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In January 2009 an innovative idea about digital currencies was implemented,thus resulting the Bitcoin to be launched. Although its founder is not yet known, the main concept behind that was the promise of lower transaction fees than traditional online payment mechanisms and, unlike government-issued currencies, it is operated by a decentralized authority.

Bitcoin operates with the peer-to-peer (P2P) system, namely a mean of transaction and two-way sending of bitcoins to its users without the mediation of a centrally structured financial system and governmental direction. The activating factors of the Bitcoin are its users, the maintainers of its operation (“mining or ASIC mining”), the OpenSource Code developer team and the partner companies. But how innocent is this form of transaction?

The answer will derive from the scrutinization of the matter. It’s obvious that Bitcoin is an electronic mean of payment, although the concept of electronic currency could not be placed under the umbrella of its definition: “Currency is any means of payment issued by the state or other service which is authorized by it, as a carrier of value, and which is intended for circulation in transactions“. Bitcoin is neither issued by the States, nor by the European Central Bank, and does not follow the regulatory rules of monetary policy. It’s hybrid, a mean of payment based on the platform’s users themselves, a mean that the market itself has brought to force, the market regulates, maintains, develops and perhaps the market imposes on our transactions.

Many companies around the globe offer Bitcoin as a payment method to their customers. In Greece, cafes, food sales companies, computer system companies, as well as medical supply and equipment companies have incorporated Bitcoin^[1] on their operations. It is noteworthy that the University of Nicosia, Cyprus, accepts tuition fees payment for its postgraduate programs in Bitcoins.

In terms of its legal treatment, Bitcoin could be considered as tangible, in legal terms (article 947 § 2 of the Civil Code) and electronic money. According to the meaning of article 21 of Law 4021/2011 “the issuers of electronic money, at the request of the electronic money holder, redeem, at any time and in its nominal value, the monetary value of electronic money”.

In the European legal framework, according to the German Income Tax Law’s (Einkommenssteuergesetz) Articles 22-23, any object which may constitute property and has a certain economic value, is considered as an object of taxation of any economic property. Therefore, Bitcoin can be subjected to taxation, but the E.U. member states should again be cautious, since this may lead to its de facto recognition as a property by itself, before the State set the legislatory framework. In any case, Bitcoin as an object of economic value and mainly as a mean of payment has been recognized by major countries, such as Canada, Australia, Israel, Switzerland, the United Kingdom and Finland^[2], while it is worth noting that in China it was banned full circulation and use of Bitcoins^[3].

The European Court of Justice has ruled that fictitious currencies, such as Bitcoin, cannot be classified as tangible goods under Article 14 of the VAT Directive, since they are used as mean of payment and not as a financial instrument by itself. Virtual currency transactions are an exchange of means of payment, as is the case with conventional currencies, which are statutory means of payment, so virtual currency transactions are a supply of services (Article 24 of the VAT Directive).

To sum up, we have to seriously consider the importance of making certain decisions about the prevailing legal framework regulating cryptocurrencies before the market itself fully adopt the electronic transactions. To be more specific, from the one hand we will have to deal with the regulation of a virtual currency that is not issued by the European Central Bank in cooperation with the democratically legitimized governments of the Member States but on the contrary, it’s centrally controlled by the P2P system itself. On the other hand, we cannot allow a rapidly growing field which is successively supported by companies with millions of employees unregulated. The vast majority of financially viable companies conduct cryptocurrency transactions. So, the matter should be soon dealt by the European Union at a central level in order to ensure the balance between the users’ rights  as well as the safety of the international trade.

^[1] List of companies that accept bitcoin transactions, https://www.crypto-markets.gr

^[2] https://blog.sagipl.com/legality-of-cryptocurrency-by-country, detailed updated list of countries where cryptocurrency is legal and illegal

^[3] S. Athey, I. Parashkevov, V. Sarukkai, J. Xia, Bitcoin Pricing, Adoption, and Useage: Theory and Evidence, 2016, working paper No. 17-033, Stanford University, Institute for Economic Policy Research (SIEPR).

