Navigation path

Share on 
	Share on Facebook
  
	Tweet it
  
	Share on google+
  
	Share on linkedIn
  
    
      E-mail
Set page to normal font sizeIncrease font size by 200 percentBookmark this pageChoose high-contrast version

Greece

Financial difficulties

Updated 12/2011

Legal requirements

Business owners should be vigilant and should try to anticipate potential financial difficulties. Signs of these difficulties may be the loss of regular clients, decreased sales, problems with suppliers, inefficient management of staff, reduced reserves, or difficulties paying invoices on time.

Stabilising a business

The relevant law on the regulation of company debts to banks has entered into force. The law has divided regulation on loans into categories, to facilitate companies and banks (e.g. regulation of overdue and terminated contracts, overdue debts from lease transactions etc.).

Access to different sources of finance can help overcome financial difficulties.

When filing for bankruptcy is the only option left for a business owner, it pays to cut your losses, initiate proceedings sooner rather than later, and move on to a new project.

Administrative procedures

The Ministry of Finance has also formulated the application forms for past due and non past due loans.

Order for payment

In the case of  issuing a payment order, the relevant titles or documents (original or certificed copies) should be submitted either to the District Court (Irinodikio), or to the Single Member Court of First Instance (Monomeles Protodikio). Based on these forms, a payment order is to be submitted along with a copy of these, a court stamp and prepayment of solicitor fees.

Deferment of payment

Applications concerning the deferment of payment are also seen as a deed, exercised through submission to the opposite party within 15 working days following the payment order. Court proceedings take place to discuss this.

Through the application for deferment, it is requested that all execution (foreclosure) acts are suspended until a decision on the suspension is reached.  Should the court consider it possible that the application for deferment will be accepted by the court, it will then order suspension of all execution transactions, until a decision has been reached with regard to the suspension of the same payment order.

Dismissal

It is necessary to submit written notice of termination for an employment contract, providing for compensation, the amount of which is subject to tax through single depletion of tax liability.  Notice time corresponds to the years of employment.  A two-month notice applies when the employee has worked for the company for a period of between two months to one year.

The relevant forms are available through the Greek Manpower Employment Organisation (OAED) at the website below:

Resources

Greek Chambers provide basic information to companies, through their legal services.

Insurance-related information depending on the employee's remuneration is available on the website of the Ministry of Labour and Social Security:

The Economic & Industrial Research Institute (IOVE) is a private non-profit, charitable, research organisation that seeks both to promote scientific research on current issues faced by the Greek economy, and to provide objective information and submit proposals that are useful in shaping policy.

The General Secretariat of the National Statistical Service of Greece (NSSG) is the official body providing statistical information.  It collects and processes statistical data and is responsible for disseminating statistical information to public and private institutions and to citizens.

Programmes

As part of the first "Improving the Business Environment" correction point of the "Competitiveness"  Operational Programme, the Ministry of Development has set up Centres for Business and Technological Development (ΚΕΤΑ):

Help & advice

Help & advice

The main purpose of the Guarantee Fund for Small and Very Small Enterprises (TEMPME S.A.) is to facilitate access to the finance and financial markets for small and very small enterprises, acting as a link between small enterprises and banks.

E-mail a business organisation near you

The EU runs a network (Enterprise Europe Network) of local business organisations in most European countries that may be able to help you.

Choose your country and town and enter your enquiry below.

