Nearly 35 percent of the applications filed by businesses, self-employed professionals and farmers for inclusion in the out-of-court settlement of debts framework are approved in Greece, with the easy arithmetic meaning two-thirds of the applications are rejected, naftemporiki.gr reports.
Applications by enterprises with arrears to more than one creditor, mostly banks, are the ones that are more likely to be rejected. Conversely, the level of settlements based on the ratio of 1:1 – one business with one creditor, usually bank with more than 85 percent of the former’s debts – are judged as satisfactory.
The degree of settlements for arrears owed by self-employed professionals to social insurance funds and banks is also judged as satisfactory.
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