I. INTRODUCTION

In this era of sanitary crisis, the road transit of goods gains a new momentum, since the relevant and updated Joint Ministerial Decisions (henceforth, JMD) predict new ways of ordering goods (mainly focusing on e-commerce by e-shop, click away e.t.c.), which are often allocated to transport companies for delivery to buyers. In this article we will cover this topic of particular interest during the period of the pandemic.

Under the national legal framework, the transport of goods by land is not regulated in detail, but certain provisions apply according to the articles 95 – 107 of the greek Commercial Code, regulating the matter of carrier’s responsibility. Often, however, the provisions of the Civil Code are applied proportionally. The lack of specific regulations is supplemented by the general provisions on legal acts, bilateral contracts, but also lease contracts under articles 681 et seq of the Civil Code.

In supranational law, the rapid development of road transport after World War II introduced the idea of international legislation and the consolidation of land transport law, aiming for the provisions governing international road transport to present a uniformity, mainly for documentation and the liability of the carrier. In the field of international transport, international conventions lay down rules of substantive private international law, most notably the Geneva International Convention, now known as the CMR (Convention relative de merchandises international by route).

The International CMR Treaty should apply to any contract for the international carriage of goods by car for a fee, where the place of cargo’s loading and the the place of their delivery shall be in two different countries, as specified in the contract of carriage, one of which must necessarily be a Member State of that Treaty regardless of the place of residence and nationality of the parties. In addition, the CMR also applies where the vehicle containing the goods is carried by sea, land or air and, where the provisions of Article 14 CMR apply, the goods are not unloaded from vehicles and the CMR is normally applied.

According to article 3 of the greek law 559/1977, the carrier is held responsible for the acts and omissions of his agents and employees and for any other persons whose services he uses for the execution of the transfer, when the agents, employees or other persons act in the context of a specific employment and carry the same liability as the carrier (vicarious liability). One of the most important elements in the contract of carriage is the delivery note. The absence, irregular wording or even the loss of the delivery note will not affect the existence or validity of the contract of carriage, which will still be subjected to the provisions of the CMR. Finally, the delivery note is a prima facie proof of the conclusion of the contract of carriage, the terms of the contract and the receipt of the goods by the carrier.

The international contract of carriage governed by the CMR Treaty is essentially a project lease. When there are specific issues not regulated by the CMR, the provisions on project contract (Articles 681 et seq of the Civil Code) and bilateral contracts (Articles 380 et seq of the Civil Code) apply. If in the contract of carriage the contractor of the shipper or of the receiver undertakes for the load to be transported without explicit agreement for a transport order to find a transporter, then the CMR applies whether the transport is carried out by the client himself, as a carrier or the transport, in its entirety or partially, carried out by a another carrier. The question reasonably arises in the case of international multimodal transport, because it is understandable that orders even within the EU, but also between EU countries and third countries may be combined (sea, road and air or rail). It’s noteworthy that combined transports are based on a single contract, which is performed in part and includes at least two modes of transport. In fact, many efforts have been made to consolidate the combined agreement.

II. OBLIGATIONS AND RESPONSIBILITY OF THE CARRIER

By the time the carrier receives the goods until their delivery, he is liable for their loss, damage and delay in delivery (Article 17 par. 1 CMR). The carrier is obliged to check the accuracy of the details of the delivery note and the apparent condition and packaging of the cargo and, in accordance with Articles 7 and 8 of the CMR Convention, to make any reservations about the condition of the cargo in the delivery note. Pursuant to Article 8 (1) of the CMR Convention, the carrier is not obliged to check the condition of the cargo’s contents, unless requested by the consignor.
Such an obligation arises neither from the good faith, nor from the transactional manners. The carrier is obliged to transport the cargo received at the agreed place and is liable without fault, for any loss or damage until the delivery of the cargo as well as for the acts of the persons engaged to the transport. His liability is incorrectly objective and includes the usual coincidences, and it is an intra-contractual liability, in relation to his counterparties, which, however, does not exclude the parallel liability arising from tort, based on article 914 of the Civil Code. If the agreed terms of the contract of carriage conflict with the terms of the delivery note, the terms indicated on the delivery note shall prevail.

