120 instalments for extra-judicial payback of debt by businesses

The extra-judicial payback of loans by businesses and freelance professionals will now apply to debts of under 20,000 euros, whereas until now only those who owed between 20,000 and 50,000 were eligible.

The extra-judicial payback of loans by businesses and freelance professionals will now apply to debts of under 20,000 euros, whereas until now only those who owed between 20,000 and 50,000 were eligible.

In an effort to transcend the reluctance of banks to resort to extra-judicial mechanisms for the repayment of overdue loans of businesses that are under 20,000 euros in value, the government is mulling allowing such debtors to pay in 120 instalments, but only for debts to tax offices and insurance funds.

Thereafter, banks can arrange their own overdue loans with debtors without any state involvement.

The government, as the daily Ta Nea reported, in an effort to give all debtors a second chance to repay, is extending the extra-judicial mechanism to businesses with a debt of under 20,000 euros to the public sector.

Between 3 August and 1 March, about 27, 000 businesses applied for extra-judicial arrangements for debts. Of these, something over 9,000 had filed all the data required to be included in the programme.

In addition, 4,374 legal entities fulfil the requirements for inclusion in the programme.

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