amendments, the rehabilitation of troubled undertakings remains a challenge.

We counsel both credit institutions and potential investors on how to deal with non-performing loans and we advise debtors, creditors and other stakeholders, such as shareholders and management, on how to restructure their debt, rehabilitate troubled companies, secure judicial ratification of agreements, and protect themselves from civil and criminal liability.

Our practice is supported by our other departments in seeking to produce integrated and efficient solutions to business reorganization, with an emphasis on speed, predictability and cost.

Our firm made a significant contribution to a recent enactment aimed at addressing existing inefficiencies through the introduction of emergency proceedings intended either at expediting the ratification of pre-pack agreements or the speedy liquidation of businesses as going concerns. We contribute to efforts to substantially reform bankruptcy laws and cooperate with prominent international organizations of insolvency practitioners, such as INSOL International, INSOL Europe and the International Insolvency Institute. PotamitisVekris has been active in organizing lectures and seminars on insolvency and restructuring, and is also in the process of developing a network of co-operating insolvency professionals, consisting of lawyers, accountants and bankers, which has become a pressing need for our market.