Overview
1.1 Where would you place your jurisdiction on the spectrum of debtor- to creditor-friendly jurisdictions?
Having undergone a severe economic crisis during the decade 2010–2020, Greece can now be said to possess a mature and practically tested framework for dealing with insolvency situations. Greek law, through Law 4738/2020 “Debt Settlement and Provision of a Second Chance” (Insolvency Law – InsLaw), regulates three main mechanisms for addressing insolvency:
- The first mechanism is the out-of-court debt settlement mechanism. This mechanism is primarily oriented toward the protection of the debtor, especially natural persons and small enterprises, and in many cases achieves substantial debt reductions and sustainable…