Insolvency Proceedings Manager in Greece

What We Offer

Since January 1, 2017 all responsibilities relating to the Bankruptcy Code, the way the latter is described within the framework and the provisions of Law 3588/2007 which practically point to the direction of the bankruptcy administrator but also to all those duties surfacing during the bankruptcy or the restructuring process, and form part of the work of a mediator, or a counsel of a particular mandate, or even a special liquidator, are currently to be exercised by an Insolvency Proceedings Manager.

In “Oikonomakis Law” we clearly possess the expertise in all those particular issues surfacing while in the process of a bankruptcy or a restructuring procedure, but also in all those procedures that form part of the content of the Bankruptcy Code as such in order to assist our assignors in their effort to bounce back and reintroduce their businesses by adjusting themselves in the framework of a smoother financial reality. Our Lawyers as well as all our Associates have the knowledge and the experience in order to assist our assignors during any of the aforementioned processes, by responding in this immediate but also efficient way in all the issues that seem to be emerging on a case by case basis.

Our Services

Speaking about the Insolvency Proceedings Manager someone could suggest that in a nutshell this is a new professional orientation of a sort within the framework of the legal science and of the new Bankruptcy Code as well, given that the latter one chooses to offer a “second chance” to all these legal entities that are in the verge of bankruptcy due to real inability to cover all their pending debts. In other words, and at least theoretically speaking, this is merely a novel legal tool which both recognizes and favors any businessperson who behaves in good faith by putting forward an agreeable mood, but also operates as a counter-offensive wall against all those people who would opt for such a procedure, be it the bankruptcy one or the restructuring one, in order to further stall both the business and the case as a whole in the still waters of an inefficient insolvency procedure.

The Insolvency Proceedings Manager constitutes always – at least until this very day – an individual, necessarily registered with the Register kept at the Ministry of Justice, Transparency and Human Rights. It is mentioned “until this very day” in light of the fact that the current debate about the reshaping of the role of such a Manager as the Insolvency Proceedings one, it is now argued that there can also be nominated legal persons as such competent Managers, be it a Law Firm, an Auditors’ Firm, a Consulting Firm or even a Firm with a mandate related to claims of loans and credits management as described in law 4354/2015; thus it is only appropriate to wait and see what the national legislator will decide with regards to all of the aforementioned future changes -if any- after debating with all the therein involved actors.

Our Law Firm possesses the knowledge not just of the necessary applicable law with regards to the Bankruptcy Code, but also of the larger picture of the financial situation the way the latter has been shaping due to influences projected by various and of different qualitative features factors, in order to respond on a daily basis to the challenging task of managing cases of such magnitude. In any case, the wider perception our Law Firm holds with regards to all such factors that one way or the other influence the way the national, the European and the international markets are regulated, contributes to the provision of services on our part in a way that favors our assignors, both natural and legal persons alike, that have an entrepreneurial orientation.

How We Can Help

Going back to the actual role of the Insolvency Proceedings Manager and in order to throw further light on certain procedural matters concerning how things actually work, to begin with, it is necessary to point out that the people eligible to register with the Register of Insolvency Proceedings Manager are the ones having previously succeeded in the national examination held by the Insolvency Proceedings Committee which is to set and supervise any detail of the actual examination process.

It is about professional jurists and financial managers who have been found eligible after having sat the examination procedure established by the legal framework of Presidential Decree 133/2016 which in practice thus far has set the ground with regards to the two examination procedures that have taken place in order to fill in the necessary proclaimed positions. These two decisions setting the ground, as already mentioned, read as follows:

1. Decision 403/ 2018
2. Decision 523/ 2019

The aforementioned Presidential Decree, nr. 133/2016, practically entails the whole regulation with regards to the “Arrangement of the profession of the Insolvency Proceedings Manager”, and it has been prepared by all involved therein Ministries, i.e. Ministries of Justice, Transparency and Human Rights, and that of Finance, Development and Tourism.

