April 2022

Completed Receivables Transfer Transaction of approximately EUR 40 Million

A transaction of transfer of receivables of approximately €40 million under Law 4354/2015 from a commercial company was completed. Our firm acted as advisor to the seller of the receivables. In the context of the disputed transfer, the contractual relationship remained, as required by law, with the assignor company, while the individual receivables were assigned to the transferee company. This is relevant in any transfer under either Law 4354/2015 or Law 3156/2003, as the obligations and rights under the contract remain with the parties, while the only thing that is transferred to the transferee acquiring company are the individual claims, which may not even exhaust all the claims under the contract (thus, part of them may be assigned, etc.). It is also important to stress that Law 4354/2015, and in particular Law 3156/2003 on securitisation of receivables, do not only refer to claims of credit institutions arising from loan and other contracts.