Bankruptcy
Changes to payment of dues over €50,000
The standard arrangement of 24 to 48 installments for debts to the tax office is becoming more flexible, as the draft law makes it easier for those who owe more than 50,000 euros.
- Read more about Changes to payment of dues over €50,000
- Log in to post comments
Corporate Commercial Bank Begins Payments to Creditors After 10-Year Bankruptcy
Trustees of Corporate Commercial Bank (KTB), currently in bankruptcy, announced the commencement of payments to creditors starting at 09:00 on November 5, 2024. This will involve amounts from the sixth partial account for distributing accepted receivables, totaling 30 million leva, as reported in a letter to BTA.
Tupperware: The famous company files for bankruptcy
Following years of difficulties, the US maker of the well-known plastic food storage containers Tupperware announced today that it has begun bankruptcy proceedings.
The salaries they deserve
Because of Greece's bankruptcy, the stereotype prevailed that all salaries in the public sector are a waste that serve clientelistic purposes. Thus, the salaries and status of civil servants ended up impermissibly low.
- Read more about The salaries they deserve
- Log in to post comments
The major debtors to the State: Famous names and ghosts from the past owe €123 billion in taxes
Analysis of the €123 Billion Debt
According to lists released by the Independent Authority for Public Revenue (AADE) a few days ago, the debts of individuals and legal entities to the State and EFKA amount to €123 billion. These are debts from so-called major debtors, those who owe over €150,000 and whose payments are delayed by more than a year.
Over 500 million debts out of court settlements in July – 357 million arrangements
The upward pace of the out-of-court settlement mechanism continued, leading to a new record of 1,952 settlements for July, corresponding to €518 million in debts, according to a statement from the Ministry of National Economy and Finance.
Out-of-court settlement applications double
The number of new applications submitted by debtors to the platform for the out-of-court settlement mechanism reached 7,360 in February.
The number of new applications in February was more than double the number of applications in previous months - the average in 2023 was 3,400 new applications per month - and is a record high, according to a Finance Ministry announcement on Friday.
- Read more about Out-of-court settlement applications double
- Log in to post comments
Cyprus banks must increase restructurings
The governor of the Central Bank of Cyprus has dispatched crucial correspondence to banks and credit repurchase companies shedding light on the strategy for restructuring nonperforming loans (NPLs) and navigating credit risk management.
- Read more about Cyprus banks must increase restructurings
- Log in to post comments
Auctions avoided with advance payment of 10% of debt
A new boost is expected for the out-of-court mechanism for debt settlement, after the improvement regulations incorporated in the new law passed on Tuesday by Parliament.
An amendment provides that creditors are given the possibility to request an advance payment of up to 10% of the debt, as shown by the calculation tool of the extrajudicial mechanism.
Carrot and stick for more debt settlements
The government is using a carrot-and-stick approach to increase debt settlements through the out-of-court mechanism: It is tightening penalties in cases of noncompliance through provisions to be included in a bill to be tabled in Parliament around end-September.
- Read more about Carrot and stick for more debt settlements
- Log in to post comments