 It is in that “Arrangement” that one may find thoroughly and in detail the qualifications, the impediments and the inconsistencies with regards to the actual exams, the exam procedure, the subjects of interest, the time these exams would be taking place, the way the Insolvency Proceedings Committee works, the issuance of the necessary permit at hand and the prerequisites in order to have it renewed, the obligations and the estimation of the Manager’s fee, the failures that could occur accordingly and the following penalties.

In conclusion of this present report on the novel, though adjusted to the present time Greek legal reality role of the Insolvency Proceedings Manager, two issues need to be properly revisited. At first, it is only necessary to ensure at all times the celebration of the principles of impartiality and objectivity when appointing the insolvency administrator, the way these two principles derive and are to be applied in terms of the modern Bankruptcy Law, of the EU Directive EU 2019-1023 articles 26 and 27, but also of the rest of the currently regulating Codes of Ethics concerning Insolvency Proceedings Managers the way they are applied in other legal realities.

To sum it up, and in order to  have something tangible in place with regards to the process as such, please find the form of the report on the updated course and the way to conclude the works of the insolvency proceedings matter. The said report has to  be filled in by the each time appointed insolvency proceedings manager  and later on submitted in .pdf form to the Secretariat of the Insolvency Proceedings Committee and in particular to the email address of   grammateia-eda@justice.gov.gr, by getting a protocol number as should be the case, while also providing evidence in the sense that there has been progress in the works of the insolvency proceedings manager with regards to the project he/ she has been appointed to undertake.

Recipients

 To:

 (a) …………… (the competent organ is to be mentioned according to article 2 of Presidential Decree 133/2016 1)

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1 According to Presidential Decree 133/2016, it is to be submitted to the following people within 20 days’ time as of the day of the termination of the semester which is about

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 (b) ………….. (the rapporteur of the insolvency procedure is to be mentioned)

 (c) Insolvency Proceedings Committee:

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 2 According to Presidential Decree 133/2016 it is to be submitted to the  Insolvency Proceedings Committee within 5 days’ time as of the day of submission to the just mentioned above and under nr. από (1) people.

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 Appointment decision nr./date:

Date of acceptance of the duties of the insolvency proceedings manager:

 C/Nr. Report:

 Time-period which the report is about:

 Bankruptcy Stage/ Specific Management stage:

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 3 Notification on the current state of being of the bankruptcy at hand (e.g. stage of establishing and verifying credits, stage of confirming the number of creditors, stage of liquidations of the debtor’s  properties, distribution stage, stage of conclusion of the insolvency and  accountability procedures) or of the specific management to be taking place (e.g. inventory and assessment of the properties, preparation of a bidding offer memo, introduction of a public automatic award procedure, verification as issued by a competent court of law, business transfer etc.)

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 Procedure thus far and ways to continue further with the insolvency proceedings works:

 A brief report on the Managers actions within the time period specified by the report as such.

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 4 The actions are to be described in combination with the obligations provided for by the law as such (bankruptcy code or law 4307/2014) with regards to the insolvency proceedings manager

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 It is also necessary to mention any reasons causing delay in the process as a whole, as well as all measures introduced by the insolvency proceedings manager in order to expedite the process.

 REMARKS:

 It is necessary to mention issues that, according to the Manager’s opinion, seem to be of particular interest, they are not about the regular process of the case at hand and which he/ she considers that should be brought up to the recipients of the report

 If there are no such issues at hand, please omit this paragraph 

 Manager’s Seat, Date of the Report’s Preparation 5 [(Seat) (XX.ΧΧ.ΧΧΧΧ)]

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 5 This report is dated as of 20 days’ time the latest from the time the semester at hand had been concluded

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 Name and Surname of the Manager, Profession, Registration Number and Seat Address

 The Insolvency Proceedings Manager [Lawyer or Auditor or Accountant (Name and Surname), (Registration Number), (Address)]

 Signature of the Manager

 This decision is to be published at the Official Gazette of the Government

Key Contacts