January 2020
Myth or Reality: The class of "mega-debtors"
George Psarakis LL.M. (mult.), PgCert
A temporary injunction was issued by the Athens Court of First Instance prohibiting the change in the property status of a legal entity to which a property with an actual value of approximately EUR 30 million was transferred from our client's debtor, a limited liability company, in violation of Art. 23a of Law No. 2190/1920 and in abuse of the organizational freedom of the establishment of legal entities (Art. 281 - removal of autonomy). The purpose of the transfer was to transfer valuable assets from an insolvent, over-indebted company to a new "clean" company in order to avoid enforcement.
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