Supervisors info:
Γεώργιος Μιχαλόπουλος, Καθηγητής, τμήμα Εμπορικού Δικαίου, ΕΚΠΑ
Εμμανουήλ Μαστρομανώλης, Αναπληρωτής Καθηγητής, τμήμα Εμπορικού Δικαίου, ΕΚΠΑ
Χριστίνα Λιβαδά, Επίκουρη Καθηγήτρια, τμήμα Εμπορικού Δικαίου, ΕΚΠΑ
Summary:
At the centre of regulations of the Commercial Law (article 525 et seq. of the Commercial Law) as far as the corporate bankruptcy is concerned, was always the debtor-natural person. Specific provisions, which regulate the bankruptcy of legal persons did not exist. This lack was particularly marked, taking into consideration the important role, which have the legal persons in the business sector. This gap covered the numbered 3588/2007 Bankruptcy Law, as it was amended by the Law No 4446/2016 (and specifically the articles 1-13)., with the introduction of several new provisions, which concern the legal persons (articles 96-98, 2§1, 2, 4§2, 164§2, 176 of Bankruptcy Law). Initially, with these provisions was extended the bankruptcy capacity to legal persons, which intend economic purpose, despite the fact that these are deprived of commercial status.
The introduction of specific regulations for the legal persons, was necessary, taking into consideration the main business activities, and mainly through limited liability companies. Certainly, despite the introduction into the Bankruptcy Law of specific provisions for the legal persons, the present legal framework seems to have as starting point again the debtor, and mainly debtor-natural person. It is a fact that most and biggest bankruptcies (in terms of assets and liabilities), and those with the greatest socio-economic consequences are the bankruptcies of legal persons.
In case of the corporate bankruptcy, the company is debtor and as a debtor participates in the bankruptcy procedure. However, in the present legal framework does not exist an integrated and comprehensive regulation in order to regulate the bankruptcy of legal person, the internal function of company and which will be under regime of bankruptcy and will generally take into consideration the oddities, which the bankruptcy procedure introduces. The few specific provisions, which exist in the body of the Bankruptcy Law, although, solve many difficult, uncontested and past issues, are not considered adequate, as many times is required to take place interpretation of the regulations of the Bankruptcy Law, in order to be verified if any provision, which concerns the debtor-natural person, can according to its nature be implemented in legal persons and how this provision will function through the bodies of the legal person.
Keywords:
CORPORATE BANKRUPTCY, LEGAL PERSONS, BANKRUPTCY LAW, GREEK LEGAL FRAMEWORK
