Do you have debts to banks, funds, the Tax Office or social security funds and do not know how to deal with them?

Have your financial obligations piled up and are you struggling to make payments?

Do you have loans you can no longer service?

Are you under pressure from banks, receivables management companies (funds/servicers), the Tax Office or EFKA?

Have you already agreed some arrangement, but the monthly instalments are higher than your real financial means?

You may be wondering:

• Can I consolidate my debts into one viable arrangement?
• Is it possible to reduce or write off part of my debts?
• Can I settle debts to banks, funds, the Tax Office and social security funds at the same time?
• What can I do if a seizure has been imposed or my property is at risk?
• How does the Out-of-Court Debt Settlement Mechanism work?
• What happens if I am a sole proprietor and the debts also affect my personal assets?
• Can a business with significant debts keep operating?
• What options do I have if I can no longer keep up with any arrangement?
• Can I be discharged from debts through the insolvency procedure?
• Is there a way to make a new financial start?

The most important thing is not simply to secure an arrangement. It is to find a solution that matches your real financial means.

At EPITEFXI – CHRONAKIS DIMITRIOS we provide financial and advisory support to individuals, freelancers and businesses facing over-indebtedness.

We examine your overall financial situation, analyse your obligations and means and assess the available procedures for settlement, restructuring or financial restart.

Where legal support is required, we work with specialised lawyers.

Our aim is for you to know what options you have, what financial consequences each one entails, and which may be the most sustainable solution for your case.

1. Do you owe money to many creditors and do not know where to start?

You may owe money to banks, loan servicing companies, AADE and EFKA at the same time.

Perhaps you have different arrangements, different payment dates and obligations you cannot keep track of.

Before we look for a solution, we need to know the real amount and composition of your debts.

We take on the financial mapping of your situation, based on the available data.

We examine:

• The total amount of the debts.
• The creditors and the categories of debt.
• The existing arrangements.
• The overdue obligations.
• The monthly instalments and other payments.
• Income and basic living or operating expenses.
• Real estate and movable property.
• Any security, guarantees and other financial commitments.

Based on this data, we build an overall picture of your financial situation.

Because we cannot properly assess an arrangement without first knowing all your obligations and your real financial means.

2. Do you want to join the Out-of-Court Debt Settlement Mechanism?

Have you heard of the Out-of-Court Mechanism but do not know whether you can join?

Do you want to examine the possibility of settling debts to financial institutions and the State?

Do you not know which financial data is required or how repayment capacity is assessed?

The Out-of-Court Mechanism is a statutory procedure for dealing with debts, with specific conditions and rules.

At EPITEFXI we provide support for:

• Initial assessment of eligibility to enter.
• Gathering and checking the required financial data.
• Mapping of income, assets and obligations.
• Preparation of the financial file.
• Support with the electronic application, where a relevant mandate is taken on.
• Financial assessment of a proposed arrangement.
• Calculation of the total burden and the monthly instalment.
• Monitoring of financial obligations after the procedure is completed.

We examine whether the proposed terms can be served from your real income or cash flows.

Submitting an application does not mean automatic approval, nor does it guarantee a write-off of debts.

Our purpose is for the financial side of the procedure to be properly prepared and for you to assess the consequences of the proposed solution.

3. Do you have debts to banks or funds and struggle to keep up?

Do you have a mortgage, business or consumer loan that has become overdue?

Is your claim now managed by a loan servicing company?

Have you received an arrangement proposal but do not know whether it is really worthwhile?

An arrangement proposal needs a financial assessment before it is accepted.

We examine:

• The remaining balance of the debt and its supporting data.
• The amount of the down payment, where provided.
• The monthly instalment.
• The repayment period.
• Interest and additional charges.
• Any conditions for writing off part of the debt.
• The consequences of delay or loss of the arrangement.
• The effect of the arrangement on the family or business budget.

Where negotiation or legal assessment of contractual terms is needed, we work with a specialised lawyer.

So that you know not only which instalment is proposed, but also how much you will pay in total and whether you can keep up until the arrangement is complete.

4. Do you have debts to the Tax Office or EFKA?

Tax and social security debts can cause significant difficulties in day-to-day financial operation.

You may struggle to secure tax or social security clearance.

Perhaps there are overdue obligations, lost arrangements or enforcement measures.

The right approach starts with checking the real debts and the lawful options available.

