Law 4738/2020 (Insolvency Code) was passed in October 2020, replacing the above laws with effect from 1 March 2021 (for businesses), 1 June 2021 (for individuals) and 27 October 2020 or 1 July 2021 (as the case may be, in respect of certain provisions of the Insolvency Code), to rectify deficiencies of the previously
Nov 22, 2022In October 2020, the Greek Parliament adopted a new insolvency law (styled the Law for the Settlement of Debts and Provision of a Second Chance
Nov 22, 2022The changes brought to the Greek insolvency landscape by the Insolvency Law are extensive and profound. Bankruptcy law in Greece goes back to
Oct 30, 2020The new Law has been designed to provide modern out-of-court or in-court instruments to debtors and creditors to speedily resolve debtors'
The new insolvency framework, enacted by Law 4738/2020 (Greek Government Gazette A' 207/27.10. 2020) introduces a holistic approach to insolvency legislation in Greece and enables households and businesses to settle their debts, to the State, social insurance funds, banks, servicers and other private creditors.
The new Insolvency Law, Law 4738/2020 as amended (the Insolvency Code or the Code), came into effect on 1 June 2021, though a part of it had already come into force on 1 March 2021.
The newly enacted Insolvency Code is intended to address inefficiencies and uncertainties under the previously applicable legal framework and is also intended to facilitate liquidation of businesses that have no prospects of rehabilitation.
