Bankruptcy

British company Cambridge Analytica, which is at the center of a Facebook scandal, has announced that it has begun insolvency proceedings and "stops all its operations immediately," says Bgnes.

Banks are about to issue a call to some 1,000 businesses with nonperforming loans from two or more credit institutions to enter the out-of-court debt settlement mechanism. The requests are expected to be made gradually over the course of May to entrepreneurs selected by Greece's four systemic banks with debts ranging between 50,000 and 2 million euros.

The Labor and Social Security Ministry is preparing a bill that will provide for the write-off of debts confirmed up to December 31, 2016 that are being challenged in court or where reasonable doubt has been recorded in relation to their confirmation by the social security fund.

The online platform for the extrajudicial debt settlement mechanism opened on Monday for self-employed professionals too, provided they have debts to the tax authorities or social security funds of between 20,000 and 50,000 euros.

Turkey's Doğuş Holding is in talks with banks on debt restructuring, sources familiar with the matter said on April 7.

Businesses and individuals who make sure they have honored their obligations toward the taxman have every reason to be outraged.

For example, entrepreneurs who make their loan repayments on time feel stupid when banks offer privileged terms to businesses that have been badly managed and which are obviously unsustainable.

Borrowers should have the first option to buy back their loan at the same price as that for which their creditor would sell it to a fund, according to a joint proposal tabled yesterday by the plenary of Greek bar association presidents, the Economic Chamber of Greece (OEE) and the Technical Chamber of Greece (TEE).

Borrowers should have the first option to buy back their loan at the same price as that for which their creditor would sell it to a fund, according to a joint proposal tabled yesterday by the plenary of Greek bar association presidents, the Economic Chamber of Greece (OEE) and the Technical Chamber of Greece (TEE).

Over 80% of Bulgarian citizens want an introduction of a law on private bankruptcy. This was announced by Ombudsman Maya Manolova.

"A law that regulates the insolvency of individuals, a huge percentage that is adequate to the huge problem that Bulgarians have difficulty paying their loans - to banks, to fast loan companies, leasing houses, including household bills, "she added.

U.S. gunmaker Remington filed for bankruptcy on March 25, as the more than 200-year-old firearms manufacturer vies to restructure its massive debts.