FOR DEBTORS

Procedure for companies

11 June 2021

Step-by-step the Arrears Resolution Procedure applied by doValue Greece for companies pursuant to the Code of Conduct under Law 4224/2013.

Who may apply

The Arrears Resolution Procedure (ARP) for companies concerns micro enterprises with an annual turnover of up to €1,000,000 on average during the last 3 fiscal years.

Note that the Code of Conduct under Law 4224/2013 concerns loans in arrears for which the loan agreement has not been terminated.

What applies to loans of medium and large enterprises

The loans of medium and large companies with an annual turnover in excess of €1,000,000 on average during the last 3 fiscal years are governed solely by the general principles of the Code of Conduct. The Code of Conduct is not mandatory for this loan category.

Due to the complexity of the procedure, in cases with more than one creditor, the provisions of the relevant legislation apply (Law 4307/2014 and Law 4738/2020, as in force).

Exclusions

Find out in detail which companies are excluded from the Arrears Resolution Procedure pursuant to the Code of Conduct.

Step 1: Communication with the borrower

At this step a detailed update takes place regarding your inclusion to the Arrears Resolution Procedure (ARP).

Aim of communication

The aim of communication is to find a solution for the repayment of your arrears.

How to contact us

For loans of micro enterprises, contact a Eurobank branch or call on +302104847500

Alternatively, you may send an email at [email protected] or visit doValue Greece offices, 27 Kyprou and Archimidous Streets, 18346 Moschato, Greece, Customer Service and Complaint Management. 

These are the Dedicated Points of Contact for the requirements pursuant to the Code of Conduct set up by doValue Greece for:

  • receiving questions from borrowers
  • providing instructions
  • submitting supporting documents
  • communicating

Step 2: Collection of financial and other information from the borrower

In the context of communication for the purposes of the Code of Conduct, you need to submit information about the current financial situation of the borrowing company to doValue Greece, within specific time frames.

Co-debtors or guarantors

In case the financing involves co-debtors and/or guarantors, they also need to submit this information and data.

Accompanying documents

You must submit:

  1. The financial information stated in the supporting documents for assessing the financial situation of companies.
  2. The Bank Debt Statement for companies.

doValue Greece reserves the right to request additional information about the financial situation of the borrowing company and any co-debtors and/or guarantors from other sources as well, subject to the legislation in force.

Step 3: Assessment of financial data

We assess the financial situation of your company based on the information specified in Step 2 and propose possible solutions tailored to your case.

Assessment criteria

The assessment is based on a series of criteria that vary depending on the borrower. For example, these include:

  • Company transaction history

  • Total amount and nature of company debt, including debt to other credit institutions

  • Current ability to repay company debt

  • Anticipated ability to repay company debt

  • Commercial value of existing mortgage liens on property

Step 4: Proposal of an appropriate solution (forbearance or resolution and closure)

After the assessment, doValue Greece proposes the solution most suited to each case.

Analysing the proposed solution

We analyse all the relevant terms and conditions so that you fully understand the proposed solution.

Accepting, counter-proposing or rejecting

Within 15 working days from the date you received the proposed solution, you must notify doValue Greece in writing as to whether you accept the proposed solution, have a counter-proposal or reject the proposed and any other solution.

Consequences for failing to respond

If you don’t respond within 15 working days, doValue Greece is legally obligated to consider you a non-cooperating borrower.

As a consequence, doValue Greece may then take legal action to recover the debts it has been assigned to manage. This may include:

termination, payment order issuance, injunctive measures, seizure of movable or immovable property, including the property that is a sole residence and receivables, and sale of any collateral provided by guarantors and third parties.

Note that even when a borrower is not classified, per the definitions of the Code of Conduct, as non-cooperating (subject to due completion of all the actions required pursuant to the Code of Conduct), all legal actions can be initiated to recover the debts.

Advisory, legal or financial support

You may also seek advisory, legal or financial support from public entities operating for the purposes of implementing Greek Law 4224/2013 or other relevant provisions in force.

To find out more: