According to the Bank of Greece, in March 2020, non-performing loans amounted to 60.9 billion, despite the sale of loans to investment funds.

According to a recent statement of the Minister of Finance, a rise in the non-performing loans of around 8-10 billion is expected.

The amount of debts to bank institutions alone is estimated to 70 billion.  In these sums, we must add the debts to the state and pension funds, as well as debts to suppliers.   

The pandemic arrested the development, intensified the problems, led to an 8.3% recession in 2020, while the first semester of 2021 is expected to be weak. Recovery trends are expected to appear from the new semester of the year, expecting this year a weak growth rate of 1.5-2.5%.

The country has suffered the greatest GNP fall of the last 12 years. It is reasonable for a pandemic to take its toll from such a weak economy.  Still, this great fall gives also hope for an important recovery by 2022.

The 4738/2020 law is an attempt of modernising the restructuring process, adapting to a Community directive, so that:

  • There will be just one debt rescheduling procedure, common to all.
  • It includes three alternatives:
  1. Out-of-court settlement, hence rescheduling without judicial proceedings.
  2. Pre-insolvency proceeding.
  3. Insolvency, but with a second chance for activation.

Why was it created?

On one hand, as a required adjustment to the Community directive, and because the attempts so far hadn’t yielded the expected results.  It is a modern procedure, common across the European Union.

The law has the following advantages:

  • It integrates all the types of debt rescheduling to avoid a panspermia of tools that proves ineffective in the end.
  • It enables the settling of all debts up until the day of the submission of the application: debts to the state, to pension funds, to banks, to investment funds, to suppliers.  Settling includes the possibility of a write off right, even of capital, against all creditors, including the state and pension funds, as well as the right of rescheduling debts to the state or to pension funds with as much as 240 instalments. There is no time limit for the rest of the creditors.
  • Surcharges, fines, and penalty interests are written off in advance.
  • The time limits are tight to avoid dilatory methods from both borrowers and creditors.
  • It provides solutions even to businesses that have zero sustainability chances, through liquidation of their assets and writing off the rest with the right of operating with the same VAT number after 1 to 3 years.

Hence, you can:

  • settle with many instalments;
  • settle with many instalments, while writing off even capital, or
  • stop this particular activity by liquidating and preserving the right for a new activity within a specific time frame.

In addition, it is the same law for all, private individuals, freelancers, and businesses with debts, from the smallest to the biggest one.

So, does it seem a simple procedure?

NO, and that is its singular disadvantage or advantage. It is an advantage for all those determined to succeed.

Since it involves liabilities for debtors or credit acceptors, the whole process must be followed diligently and with great know-how.

What are the particulars? What should someone do to maximise the chances of success?  

  1. You must have accurate accounting data. Usually, due to the numerous problems businesses face over the last years, accounting issues come up, which must be rectified. For example, how can you achieve a capital write off in the tax office or the pension funds, if you present a surplus or drawings, or non-existent claims or stocks?
  2. You cannot ask to settle sums smaller than the ones the creditors are entitled to in case the activity stops. Hence, a good assessment of all the assets and a liquidation study is required.
  3. Then, you must allocate properly the results of the liquidable assets to a great number of creditors, with or without securities, to the state or pension funds, to banks (depending on the sums owed) and to suppliers.  Everything must be correct to the last cent since the slightest error could lead to failure.
  4. Then, you have to draw a business plan that will be assessed as solvent by the creditors. The person signing off this business plan is very important, attaching the necessary trust and security to those countersigning the settlement.
  5. Depending on the sums involved, the plan must be approved and signed off by a statutory auditor.
  6. Before applying, you must discuss with your creditors, especially with banks, to ensure that at least 60% of them are on board.
  7. Last, apply without mistakes via the electronic platform.
  8. Get proper legal support to complete the procedural requirements.
  9. Most importantly, ensure proper financial management after the successful conclusion of your effort to avoid similar problems in the future.

So, to sum it up: you will need support in several fields – accounting and tax consulting + statutory auditor + negotiator with the banks – legal department.

The above shouldn’t stress us out, but make us aware of our responsibilities concerning this effort.

This is the last effort to:

  • Reschedule or turn unsustainable debts into sustainable.
  • Write off debt.
  • Get rid of a problem while retaining the right to a second chance.

Hence, we owe it to ourselves to do it in the best way possible and with the greatest diligence and care.

The strategic difference that will persuade you to select BSS:

Holistic approach

  1. Capability of accounting and tax reforming of any accounting situation.
  2. Valuation of liquidable assets.
  3. Allocation of liquidable value.
  4. Business plans fully acceptable to the creditors. Reliability and credibility.
  5. Signing off by a statutory auditor.
  6. An excellent relationship with the bank institutions, managing annually financing of more than 1.5 billion.
  7. Executives specialised in applications through the electronic platform.
  8. Legal support.
  9. Its main field is business financial management.


  1. 22 years of operation.
  2. Powerful Brand.
  3. More than 1,000 business plans each year.
  4. Managing bank loans of more than 1.5 billion each year.
  5. 1,112 restructuring projects to this day.


Credibility and honesty

  1. Certified by the European Organisation EFQM for excellence in its business activity.
  2. ISO 9001 & ISO 27001 certified.
  3. Three gold and one silver prize at the 2020 Accounting Awards, of which one for the restructuring process.
  4. Member of the Business Consultants Association.
  5. Mr Efstathios Liakopoulos serves as the vice president of the Business Consultants Association

With BSS, you have as allies:

  • A holistic approach to the fields of accounting, statutory auditors, consultancy and legal support.
  • Know-how.
  • Experience of more than 1,000 cases.
  • Excellent collaboration with creditors.
  • Cooperation with the decision-making centres.
  • Collectedness.
  • Resolve.
  • Robust client support.
  • Empathy.

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