Staikouras: Greece Presents New Insolvency Law for Discussion

Procedures under the new framework are expected to contribute to enhancing liquidity, employment and social cohesion, Finance Minister Christos Staikouras says in emailed statement.

• The draft law will give the possibility of a second chance, with fast procedures, by writing-off the balance of debts, given liquidation of all assets and control of the debtor’s asset situation
• The draft law provides for a unified code for restructuring of individual and corporate debt so that debtors can keep their assets
• It establishes procedures whereby debtors are warned at an early stage as a precaution so they aren’t led to default
• The framework ...