An injunction was issued by the Athens Court of First Instance which suspended the seizures in the hands of 5 Credit Institutions against our Client for an amount of approximately 500,000 euros. It was presumed that the seizure orders were invalid due to abuse in the exercise of the right on the part of the Bank, which, while negotiating with the borrower and awaiting a proposal from him, at the same time applied for a payment order. As specifically held: The defendant, in accordance with the rules of good faith and commercial ethics applicable to business transactions, should have waited for the completion of the entire process that had been initiated and, in the event of failure, should have expressly communicated this to the applicants and not negotiated the settlement of the debt to avoid litigation and at the same time, in the midst of negotiations to avoid litigation, should have taken legal action to enforce its claims'. It was also assumed that the payment order was invalid because the service of the order was invalid.
Read all the court rulings