Bankruptcy, Insolvency & Rehabilitation Proceedings in Greece

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In Greek law, there are several types of proceedings addressing the inability of a merchant debtor (either a natural person or a legal entity) to pay its debts. On one hand, there are Bankruptcy and Special Administration, which are focused mainly on the payment of its debts to its creditors, mainly by liquidation of the debtor’s assets. On the other hand, there are so-called pre-bankruptcy proceedings whose main purpose is to maintain the debtor’s undertaking by a restructuring of its debts. The pre-bankruptcy proceedings are the Rehabilitation Proceedings and the Out of Court Workout.

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