Depending on the case, we undertake:

• Checking tax debts at AADE.
• Checking social security debts at EFKA and KEAO.
• Examining existing arrangements.
• Assessing the available settlement procedures.
• Calculating the financial burdens provided for.
• Support with submitting the relevant requests.
• Monitoring instalments and deadlines.

So that you know what options exist and what conditions must be met to keep an arrangement in place.

5. Have seizures been imposed or is your property at risk?

Do you have frozen bank accounts?

Have you received a notice of enforcement measures?

Are you worried about your main residence or your business property?

In such cases time and proper information are especially important.

We examine the financial situation, existing debts and the available settlement options.

Where there are seizures, auctions or other enforcement acts, an immediate assessment by a lawyer is required.

Entering an arrangement does not in every case mean the automatic lifting of seizures or the suspension of all measures.

Our aim is to coordinate the financial preparation with the necessary legal actions, so that the real options for dealing with the situation are assessed in good time.

6. Your business has significant debts. Can it keep operating?

A business may have significant turnover but lack sufficient liquidity.

It may show profits, but loan and tax obligations may absorb the available money.

Perhaps you need to decide whether it is worth continuing the activity or whether a substantial change of business model is needed.

Before we proceed with a new arrangement, we need to examine whether the business can generate the money required to service it.

We analyse:

• Turnover and real profitability.
• Operating costs.
• Cash flows.
• Obligations to creditors and suppliers.
• Tax and social security burdens.
• Working capital needs.
• Possibilities for cutting costs.
• Prospects for restructuring the activity.

We can combine the assessment of the debts with a comprehensive viability study.

Because an arrangement has real value only when it is linked to a realistic plan for continuing the business activity.

7. You are offered an arrangement. How will you know whether you can really pay it?

A lower monthly instalment does not necessarily mean the arrangement is financially worthwhile.

A long repayment period may increase the total cost.

A high down payment may use up the available liquidity.

A proper assessment must examine the overall financial impact of the agreement.

We can calculate different repayment scenarios and compare them with the real available income or cash flows.

We examine the effect of the arrangement on the remaining financial obligations and on the necessary living or operating expenses of the business.

So that you know whether the proposed solution is viable not only today, but also in the years to come.

8. Can you no longer service your debts? Is bankruptcy and a second chance possible?

When debts are particularly high and there is no realistic way to repay, continuing successive arrangements may not be a viable option.

In some cases it is necessary to examine the options provided by the insolvency framework in force.

Law 4738/2020 provides for insolvency procedures and, under specific conditions, the possibility of discharge from debts.

The procedure may concern individuals, freelancers and businesses.

Insolvency, however, is not a simple procedure for writing off debts.

It may have significant consequences for assets, existing contracts and the debtor's economic activity.

That is why a prior financial and legal assessment is required.

Small-Scale Insolvency – Micro-insolvency

For debtors who meet the prescribed financial criteria, the law provides a special, simplified insolvency procedure.

For individuals, a key criterion is the value of the assets, as determined under the applicable provisions.

For businesses, the statutory size criteria are examined.

The procedure uses the Electronic Solvency Register and the court procedures provided for.

Entering micro-insolvency does not mean an automatic write-off of debts or that the debtor keeps their assets.

Large-Scale Insolvency

When the conditions for small-scale insolvency are not met, the general insolvency procedure is considered.

For businesses, the framework may include special options for making use of the business activity or selling off assets.

Under the conditions provided, the sale of a business as a going concern may be considered.

The choice of the right procedure depends on the financial and asset situation, the legal form and the special characteristics of each debtor.

Can I be discharged from my debts?

The insolvency framework provides for the possibility of discharging individuals from debts, according to specific conditions, exceptions and time rules.

This possibility is not unconditional and does not mean every debt is written off automatically.

Before insolvency is considered, it is necessary to assess the financial consequences, the asset situation and the alternative ways of dealing with the debts.

Can I continue my professional activity?

For freelancers and individuals with a business activity, the options for continuing or restarting the activity are examined on the basis of the specific legal conditions.

Insolvency should not be regarded as automatically allowing the same business to continue on the same terms.

The aim is to assess the real possibilities for a financial and professional restart.

9. Are you at risk of losing your main residence? What options exist for vulnerable debtors?

Protecting the main residence is one of the most important issues for individuals facing serious over-indebtedness.