The carrier is obliged to compensate the receiver up to the value of the cargo – as determined at the place and time of delivery of the cargo for transport, pursuant to Article 32 (2) of the CMR Treaty – for any damage due to lack of documents and is also entitled to sue the shipper for the amount of compensation paid to the receiver. Article 23 (3) of the CMR sets the maximum indemnity which is then, converted into the national currency of the State where the dispute is settled in court.
Finally, the case of the carrier’s liability is provided for in Article 17 (2) of the CMR, if the loss, damage or delay was caused by a misinterpretation or negligence of the claimant, from the instructions provided by the claimant and not as a consequence of a misinterpretation or negligence on the part of the carrier, of a hidden defect in the goods or because of which the carrier was unable to avoid the consequences. The burden of proof will lie with the carrier under Article 18 CMR.

III. OBLIGATIONS AND RESPONSIBILITY OF THE RECEIVER

To begin with, the consignee must, upon receipt of the goods, check their condition and, in the event of damage or loss, notify its reservations to the carrier (Article 30 (1) CMR). If the damage or loss of the goods is not obvious then the notification must take place within seven working days and in written form where a general indication of the loss or damage that took place must be reported. If the consignee does not express his reservations about the damage or loss of the goods, then a presumption is created that the goods were received by the consignee in the condition indicated in the delivery note and the consignnee now bears the burden of proof that the goods were damaged or lost.
Secondly, if the consignee refuses to receive the goods, he loses the right of disposal which falls to the consignor, who no longer needs to produce the first copy of the delivery note (Articles 15 (1) (b) CMR, 12 (2). . 5 ed. Α΄ CMR).
Thirdly, if the consignee, after refusing to receive the goods, changes his mind and requests to receive the goods, the carrier is obliged to deliver the goods, unless he has received instructions to the contrary from the carrier (Article 15 (2) CMR ).
Fourthly, if the consignee had the right to dispose the goods from the beginning (Article 12 (3) CMR) and ordered the goods to be delivered to a third party and circumstances arise preventing the delivery of the goods, then the consignee is considered as the consignor and the carrier will ask him for instructions in order to complete the delivery of the goods (article 15 par. 3 CMR).

IV. CONCLUSION

To sum up, an attempt was made to outline the current law in the transport of goods by land. Let us not forget that in every contract for the sale of mobile phones nowadays, there is also a contract for its transfer, an event that is inevitable and necessary in the period of the current health crisis due to COVID-19.
The responsibility of the carriers in the international transport of goods is located in the CMR, while in the domestic transports of application both the provisions of the commercial law and the provisions of the Civil Code are proportional, especially those of both heavy contracts and works contracts. We believe that the issue will remain relevant over time, as transport is a key parameter in the transport of goods on a universal level.

The new and highly updated Bankruptcy Code (Law 4738/2020, Government Gazette issue A 207/27-10-2020)^[1] as voted by the current Greek Parliament brings about critical changes in the bankruptcy process, as we know it and have been enforcing it, from 01.01.2021^[2]. The new bankruptcy law, titled “Debt Settlement and Provision of a Second Chance” offers a new dynamic, and only case law and practice will show if it meets the market conditions of this decade. The legislative text attempts, without a doubt, to include all the terms of modern technology, as well as the new instrumenta of the legal science, to the already established process of bankruptcy.

BOOK ONE: Prevention of insolvency

First things first, it is worth mentioning that the purpose of the provisions of the new Bankruptcy Code is the enactment of a debtor access procedure to clear and transparent timely warning tools (insolvency warning), which can identify circumstances that could lead to insolvency (commonly referred as bankruptcy proceedings), and to point out to the debtor the need for immediate response^[1]. It is already understandable that the legislator choses the personalized warning, before the insolvency of the debtor, as another Prometheus who favors the early warning over the ex-post settlement of the debt^[2]. Early warning is provided by all modern means and legal instruments that technology has to offer, such as the electronic warning of the debtor through a special platform, but also the consulting services from the Borrower Service Centers (KEYD) and other Professional Bodies (Professional Chambers, Associations, Institutions of Institutional Social Partners)^[3]. At the same time, the debtor maintains full access to information on restructuring and debt relief measures through the website of the Special Secretariat for Private Debt Management^[4].

