LEGAL SUPPORT TO ENTERPRISES

Planning – Funding – Profitability: support components that can ensure business sustainability in the modern economic environment. Our Law Firm comprises appropriate experience and specialised staff, and is thus able to offer solutions for optimized performance to any modern enterprise, on the basis of: 

 

Profitability growth 

More favourable taxation

Optimised financial set-up

Legal support

Services to companies

Chapter 99 

The decision to file for protection of a company under Chapter 99 of the Bankruptcy Code, is primarily a business and economic matter and only secondarily a legal one.

A natural or legal person can be considered eligible for Chapter 99 protection, if it has overdue debts of at least 500,000 EUR.

Exceptionally, companies of various types could apply, even at lower debt levels.

The settlement agreement binds only those who have signed it.

The filing shall include an original deposit-note issued at the Loan and Consignment Fund, to an amount commensurate to the company’s type, as well as to any expert’s or mediator’s remuneration.

The State, Legal Entities of Public Law, Public Enterprises, Institutions of Social Security & Welfare, can consent on reduction of their receivables under the same terms a private lender would reduce her/his.

After ratification of the agreement, any injunctions against the debtor are suspended, the prohibition on issuing checks is by right revoked, the adoption of any measures of collective enforcement measures are suspended for six months, including filing for bankruptcy, etc.

Chapter 99 of the new Bankruptcy Code foresees a settlement procedure with the creditors for enterprises that are unable to meet their financial obligations.

Chapter 99 of Law 3588/2007, which replaced in several ways Article 44 concerning the protection of creditors, allows enterprises to appeal to the Multimembers District Courts and thus seek protection and settlement with their creditors, in order to prevent bankruptcy.

As experience of relevant cases has shown, a company cannot initiate this procedure, unless it has already come to an agreement with its main creditors. When filing an application for protection under Chapter 99, the company is required to prove that it suffers from a financial distress, without, however, having declared cessation of payments.

Our Firm undertakes to submit an application for companies that want to file under Chapter 99 of the Bankruptcy Code.

At first, we provide a complete range of services to help effectively tackle problems associated with the pressure resulting from the sense of emergency, both at the level of the company, but mainly at the level of shareholders and management executives.

Secondly, we undertake full legal cover towards preparing the filing and drafting the pertinent Business Plan. Our Firm will follow up the process all the way until the Court reaches a final decision concerning the commencement (or not) of the settlement procedure with the creditors.

Contact us now for a detailed update on the process for file for bankruptcy protection under the provisions of Chapter 99.

Modification of business entity type, depending on the company’s financial state

Experienced lawyers in collaboration with specialised economists and analysts undertake to classify your business activity under the most appropriate corporate form, in accordance with each company’s needs and the human resources.

Investments - Development Programs – “NSRF / ESPA”

A) National Strategic Reference Framework of Greece (NSRF / ESPA)

According to NSFR/ESPA calls launched in 2013, small enterprises in the sectors of Manufacturing, Tourism, Trade and Services, can apply for financial aid (subsidy) that varies from 55% for Attica and Thessaloniki, to 65% for the Regions. This refers to a percentage of the total investment budget, and allows for pre-financing (advance payment) before commencement of any investment activity. 

More information here

The program aims at the modernization, the expansion and the upgrading of enterprises, in general. Indicatively, eligible costs include purchase of new machinery, installation of security systems, application of modern technology, innovation, quality assurance of products or services, the renovation of premises, participation in exhibitions and environmental protection actions.

Jeremie 2 Program (Microfinance) is another financial aid program, extending credit of up to 25,000 EUR to very small enterprises in operation after 1/1/2005.

B) Investment Incentives Law

According to the provisions of the Investment Incentives Law, investment projects of value over 100.000 EUR are supported towards the establishment, expansion or modernization of enterprises in nearly all types of economic activity, such as the primary, the secondary, the tourist and the tertiary sector.

The grant varies according to the size, the region and the type of economic activity, and can amount to more than the 50% of the investment. Part of the grant (subsidy) is released prior to any investment activity on presentation of a relevant letter of credit.

Γ) RURAL DEVELOPMENT (“RDP/ PAA 2007-2013”)

The Rural Development Program supports activities related to the establishment, the expansion and the modernization of enterprises such as small-capacity accommodation infrastructures, dining and recreation facilities, tourism service support enterprises, “cottage & handicraft industry” units, and generally small manufacturing units. The use of renewable energy sources for own consumption is also supported.

The amount of aid varies depending on the region of activity, but cannot exceed 60%.

D) “ETEAN” – Low-interest loans for investments and working capital of SMEs (small and medium sized enterprises)

E) Women's Entrepreneurship Program - "National Fund”

3. Tax Planning

Tax planning comprises the design of a corporate action plan, in order to be in full compliance with tax laws, while enjoying the least possible exposure to taxation. 

Tax planning can be either domestic or international, so we will advise you on practices that you can apply in your enterprise’s operations in Greece, or we will recommend some alterations with an international element.

 

 

 

 

What matters in effective tax planning is the proper study of tax law, domestic and internationally, so that the most appropriate solution can be safely recommended to the entrepreneur.

 

 

 

In cooperation with our partners, we undertake to offer you the best results tax planning can offer. Through our website you can find the right advice, but if you wish you can also proceed with the online establishment of a European, American or offshore company you may prefer.