Hundreds choose to declare bankruptcy

Bankruptcy applications, based on Law 4818/2021, are coming thick and fast from individuals with or without commercial activity, as they are unable to repay their debts to banks and insurance funds.

The legislative framework for the second chance provides, under specific conditions, the possibility to individuals to rid themselves of their debts and to make a new start in business within a period of three years (or even one if they have property assets).

Debt relief seems to be a strong lure, therefore around 1,400 people made use of the specific provisions in 2022. That is, around six applications were submitted and accepted per working day last year.

"Through bankruptcy and the discharge of individuals from debts, debtors are granted a second chance to take up business activity again. At the same time, the national economy is served, because, otherwise,...