Insolvency

Any enterprises that had expired debts to the banks or the state at the end of 2016 will be able to enter the government's extrajudicial mechanism for the settlement of arrears and get one last chance to stay in business.

Greece's economic crisis is uniquely deep - deeper than the Great Depression of the last century - because Greece's creditors have been uniquely unhelpful in resolving the crisis.

Every year 200,000 enterprises in the EU go bankrupt which results in the loss of 1.7 million jobs. In many cases this can be avoided, announced the European Commission.

The Economy Ministry has proposed to the country's creditors a common haircut system for corporate debts to banks and the state as a part of the out-of-court settlement mechanism, Kathimerini understands.

The proposal foresees all debts being tackled on the same basis, without any limits or restrictions.

The General Secretariat for Public Revenue is currently working feverishly on the terms and conditions for settlements - including write-offs - of debts that corporations owe to the state, ahead of the return of the creditors' representatives next week and the completion of the bill on out-of-court settlements.

The government is putting forward a plan that would allow small enterprises and self-employed professionals to settle debts to social security funds of up to 20,000-30,000 euros.

The government and the country's creditors are seeking ways of persuading enterprises to install point-of-sale terminals and use them for most of their transactions with customers.

Changes to bankruptcy legislation that have been put up for consultation provide for banks to be able to initiate and have the final say on the streamlining of an enterprise, ranging from the restructuring or capitalization of its debts to the company's sale to a third party.

Greek taxpayers with small arrears worth 5,000 Euros and over could face the prospect of speedy seizures or having their bank accounts frozen starting from January 1 of the next year.

The receivers of insolvent Corporate Commercial Bank (Corpbank or KTB) have made public a report tracking the assets of Bulgaria's fourth-largest lender.

An English-language version of the final report, prepared by UK-based consultancy AlixPartners in September 2015, had been initially submitted to Parliament's Secret Registry to be read by lawmakers only.