December 2022

Completion of the bilateral settlement procedure with the State in 156 instalments through the Extra-Judicial Mechanism

During the month of December, an out-of-court procedure was completed, through which a company managed to settle debts of approximately 400,000 euros to the Greek State. The repayment of the company's debt was settled over a period of 13 years with 156 monthly equal instalments, i.e. a number of instalments much higher than what it could have achieved outside the out-of-court procedure. In this particular case, there was no debt write-off, as the company owned real estate worth more than several times the value of its debts. 

It is noted that, by reaching a settlement through the out-of-court mechanism, the taking of coercive measures against the debtor is suspended, as well as the criminal prosecution for the offences of non-payment of debts to the State and non-payment of insurance contributions, while it is now possible to issue the debtor with proof of tax and insurance awareness. 

(for more information see here and here)