Η τύχη των ασφαλειών στην πτώχευση και στις διαδικασίες εξυγίανσης επιχειρήσεων

Abstract

The current trading economy is primarily based on credit agreements which particularly define its operation. In spite of credit’s advantages, creditor’s interests constantly run a high degree of risk due to the borrower’s potential insolvency. The creditor usually enters to security agreements in order to avoid any of the above potential risks and thus secure his claims. Once there is a regular operation of credit agreement the aforementioned securities remain inactive. On the contrary, should the borrower breaches his contractual obligations, the above securities enter into force. One of the main reasons which triggers their use is the borrower’s bankruptcy.On the basis of the above, this paper examines thoroughly the role of securities in insolvency proceedings i.e. the winding up procedure and restructuring proceedings according to the New Greek Bankruptcy Code. The main objective of this essay is to demonstrate whether and up to what extent the lender and his interests are effectively protected by the securities that exist in his favor and this especially when borrower’s goes bankrupt or enters to restructuring proceedings.The First Chapter briefly describes all types of securities. The main ones are those provided by the Civil Code namely mortgage, pledge and guarantee. However, many other types of them are also included in specific laws or result from transactions. Subsequently, the Second Chapter examines the role of securities from the outset of bankruptcy until the procedural stage of the so called “Union of Creditors” (the latter is the point from which the liquidation of the bankruptcy estate begins). In the Third Chapter is given emphasis on the description of the role of securities during the liquidation and distribution of the bankruptcy estate. Finally, the Fourth Chapter deals with their role during the restructuring procedures provided by the New Greek Bankruptcy Code, and specifically: on the one hand with the recently legally established pre-bankruptcy procedures (”restructuring procedure” and ”special liquidation”) and on the other hand with the process after bankruptcy declared (re-organization plan).