Secondly, the new Bankruptcy Code introduces “smart” warning mechanisms for the debtor, consisting of a three-level insolvency risk, 1) Low Risk, 2) Moderate Risk, 3) High Risk, for individuals and legal entities. The aforementioned action may be considered as a steady step of the legislator towards the modernization of the bankruptcy process. The electronic mechanism is provided and implemented through a digital platform, upon request by the interested party^[5].

Thirdly, special insolvency prevention procedures -under a precautionary framework – are introduced, like the extrajudicial settlement of monetary debts to financial institutions, to the State and Social Security Institutions. The extrajudicial settlement aims to provide participating creditors with a functional environment for formulating debt settlement proposals and avoiding the risk of insolvency, at the debtor’s request or by his own initiative^[6].

Fourthly, the scope of the new Bankruptcy Code includes any individual or legal entity with bankruptcy capacity, with the exception of investment service providers (domestic or foreign), the Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds, credit and financial institutions (domestic or foreign operating in Greece), insurance or reinsurance companies. Individuals or legal entities of which at least 90% of their total debts are due to one (1) financial institution or their total debts do not exceed the amount of ten thousand (10,000) euros are not included in the new Code. Plus, inclusion in the new Bankruptcy Code is not compatible with persons who have been dissolved or liquidated or have already submit an application before the competent courts for inclusion in law 3869/2010^[7], unless the persons in question have already waived these proceedings by the date of submission of the application for inclusion in the out-of-court debt settlement procedure^[8].

Fifthly, the application for out-of-court debt settlement is electronically submitted by the debtor to the Specialized Secretariat for Private Debt Management (E.G.D.I.X.) using the Electronic Extrajudicial Debt Settlement Platform of article 29 of the new Bankruptcy Code^[9]. The data of the debtor are kept for three (3) years from the end of the execution of the restructuring contract. In case of not reaching a restructuring contract, the data will deleted from the electronic file of E.G.D.I.X,  three (3) years after their submission.

Last but not least, the consolidation process is a new platform in the collective pre-bankruptcy process^[10], which aims to maintain, utilize, restructure and rehabilitate the business by ratifying the consolidation agreement provided that the principle of non-deterioration of the position of creditors is met. A key innovation is the ability of debtors, to settle their debts, before the main bankruptcy process, through the pre-bankruptcy process, under the conditions of debt sustainability on the one hand and the restructuring agreement with creditors up to 240 installments or 20 years, on the other hand. The whole process moves through the electronic out-of-court settlement platform, setting the creditors from the insecurity and inconvenience of the conciliation in-person, as restructuring proposals are now made with automated tools.

BOOK TWO: BANKRUPTCY

The second book of the new Bankruptcy Code regulates the collective satisfaction of the debtor’s creditors with the liquidation of the debtor’s entire property or individual operating units or individual assets and the return of the means of production to potentially productive use as soon as possible^[1]. Individuals have bankruptcy capacity. Legal entities that pursue a financial purpose also have bankruptcy capacity (Article 76 of Law 4738/2020). In addition, insolvency can be attributed to legal entities governed by private law who do not pursue an economic purpose but are engaged in an economic activity. The innovation introduced by the new Bankruptcy Code regarding the responsibility of the members of the administration of the bankrupt legal entities lies precisely in the exemption of the directors of the bankrupt legal entity, within three years from the bankruptcy application or two years from the declaration of bankruptcy^[2]. The consequence of bankruptcy is the deprivation of personal rights, which are provided by special provisions of law and not the deprivation of the license to practice a profession (introduction of the term “second chance”)^[3]

COMPETENT COURT

The competent Bankruptcy Court is the Multi-Membered First Instance Court, in the district of which the debtor exercises his main interests, or, in the case of an individual without commercial status, his main residence, as it results from the debtor’s last tax return before filing for bankruptcy^[4].

PROCEDURE

Bankruptcy is declared at the request of one or more creditors with a legal interest, as well as at the request of the First Instance Prosecutor, if this is justified by reasons of public interest, or at the request of the debtor. When the application is submitted by a creditor or creditors of the debtor, representing at least thirty percent (30%) of the total claims against the debtor, including guaranteed creditors representing at least twenty percent (20%) of the debtors and, if it is a business and not a small object bankruptcy, it may contain a request for the sale of all the assets of the business or its individual operating units in accordance with the procedure of Articles 157 et seq. When applying for bankruptcy without submitting the request of the preceding subparagraph, a creditor or creditors of the debtor may submit an additional intervention with a request for the sale of all the assets of the enterprise or its individual operating totals, provided that at least thirty percent (30%) of the total claims against him are represented, with the exception of related party claims of the debtor, in the meaning of Annex A’ of Law 4308/2014 (A’ 251), which includes guaranteed creditors representing at least twenty percent (20%) of the debtors^[5].

