The relevant services constitute the primary mechanism for collective debt settlement within the modern Greek insolvency framework. Their role is to achieve a viable restructuring before bankruptcy, to coordinate all creditors (private & public), to provide a standardized, transparent, and automated solution, and to reduce judicial disputes and costs. They constitute the central tool prior to insolvency.
1
Eligibility Check & Preliminary Assessment - Initial assessment of whether the debtor may be included in the out-of-court mechanism. · Verification of legal requirements · Verification of the amount & type of debts · Verification of the number of creditors · Viability assessment · Analysis of alternatives (rehabilitation / bankruptcy) · Decision on inclusion in the mechanism · Avoidance of unnecessary application submission · Selection of the appropriate strategy
2
Preparation of the Out-of-Court Mechanism File - Comprehensive collection and organization of data for application submission. · Collection of financial data · Declaration of assets · Declaration of income & expenses · Recording of creditors & claims · Legal and financial completeness review · Avoidance of application rejection · Fast processing by the system · Credibility vis-à-vis creditors
3
Submission & Management of Application on the Platform - Technical and procedural support throughout the electronic process. · Electronic submission of application · Management of clarification requests · Monitoring of deadlines · Communication with authorities (IAPR - Independent Authority for Public Revenue, EFKA - National Social Security Agency, banks) · Smooth progression of the process · Reduction of bureaucratic errors · Compliance with deadlines
4
Negotiation with Creditors - Active negotiation of restructuring terms, beyond the automated algorithm where permitted. · Negotiation of debt haircuts · Negotiation of interest rates · Extension of duration · Grace periods · Coordination of conflicting claims · Improvement of the final proposal · Adaptation to actual capacities · Ensuring restructuring viability
5
Structuring & Evaluation of the Restructuring Proposal - Analysis of the final proposal prior to acceptance or rejection. · Review of installment viability · Legal evaluation of terms · Comparison with alternative scenarios · Assessment of consequences of non-acceptance · Documented decision by the debtor · Avoidance of future restructuring failure · Protection of assets
6
Post-Completion Support of the Restructuring · Services that ensure the long-term success of the restructuring. · Monitoring of payments · Support in income changes · Management of breaches of terms · Renegotiation where permitted · Maintenance of the restructuring over time · Avoidance of return to insolvency · Financial stabilization
Greek
