In a bid to spot strategic defaulters ahead of the extrajudicial settlement process, authorities in cooperation with banks are planning to create an asset register for debtors which will even include money forwarded abroad over the last five years.
This will become possible through an online platform set up by the Special Secretariat for Private Debt Management, the Independent Authority for Public Revenue and the commercial banks.
This platform will show not only the debts of a corporation or a borrower but also all the assets owned by the debtor such as deposits, investment products and real estate properties belonging to the owner or to all of his associates and close relatives. Crucially, it will be able to track down all money sent to other countries in order to establish the ownership of any deposits in foreign banks.
This will be the first application of the long-promised asset register and will concern enterprises aiming to have their arrears arranged and to benefit from the provisions of the law that will allow them to enjoy generous haircuts for those that are deemed sustainable.
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Source: ekathimerini.com
