Commercial Law

Filing for Bankruptcy

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The accumulation of debt and the inability to meet financial obligations can place intense pressure on both individuals and businesses. When debts can no longer be serviced, bankruptcy can serve as a legal process to address financial distress and allow the debtor a fresh start, as a constitutional right subject to the conditions set forth by law. The New Bankruptcy Code (Law 4738/2020) now allows more individuals and legal entities to file for bankruptcy, regardless of whether they engage in commercial activities, subject to the conditions set forth by law.

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A petition for bankruptcy is reviewed based on the debtor’s financial situation and their ability to fulfill their obligations. In cases of small-scale bankruptcy, the procedure applies to natural and legal persons who meet specific criteria, such as small businesses and sole proprietorships. Upon the declaration of bankruptcy, individual enforcement measures by creditors are suspended, and, subject to the conditions set forth by law, the possibility of a complete discharge of debts is provided upon completion of the prescribed procedure. Bankruptcy is not merely a form of debt management; nor a social stigma attached to someone (an individual or a company) who has been unable to cope with adverse economic conditions, but rather an exceptional legal tool that can offer a fresh financial start to those who are genuinely unable to pay their debts.

Our law firm provides modern legal support in bankruptcy proceedings, handling the assessment of eligibility, the preparation and filing of the petition, as well as monitoring the process until its completion. Each case is examined on an individual basis, with the aim of making the most of the opportunities provided by the current legal framework and effectively and successfully addressing financial hardship.