- INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Greece
- Q1. Has your country adopted the UNCITRAL Model law on insolvency? If not, does it intend to do so in the near future?
- Q2. What are your country’s private international law provisions for the recognition of insolvency proceedings commenced in countries outside of the EU Member States (ie Third Party states like the UK)?
- Article 2 Definitions
- Article 15 Application for recognition of a foreign procedure
- Article 16 Evidence of recognition
- Article 17 Decision for recognition of a foreign procedure
- Article 18 Subsequent information
- Article 19 Potential temporary protection on the basis of an application for recognition of a foreign procedure
- Article 20 Effects of the recognition of a foreign main procedure
- Article 21 Potential legal protection based on the recognition of a foreign procedure
- Article 22 Protection of creditors and other interested persons
- Article 23 Actions to cancel actions harmful to creditors
- Article 24 Intervention of a foreign bankruptcy trustee in bankruptcy proceedings in Greece
- Q3. Would your country recognise an English scheme of arrangement (under Part 26 of the Companies Act 2006 (CA 2006)) or an English restructuring plan (under CA 2006, Pt 26A) now post-Brexit and on what basis? (eg Lugano Convention, Hague Convention, Rome I or other private international law rules)
- INSOL Europe/LexisNexis table of ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’
Restructuring & Insolvency analysis: This article looks at how Greece would recognise insolvency or restructuring proceedings commenced in a third country state. In particular, it considers whether the English Part 26 scheme or Part 26A restructuring plan would be recognised in Greece. Written by Greece country co-ordinator for INSOL Europe, Georgios Nikopoulos-Exintaris at n-Solution Consultants Ltd.
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