It’s noteworthy that from the declaration of bankruptcy the creditors’ claims cease to produce legal or contractual interest and overdue surcharges. However, the cessation of interest rates does not apply to co-debtors and guarantors^[6]. In addition, from the declaration of bankruptcy, all the individual prosecution measures of the bankrupt creditors against the debtor are automatically suspended in order to satisfy or fulfill their bankruptcy claims. In particular, the commencement or continuation of enforcement proceedings, the exercise of declaratory or counter-litigation actions, the continuation of legal proceedings against them, the exercise or adjudication of legal remedies, the issuance of administrative acts, or their execution on elements of bankruptcy assets, including of the measures of administrative execution by the State and the Social Security Institutions, as well as of the measures of securing the debt, according to article 46 of law 4174/2013 (A’ 170), are forbidden.

INSTRUMENTS OF BANKRUPTCY

The instruments of bankruptcy are : a) The Bankruptcy Court^[1], b) The Rapporteur-Judge^[2], c) The Bankruptcy Trustee^[3] and d) The Assembly of Creditors^[4]. The declaration of a creditor claim is made within three (3) months from the publication of the bankruptcy declaration in the Electronic Solvency Register^[5].

LEGAL FEES

The fees and rights of notaries, lawyers, bailiffs and land registrars for any contract or legal action related to the bankruptcy proceedings of Chapter A of Part 5 of Book Two, the extrajudicial settlement of debts of Chapter A’, of Part Two of Book One, the consolidation of Chapter B of Part Two of the Book One, or the exercise of the right of par. 4 of article 219^[6] are limited to thirty percent (30%) of the legal amount of money. Each transfer of assets is governed by provisions concerning universal succession without the acquirer being liable for any obligation of the debtor or group credit, unless to the extent expressly stated in the terms of the relevant legal act. The assets are transferred in their entirety, free from any burden or right of a third party. Finally, the special arrangements for small object bankruptcies with the simplified procedure of the new Bankruptcy Code are of particular interest. The competent Court for the declaration of bankruptcy is the Magistrates’ Court of the debtor’s main residence, while also electronic filing of the Electronic Solvency Register is necessary^[7].

TERMINATION OF BANKRUPTCY

Bankruptcy is terminated by the sale of all assets and the distribution of the proceeds of the sale to creditors, but also by the cessation of operations due to lack of assets in accordance with paragraph 1 of Article 191 or due to the expiration of the specified time, in accordance with par. 3 of article 191 or due to the repayment of all bankruptcy creditors in the capital and interest until the declaration of bankruptcy. Termination of bankruptcy due to repayment of all bankrupt creditors is a reason for revival of the legal entity in accordance with the provisions of Company Law^[8].

SPECIAL CRIMINAL PROVISIONS

Furthermore, specific criminal offenses are currently being re-introduced. The bankruptcy/failure of Article 197 of the new Bankruptcy Code is one of them. According to the provision: 1) Punishment of imprisonment of two (2) years and a fine is accorded to anyone who, during the suspicious period as determined by the bankruptcy decision according to par. 2 of article 81 or even six (6) months before or after the declaration of bankruptcy at any time: a. disappears or parasitizes his assets that in case of bankruptcy fall into the bankruptcy assets or in a way that is contrary to the rules of prudent financial management of the business he exercised, cancels the fulfillment of the obligations of third parties, damages or renders them worthless, b. prepares loss-making or for-profit or risk-taking legal acts of all kinds, even on financial derivatives, in a manner contrary to the rules of prudent financial management, or spends excessive amounts in games, bets or uneconomical expenses or incurs debts for them, c) procures goods or securities on credit, which, or the things it manufactures with them, possesses or concedes at prices substantially below their value, in a manner contrary to the rules of prudent financial management, d) falsely claims to be a debtor of others or acknowledges non-existent rights of third parties, e) fails to keep the mandatory business books or keeps them in such a way or changes them, so that it is difficult to determine the status of his property or does not submit tax returns or other property declarations (eg “where you came from”) in accordance with the law, f) destroys, conceals or damages his commercial books or other data or paralyzes the existence of commercial books or other data, the observance of which is obligatory by law, before the expiration of the deadline to maintain them , in order to make it difficult to determine the status of his property, g) contrary to the law, i) omits the preparation of the balance sheets or the inventory according to the law or ii) prepares balance sheets or inventory in a way that makes it difficult to determine the status of his property , or h) reduces the status of his property in another way or hides his true legal relations. Failure to provide assistance and the required information by the debtor or, in the case of a legal entity, by its representatives, in accordance with the procedure of this law is punishable by imprisonment of at least six (6) months or a fine.