Country

Austria

Feldkirch

Graz

Innsbruck

Klagenfurt

Linz

Salzburg

Wien

Belgium

Antwerpen

Arlon

Brugge

Brussels

Charleroi

Gent

Hasselt

Leuven

Libramont

Liège

Mons

Namur

Nivelles

Bulgaria

Dobrich

Plovidiv

Ruse

Sandanski

Sofia

Sofia

Stara Zagora

Vratsa

Yambol

Croatia

Osijek

Rijeka

Split

Varazdin

Zagreb

Cyprus

Nicosia

Czech Republic

Brno

Liberec

Ostrava

Ostrava

Pardubice

Plzen

Praha

Usti nad Labem

Denmark

Aalborg

Copenhagen

Herning

Kolding

Viborg

Estonia

Tallinn

Finland

Helsinki

Oulu

Tampere

Turku

Vantaa

France

Amiens

Annecy

Aulnat

Besançon

Bordeaux

Bourg en Bresse

Caen

Cayenne

Chalons-en-Champagne

Chambéry

Dijon

Fort-de-France

Grenoble

Lille

Limoges

Lyon

Marseille

Marseille

Marseille

Montpellier

Montpellier

Nancy

Nantes

Orléans

Paris

Pointe-à-Pitre

Poitiers

Privas

Rennes

Rouen

Saint-Denis

Saint-Etienne

Strasbourg

Toulouse

Valence

Germany

Berlin

Bremen

Bremenhaven

Chemnitz

Dresden

Düsseldorf

Erfurt

Frankfurt/Oder

Freiburg

Hamburg

Hannover

Kaiserslautern

Kiel

Konstanz

Leipzig

Magdeburg

Mannheim

Mülheim an der Ruhr

München

Potsdam

Reutlingen

Rostock

Saabrücken

Stuttgart

Trier

Ulm

Villingen-Schwenningen

Wiesbaden

Greece

Athens

Heraklion

Ioannina

Kavala

Kozani

Thessaloniki

Tripolis

Volos

Hungary

Budapest

Debrecen

Győr

Nyíregyháza

Pécs

Szeged

Székesfehérvár

Zalaegerszeg

Ireland

Dublin

Italy

Abruzzo

Aosta

Apulia

Apulia

Ascoli Piceno

Basilicata

Bologna

Bologna

Cagliari

Calabria

Calabria

Campania

Catania

Catania

Florence

Genova

Gorizia

Milano

Milano

Milano

Molise

Naples

Naples

Palermo

Palermo

Perugia

Pesaro

Pordenone

Ravenna

Rome

Rovereto

Sassari

Sicily

Terni

Torino

Torino

Torino

Trieste

Trieste

Udine

Venezia

Venezia

Venezia

Latvia

Riga

Lithuania

Kaunas

Klaipėda

Vilnius

Luxembourg

Luxembourg

Malta

Pieta`

Netherlands

Den Haag

Nieuwegein

Norway

Ås

Oslo

Stavanger

Tromsø

Poland

Bialystok

Gdańsk

Kalisz

Katowice

Kielce

Konin

Kraków

Lublin

Lublin

Olsztyn

Opole

Poznań

Rzeszów

Szczawno-Zdrój

Szczecin

Szczecin

Toruń

Warsaw

Warsaw

Wroclaw

Zielona Góra

Łódź

Portugal

Aveiro

Braga

Coimbra

Évora

Faro

Funchal

Lisboa

Ponta Delgada

Porto

Romania

Arad

Bacau

Bucuresti

Cluj-Napoca

Constanta

Craiova

Galati

Iasi

Ramnicu Valcea

Timișoara

Slovakia

Bratislava

Prešov

Slovenia

Koper

Ljubljana

Maribor

Spain

Albacete

Alicante

Badajoz

Barcelona

Bilbao

Bilbao

Ciudad Real

Donostia- San Sebastian

Ferrol

Las Palmas de Gran Canaria

Llanera

Logroño

Madrid

Murcia

Oviedo

Palma

Pamplona

Paterna (Valencia)

Santa Cruz de Tenerife

Santander

Santiago de Compostela

Sevilla

Toledo

Valencia

Valladolid

Vitoria- Gazteiz

Zaragoza

Sweden

Borlänge

Göteborg

Jönköping

Kramfors

Luleå

Malmö

Örebro

Östersund

Stockholm

Umeå

Västerås

Växjö

United Kingdom

Belfast

Bristol

Cambridge

Cardiff

Coventry

Inverness

London

Manchester

Newcastle

Yorkshire and Humber

Enter your message here

* required field (you must enter data here)