Unit:
Κατεύθυνση Ναυτικό ΔίκαιοLibrary of the School of Law
Supervisors info:
Λ. Αθανασίου, Καθηγήτρια Νομικής Σχολής Αθηνών
Δ. Χριστοδούλου, Επίκουρος Καθηγητής Νομικής Σχολής Αθηνών
Ν. Βερβεσός, Επίκουρος Καθηγητής Νομικής Σχολής Αθηνών
Original Title:
ΑΝΩΜΑΛΗ ΕΞΕΛΙΞΗ ΝΑΥΤΙΛΙΑΚΟΥ ΔΑΝΕΙΟΥ
Translated title:
NON-PERFORMANCE OF A SHIPPING LOAN
Summary:
Shipping is a financial sector characterized as capital intensive. This means that is greatly dependent on its funding and is closely connected to the banking sector, which has always constituted its main source of capital. The main subject presented herein is the shipping loan and cases of non-performance. Firstly, the structure and the main clauses of a shipping loan are examined, emphasizing on financial (monitoring) covenants and securities. Then, based on the fact that the term loan agreement cannot be normally performed, different scenarios are examined. Restructuring is the first option. Which forms of restructuring are mainly preferred, which are the legal bases “imposing” restructuring and what dangers the procedure presents, are the main features. Once the bank does not proceed to restructuring and chooses to terminate the agreement, what are the dangers? The study examines the ancillary obligations of the parties, in order to answer in which cases a termination may be abusive (art. 281 Civil Code of Greece) or may consist a tort (art. 919 Civil Code of Greece). Finally, the recent Law 4354/2015, concerning the secondary market of non-performing loans, is analyzed, emphasizing on the need of protection of the debtor and the lack of its application in Greece so far.
Main subject category:
Law and Legislation
Other subject categories:
Maritime Law
Keywords:
shipping loan, securities, covenants, syndicated loans, default, NPLs, restructuring, abusive termination,