At the same time, the criminal liability of third parties is regulated in articles 199 et seq. such as individuals, but also the spouses, cohabitants, as well as relatives of the debtor (descendants and relatives of the debtor and close relatives)^[9].

A new incorporation is that of article 204 of the new Bankruptcy Code, where a Presidential Decree issued by the Ministry of Finance can attribute bankruptcy capacity legal entities of private law that do not pursue an economic purpose but carry out economic activity, according to article 76.

ELECTRONIC MEANS

The added value of the electronic means mentioned in the introduction could not leave unaffected the legal content of the new Bankruptcy Code, as special provisions are being introduced (Articles 212 et seq). They implement the electronic means of communication referred to in Article 28 of Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on a framework for preventive restructuring, debt relief and disability or fallen debtors, as well as measures to improve their procedures, while amending the Directive (EU) 2017/1132 (Restructuring and Insolvency Directive).

The procedures of the new Bankruptcy Code are assisted, as specifically defined, by electronic means of communication and data exchange. These electronic means are the following: a) The Electronic Solvency Register, b) the Electronic Platform for Out-of-Court Debt Settlement of article 29 of the present and c) the Integrated Judicial Case Management System of Civil and Criminal Justice (IACS).

Finally, although not of lower real and legal value, there are special provisions for vulnerable debtors^[1]. A “vulnerable debtor” is the debtor, in whose face the income, property and other criteria that apply in accordance with Article 3 of Law 4472/2017 (A’ 74) are cumulatively met^[2]. A “Certificate of a vulnerable debtor” certifies that the debtor is vulnerable in accordance with paragraph A and that his property, which is identified in the certificate hereof, constitutes his main residence. The vulnerable debtor can apply for the transfer or lease of his main residence for 12 years (Article 220 of the new Bankruptcy Code)^[3] to an acquisition and re-leasing body^[4]. If the debtor pays all the rents for the duration of the lease, he can exercise the right of repurchase and obtain it for a repurchase^[5] price that will be determined in accordance with the decision of par. 3 of article 225 of the new Bankruptcy Law.

INSTEAD OF EPILOGUE

The new law 4738/2020 protects the vulnerable social groups and their core residence with special provisions, both in the program of preventive debt restructuring and in the program of bankruptcy / liquidation of the debtor’s property. In particular, at the stage of the extrajudicial debt settlement mechanism, the “first residence” loans are subsidized, a constant request of the production factors and the unions, but also at the stage of bankruptcy or auction, there is the  possibility of purchase of the first residence by a special body, providing the citizen a 12-year lease and the obligation of its resale to him, if the latter recovers financially.

The settlement of debts of small entrepreneurs and households to the state (AADE), insurance funds (EFKA), banks and third parties is now up to 20 years or 240 installments for the State. If the debtor is considered vulnerable under the aforementioned provisions of the law, his first residence is secured and protected by the State.

From now on, the application for out-of-court debt settlement will be electronically submitted to the Special Secretariat for Private Debt Management (http://www.keyd.gov.gr/), while through the bankruptcy code it is possible, in addition to bankruptcy, the provision of  a second opportunity. This second opportunity comes with the write-off of the balance of the debts, after the liquidation of the entire property and the control of the property situation in harmonization with the Directive (EU) 2019/1023. In addition, the liability of the members of the administration of bankrupt legal entities is limited in time, with liability for 3 years from the bankruptcy application or 2 years from the declaration of bankruptcy.

