By S. Zisimos
A recently inaugurated out-of-court settlement framework has adjudicated 15 cases of businesses’ arrears to banks, a figure that is nonetheless paltry but at least the start of a process expected to skyrocket in the near future, given the massive amount of NPLs in the country, especially ‘bad debt’ held by various business entities.
According to figures revealed by a special secretariat for private debt management, a state entity under the jurisdiction of the economy and development ministry, more than 110,000 unique users visited a relevant e-platform in the 25 weeks after it went on line in early August 2017, without however, filling out an application to enter the out-of-court settlement process.
A total of 15,310 interested parties have begun the process to seek an out-of-court settlement, of which 5,044 have already completed the first steps for submitting the application (turnover figures, accounting data, tax statements etc).
So far, 2,654 legal entities have fulfilled criteria to enter the out-of-court settlement process.
