Bankruptcy

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.

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.

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.

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.

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