Insolvency & Bankruptcy

Karagounis & Partners offers high level quality legal services in insolvency and bankruptcy issues. Rescue and insolvency procedures are governed by the Bankruptcy Code (statute 3588/2007).

The Bankruptcy Code, as now in force, provides that a distressed or bankrupt debtor may be subject to the following procedures: Rehabilitation process of articles 99 et seq, Post-bankruptcy reorganization process of articles 107 et seq; and Post-bankruptcy liquidation process. Bankruptcy for cause of cease of payments, definite or imminent, is provided by article 3 of the Code.

Post-bankruptcy proceedings aim to the repayment of creditors, as a collective satisfaction procedure and also, if possible, rescue and restructure an insolvent company’s business. On the contrary, pre-bankruptcy procedures aim at the reorganization of the debtor’s business and its continuation following an agreement with the majority of its creditors. 

Karagounis & Partners holds an expertise in handling insolvency and bankruptcy cases and can provide very efficient services according to the client’s needs, as creditor or a company facing serious financial and operational difficulties. These services are often linked with those offered by Debt Recovery department at Karagounis & Partners.