Multi Member Court of First Instance of Athens – Case Number 537/2015

Immediate ratification of 2 separate rehabilitation agreements signed between the debtor, the guarantors and the creditors representing 74,09% of the company’s total debt. Rehabilitation Agreement with I.K.A. (Social Insurance Foundation) as a contracting party. Repayment schedule: one hundred and eighty (180) instalments. State’s intervention is rejected as inadmissible since the Minister of Finance and not the Head of the correspondent Tax Authority (D.O.Y.) represented the State before the Court. Provision of the rehabilitation agreement, according to which the debt to the State shall be repaid in one hundred and eighty (180) instalments, while arrangement for the repayment of the debt to the State in one hundred (100) instalments, as requested by the applicant company, is maintained in force until the ratification of the agreement. It is possible that the restructuring agreement may foresee more instalments than the debtor’s previous settlement. The agreed instalments may exceed ninety (90), since Article 62A of the Code for the Collection of Public Revenues (KEDE), as added by Article 19 of Law No 3522/2006 regarding the number of monthly instalments which should not exceed ninety (90), refers to arrangements of debts owed to the State by debtors that have not initiated a rehabilitation agreement. Published in Commercial Law Inspection, 2016, page 449.