Overall, the new Bankruptcy Code establishes innovative and friendly procedures, which bring a wind of renewal to the long-suffering bankruptcy law of the country, while at the same time modernizing the institutional framework and offering modern electronic procedures. However, only business practice and case law will prove the added value of the new Bankruptcy Code and whether this wind eventually brings the debtor’s ship to the windward side or drives it to sail out of control.

Author : Anastasia K. Nikolopoulou. LLB, MSc, Associate at NTOGIAKOS & ASSOCIATES – LAW OFFICE

[1] Law 4738/2020 (Government Gazette issue A 207/ 27-10-2020): “Debt Settlement and provision of Second Chance and other provisions”.

[2] Article 308 of the new Bankruptcy Code: “Articles 1 to 264 of this shall enter into force on 1 January 2021. Exceptionally, paragraph 3 of Article 264, as well as the other provisions of the present for which it is not defined otherwise, apply from the publication of this in the Government Gazette. “

[3] Article 1 (2) of the new Bankruptcy Code: “Early warning tools include electronic debtor notification mechanisms, as well as advisory services provided by Borrower Service Centers and Professional Bodies, such as Chambers, Professional Associations and Institutions.”

[4] For the invocation of the homonymous myth, see last reference to L. Kriki, “A right to energy: Prometheus once again bound ?”, Nomiki Vivliothiki Publications, vol. 4/2019

[5] Article 3 and Article 4 idem, with explicit reference to Borrower Service Centers and Borrower Service Offices.

[6] More information about the Special Secretariat for Private Debt Management, http://www.keyd.gov.gr

[7] For the operation of the electronic warning mechanism, see Article 2 of the new Bankruptcy Code, which classifies the levels of insolvency risk for individuals and legal entities.

[8] Insolvency prevention procedures are the second part of the law in question and are referred to in Articles 5-15, with the basic mechanism of extrajudicial debt settlement, the suspension of the Banking Code of Conduct and the signing of a restructuring agreement.

[9] Settlement of debts of over-indebted individuals and other provisions, as recently codified by Law 4745/2020 and valid for applications until Law 4738/2020 (Article 265 paragraph 1 b, from 01/01/2021 the possibility of submission ceases. Procedures pending at the time of publication are being developed in accordance with its provisions).

[10] Article 7 of the new Bankruptcy Code, regarding the scope of application of the new provisions.

[11] Article 29 idem for the regulation of the Electronic platform of out-of-court debt settlement mechanism.

[12] Articles 31-35 idem, where the pre-bankruptcy resolution process is specified.

[13] Article 75 idem: “Bankruptcy is the collective satisfaction of the debtor’s creditors by the liquidation of the debtor’s total or partial assets or individual assets and the return of productive assets to potentially productive uses as soon as possible. »

[14] Article 127 paragraph 5 idem : “The claims of paragraphs 1, 2 and 4 are subject to a three-year limitation period from the time the claim was born and can be prosecuted, in the case of intentional damage, in a ten-year limitation period.” . The provision of article 127 of the new Bankruptcy Code refers specifically to the civil liability of directors of companies in case of cessation of payments.

[15] Articles 91-92 idem, referring to the deprivations of the debtor – individual and the bankruptcy estate.

[16] Article 78 of the new Bankruptcy Code.

[17] Article 79 et seq. of the new Bankruptcy Code.

[18] Article 99 et seq. Of the new Bankruptcy Code.

[19] Article 129 of the new Bankruptcy Code.

[20] Article 132 of the new Bankruptcy Code.

[21] Article 137 of the new Bankruptcy Code

[22] Article 150 of the new Bankruptcy Code.

[23] Article 152-154 of the new Bankruptcy Code.

[24] Article 171 of the new Bankruptcy Code.

[25] Article 172-188 of the new Bankruptcy Code

[26] Articles 189-190 of the new Bankruptcy Code

[27] Article 200 of the new Bankruptcy Code

[28] Articles 217 et seq. of the new Bankruptcy Code

[29] Article 219 of the new Bankruptcy Code

[30] Article 220 of the new Bankruptcy Code

[31] Article 221 of the new Bankruptcy Code

[32] Article 222 of the new Bankruptcy Code