New rules for corporate rescue in Greece by Alex Kastrinou

Following the example set by many other European jurisdictions, Greece sought to reform its Insolvency Code in 2007, in order to introduce procedures that offered a genuine chance of survival to ailing companies. The Law of 2007 has been subsequently tweaked a few times in attempts by the legislator to strengthen the rescue culture nurtured by the 2007 reforms and to facilitate corporate rescue in a financially challenging environment, where the stigma of failure still has a strong presence. The aim of this article is to offer a brief analysis of the corporate rescue provisions of Greece as they now stand and to assess their efficiency.