The framework in force provides special support options for debtors who meet the statutory vulnerability conditions.

Depending on the case and the availability of the mechanisms provided, the following may be examined:

• The possibility of recognition as a vulnerable debtor.
• The available state support measures.
• The conditions for participating in special programmes.
• The provisions of the framework for acquiring and leasing back a home.
• The options provided for a future buy-back, where applicable.

These mechanisms are not a general or automatic protection of the first home.

Eligibility and the legal consequences must be examined case by case, in cooperation with a specialised lawyer.

10. What happens after the arrangement or the financial restart?

Completing a settlement procedure does not mean the financial problem has been permanently resolved.

If the causes that created the debts remain, there is a risk of new obligations arising.

A real financial restart also requires a change in the way finances are organised.

For individuals, better planning of income, expenses and monthly obligations may be needed.

For businesses, the following may be required:

• Control of operating costs.
• Improved cash flows.
• Monitoring of profitability.
• Planning of tax and social security obligations.
• Revision of the business plan.
• Organisation of the financial function.

At EPITEFXI we can combine debt settlement support with the services of Financial Restructuring, Viability Studies and Business Development Consulting.

Because real success is not only dealing with old debts, but creating the conditions so that the same financial difficulties do not recur.

Which services do we provide?

Out-of-Court Debt Settlement Mechanism

Assessment of conditions, financial preparation of the file, support with the application and analysis of proposed arrangements.

Debt Settlements with AADE, EFKA and KEAO

Checking debts, examining the available procedures, supporting requests and monitoring obligations.

Financial Assessment of Loans and Fund Settlements

Analysis of debts, assessment of repayment proposals, calculation of the total cost and viability.

Financial Preparation of Insolvency Cases

Mapping of assets, income and obligations, financial documentation and support in cooperation with a specialised lawyer.

Support for Vulnerable Debtors

Financial assessment and preparation of data for examining the available lawful options.

Viability and Restructuring Studies

Assessment of the financial situation of businesses, cash-flow forecasts and alternative scenarios for dealing with debts.

Financial Planning After the Arrangement

Monitoring of obligations, budgeting and support for the financial restart.

How does our collaboration start?

You do not need to know which procedure is right for your case.

1. You describe your financial situation.

We discuss the problem, the creditors, the debts, the existing arrangements and the difficulties you face.

2. We gather and examine the financial data.

We assess the available income, assets, obligations and the real repayment capacity.

3. We examine the available options.

We assess the financial conditions and the consequences of possible arrangements, restructurings or other procedures.

Where legal assessment is required, a specialised lawyer takes part.

4. We shape a support proposal.

We inform you about the proposed actions, the data required, the scope of the collaboration and the financial obligations connected with the procedure.

5. We take on the agreed financial work.

We prepare the financial file, support the procedures provided for within our remit and coordinate with the legal adviser where required.

6. We support you with the financial planning for the day after.

If you wish, we can organise the monitoring of the new obligations and plan your next financial steps.

Why choose EPITEFXI?

Because dealing with debts is not only a settlement procedure. It is an important financial decision.

At EPITEFXI – CHRONAKIS DIMITRIOS we examine the debts together with the real financial situation of the individual or the business.

We do not limit ourselves to the number of instalments or the amount of a proposed monthly payment.

We examine the total burden, liquidity, basic living or operating needs and the prospects of financial recovery.

We do not assume that every arrangement is necessarily worthwhile.

We do not assume that every business can keep operating without substantial changes.

We do not present insolvency as an easy or automatic write-off of debts.

We combine financial and tax know-how with business consulting and, where required, the cooperation of specialised lawyers.

Our aim is for you to be able to make a well-founded decision, knowing the financial possibilities, obligations and risks of each option.

Because a financial restart needs realism, sound preparation and a plan that can be put into practice.

Do you have debts you are struggling to deal with?

You may have overdue loans.

You may be facing tax or social security debts.

Your business may be struggling to meet its obligations.

You may be worried about your property or wondering whether a fresh financial start is possible.

You do not need to decide on your own whether you need an out-of-court mechanism, an arrangement, restructuring or insolvency.

Tell us what you are facing.

At EPITEFXI we will examine your financial situation and inform you about the support options, in cooperation with a specialised legal adviser where required.

Because dealing with debts starts with a sound assessment of your real financial situation.