Out of Court Settlement (law 4738/2020)
The optimal financial structure of a company requires the effective management of its debt obligations. The ability given by the Out of Court settlement mechanism is the first step towards this direction and it can form the basis for building longer term financial feasibility.
Learn here what is the Out of Court Settlement and who can apply.
Our experienced consultants can examine whether you are eligible to apply, undertake the application process to the Out of Court Settlement platform and help your business rehabilitate and recover financially.
Our approach includes the following phases:
| Phase | Description | Details |
|---|---|---|
| 1 | Assessment of the legal and economic conditions for joining the settlement | Assessment of the eligibility conditions, the possible solutions and the selection of the most appropriate procedure. |
| 2 | Initial application stage | Creation of the new application in the platform for the debtor and every person involved. Collection of all the required data, processing them and ensuring their correctness. |
| 3 | Submission of the application and supporting documents | Finalizing the digital folder, submission of the application and informing every person involved. |
| 4 | Evaluation of the application by financial institutions | Voting result, identification of possible errors, reviewing proposals of the automated calculation tool. |
| 5 | Evaluation of agreement by debtor |
Accepting, rejecting, or appointing a mediator. |
| 6 | Public debt settlement procedure | If debts to the state exist, the process continues with the introduction of the state as a creditor in order to find a solution with it. The acceptance of the proposal of the financial institutions in step 5 is a prerequisite. |
| 7 | Process completion | With the successful completion of the process, the settlement of debts with the creditors is implemented. |
Debt settlement is a priority of a company rehabilitation, but standalone it does not guarantee the long-term success. Our goal at MDC Stiakakis is the sustainable and long-term success of our customers, so we can support your business in the next steps of development through well-founded strategies and proper planning.