The new bankruptcy code to be published for public consultation this week makes company board members liable for civil damages in case they fail to file for bankruptcy within the delays prescribed by the law.

The Ministry of Finance is preparing a new draft bill on individual bankruptcy that will allow people to become free of debt within three years of declaring bankruptcy.

Banks want to begin auctioning off foreclosed property again, beginning in October.

 

More than 5,700 businesses have applied for loans through the Hellenic Development Bank’s Credit Guarantee Fund.

In response to the continued climb in coronavirus cases, companies are introducing a series of measures ahead of the return of employees from their summer vacations.

Piraeus Bank has applied to the Hercules asset protection scheme that aims to reduce banks’ exposure to nonperforming loans through their securitization.

Private investment funds will undertake the new entity for the acquisition and re-leasing of properties.

The new bankruptcy code that the government is preparing will provide for the settlement of debts to the state in up to 240 monthly tranches, up from 120 today, as part of the extrajudicial debt arrangement framework for enterprises.

The burning issue of the new bankruptcy code has been forwarded to the meetings that the administration of the Finance Ministry will have on Monday with the mission chiefs of the country’s creditors.

The enterprises hurt by the economic crisis stemming from the coronavirus pandemic will receive additional liquidity of 800 million euros through working capital supplied with a subsidized interest rate through the second Entrepreneurship Fund.

Loan repayment installments by households and enterprises hurt by the crisis have now been frozen up to the end of the year, following a decision by the Hellenic Bank Association on Tuesday.

The new bankruptcy law for individuals and enterprises, to apply from January 2021, as well as the “bridge” program for the protection of borrowers’ primary residences will as of Tuesday form part of the government’s negotiations with its creditors.

The government is about to perform a close inspection of all applications for protection of debtors under the provisions of the so-called Katseli law, to find out how many of them deserve protection status and which of them have only applied in order to win time.

New funding tools for two categories of enterprises that had been left out of bank financing are in the pipeline, as the government tries to expand its support to the economy in the face of the pandemic.

The management of the National Bank of Greece Group is keeping an open channel of communication with CVC Capital Partners for the sale of its subsidiary, Ethniki Insurance.

In less than a year, banks and servicers have restructured total loans of 12.3 billion euros, according to a Finance Ministry report on the progress of credit management.

The Development Ministry has forwarded a request to Brussels for the European Commission to allow problematic corporations to have access to state programs that provide liquidity.

No money is cheaper than the taxpayers’ money filling state coffers, as illustrated by the programs of the Development Bank for loans with subsidized interest (Entrepreneurship Fund II) or state collateral (Guarantee Fund).

Individuals or small companies wishing to start or sustain a business will soon be able to get loans up to 25,000 euros each without guarantees.

The new bankruptcy code being drafted is evolving into a bone of contention between the government and banks.