We are experts in Debt Management services
- Analysis of data to establish the exact financial capacity or creditworthiness by case
- Design & implementation of proposals for the settlement of debts and obtaining a favourable decision
- Mediation between debtors and creditors to reach the best possible agreement
- Full representation of cases in banking institutions and management companies
- Processing of Out-of-Court Debt Settlement Mechanism and "Second Chance" procedures, according to Law 4738/20
- Controlled inclusion in the bankruptcy procedure with the aim of eliminating total debts
- Negotiation techniques, adapted to multilateral negotiations with emphasis on the specificities of debtor-creditor relations
- Debt and business restructuring with a viability study
- We successfully undertake Out-of-Court Settlement cases
Nowadays, due to the changes we are experiencing in the economy and the changing flow of data in the banking system, the successful management of debts requires their management by specialised financial advisors.
In CPA, the experience of consultants is commensurate with their technical skills, as well as their market recognition.
We ensure that the best possible deal is reached through negotiation undertaken entirely by our executives, which has as its main pillars:
– The guarantee of a high quality consultancy service and management of negotiations
– Our honest and well-documented analysis of solutions that can be achieved and implemented
The technical and strategic planning of your case management
– Avoiding conflicts and mistakes
The management of the entire spectrum of bank loans by our executives
- We are familiar with the Legislative Framework
The new legislative framework for individuals and businesses gives relative flexibility through the application of three pillars, namely, resolution through mediation, debt adjustment through out-of-court settlement and finally through bankruptcy, depending on the specificity of each case and the needs of each debtor.
The institution of the “Second Chance” that is applied, concerns debtors with debts to AADE, insurance funds, banking institutions, other public authorities, who will have to settle within a certain period of time with special procedures and if they do not succeed, they are obliged to proceed to bankruptcy proceedings and liquidation of their property.
The importance of the new framework is that for the first time in Greece a bankruptcy framework will be applied for natural persons.
With regard to companies, the new law incorporates the Extra-Judicial Mechanism by bringing changes related to their size (turnover, financial size, assets), the property of debtors, as well as the percentage of creditors that will initiate bankruptcy proceedings.
- We support the Debt Settlement and Debt Resolution process
Debtors (natural persons & legal entities) will have the possibility, if they wish, to settle all their debts (State, Insurance funds, loans, public utilities and other creditors, etc.) in one overall arrangement.
The procedure proposed by the CPA is to first assess the total debt, then proceed to its restructuring in the appropriate way proposed by the consultants depending on the financial capacity of the debtor and his total assets.
During the planning of the restructuring, CPA’s consultants work with the banks and the special purpose vehicles in order to find a suitable solution, which will be submitted in the final restructuring plan.
With this method, a debt management quiver is created as a function of the debtor’s total income, cash flows and overall asset structure, so that the debtor, with the viability study that he will submit, will be able to cope with the repayment of his total debt in the future.
The different debt regulations of the public sector and the social security funds will be merged into one, under the strict condition of abolishing the protection of the first home.
The arrangement will be out-of-court and the submission will be made through an online platform of EAGICH.
With the data that the platform will draw from the connected parties (AADE, banks, EFKA, land registry, etc.) and after processing them by the creditors, a dossier will be proposed, which will be differentiated in terms of the amount of the instalment and the number (of instalments) for each creditor.
- We know the bankruptcy process well
In the event that the debtor chooses to go bankrupt, or has no other solution and is found to be concealing assets and financial information, while at the same time being uncooperative for regulation, then he will be faced with the liquidation of his assets to repay creditors.
An important point to stress is what will happen to the remaining part of the debts if they are not covered after the bankruptcy.
Specifically:
In case the value of the property is less than the debts, the remaining part of the debts will be subject to adjustment.
A write-off (haircut) of the balance of debts remaining after the liquidation of assets by creditors is provided for in the new bankruptcy law and is given to those who really have no income and property and if they “did not act fraudulently”.
But it is not given to those who could service their debts by regulating them and did not do so consciously (the so-called strategic defaulters).
After the liquidation of the property and for a period of time, the former debtor will be completely free of the “stamp” of debts and will even be able – if he has income – to borrow again.
In essence, it regains creditworthiness.
It should also be noted that in the event of bankruptcy, the beneficiary will have the right to transfer his/her main residence to the Acquisition Agent and re-lease it from him/her, with the lease term being set at 12 years.
When the debtor pays all the rent for the duration of the lease, he will be entitled to transfer ownership by paying a price equal to the current market value.
However, the amounts paid as rents are not deducted from the repurchase price.
Finally, it should be noted that if the beneficiary is considered to be a vulnerable person, he or she will be entitled to a housing benefit.
Our experienced and skilled executives work with passion to achieve your goals.
- Our philosophy
We faithfully follow our values
Independence
Our independence is not affected by any existing or potential conflict of interest.
Confidentiality
Maintaining confidentiality is our obligation.
Teamwork & Collaboration
Teamwork and cooperation are pillars of our success.
Efficiency
Efficiency is our hallmark and makes us stand out in the industry.
Honesty & Transparency
Honesty and transparency are fundamental values in our operation.
Understanding & Response
We are responsive, understanding and anticipating customer needs.
High Quality Services
With responsibility, we invest daily in providing high quality services and integrated solutions.
