Insolvency

A memorandum on launching a debt settlement program was signed on Monday.

It is aimed at "reducing insolvency, encouraging lending and promoting the bankruptcy legal framework and agreed financial restructuring."

Greece's government will be able to pay wages and pensions in May but needs an agreement with creditors by the end of the month because of its cash crunch, the government spokesman said on Monday.

"There should be a solution in May so we can resolve our liquidity issues," Gabriel Sakellaridis told a news conference.

May 18 Greece's government should stick to earlier commitments and present reform proposals to help avoid the country becoming insolvent, Germany's central bank warned on Monday.

In its monthly report, written by economists and officials at the bank, the Bundesbank used unusually frank language to describe what it called the «worrying» situation in Greece.

Bromak EOOD, the majority owner of collapsed Corporate Commercial Bank (KTB or Corpbank) and its executive officers are appealing last week's court ruling which declared the bank insolvent.

This was revealed by Menko Menkov, a lawyer for Bromak which is owned by Bulgarian businessman Tsvetan Vasilev.

The Sofia City Court has declared the state of bankruptcy of Bulgaria's Corporate Commercial Bank (KTB) and announced the initial date of its insolvency was November 6, 2014.

By Evgenia Tzortzi

Greece remains in the high-risk zone as far as corporate bankruptcies are concerned, being among the global leaders in insolvency cases in recent years.

By Dimitra Manifava

Greece?s fish-farming sector is expecting significant developments in the coming months as the deal between Nireus and its creditor banks, the completion of the restructuring process at Selonda and a possible agreement for Dias?s debt restructuring suggest that the sector will only have a future in Greece if that also includes mergers and acquisitions.

Greece has told its creditors it will run out of money on April 9, making an appeal for more loans before reforms on which new disbursements

By Prokopis Hatzinikolaou

Lawmakers in Bulgaria gave on Wednesday the green light to changes to the Bank Insolvency Act allowing for a temporary assignee to manage the assets of troubled Corporate Commercial Bank (Corpbank or KTB).

Prior to the amendments, such a development contravened the legislation, which had required that a court decides to open insolvency proceedings first.