Multi Member Court of First Instance of Chania – Case Number 23/2017

Immediate ratification of rehabilitation agreement. Conditions for ratifying the rehabilitation agreement. When there is a threatened failure to meet due obligations and when there is a cease of payment. The progress of the proceedings is not impeded by an earlier rehabilitation procedure, pursuant to Article 99 (1) of Bankruptcy Code, given that the disputed agreement is subject to immediate ratification pursuant to Article 106b of Bankruptcy Code, and, in any case, three years have elapsed since the ratification of the previous ratification agreement, which, moreover, has ceased to be valid as a result of termination by the creditors who have been contracted. The disputed application is accepted and the ratification agreement is ratified.