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24 Int'l Insolvency Rev. 1 (2015)

handle is hein.journals/intvcy24 and id is 1 raw text is: Insolvency Law as a Main Pillar of Market Economy-A Critical Assessment of the Greek Insolvency Law Christoph G. Paulus'* Stathis Potamitis2, Alexandros Rokas2 and Ignacio Trado3 'Humboldt Universitat zu Berlin, Jutistische Fakultait, Berlin, Germany 2POTAMITISVEKRIS Law Partnership, Athens, Greece 3 Universidad Autonoma de Madrid, Faculo ofLaws, Madrid, Spain Abstract In this article, we use the Greek insolvency law and its present status as a raw model for the demonstration of the central role insolvency law generally plays within a given economy. The Greek example amplifies in a particularly instructive way the interrelationship between the functionality of a legal restructuring and liq- uidation regime, on the one side, and the recovery of a state's overall economic af- fairs, on the other. We present our thoughts in a way that leads from general deliberations (A and B) to a description of the present Greek insolvency law (C) and finally its critical assessment (D), before we conclude (E). Thereby, we hope to make sufficiently clear that this type of approach to insolvency law is educative for many more jurisdictions than just the example that we have chosen. Copyright C 2015 INSOL International and John Wiley & Sons, Ltd I. Purpose of Insolvency Law A. Terminology Insolvency law has undergone dramatic changes within the last decades, very likely more than any other field of law-including tax, constitutional, or commercial law. After literally millennia of sole concentration on refining the liquidation mechanism, it has brought forward in recent times the alternative solution of res- cuing the debtor-be it as an avoiding mechanism in the forefront of upcoming difficulties (such as the English Company Voluntary Agreement or the French Pro- cdure de Sauvegarde) or be it in a court-driven proceeding as a direct alternative *E-mail: christoph.paulus@rewi.hu-berlin.de Copyright C 2015 INSOL International andJohn Wiley & Sons, Ltd Int. Insolv. Rev., Vol. 24:1-27 (2015) Published online 10 February 2015 in Wiley Online Library (wileyonlinelibrary.com). DOI: 10.1002/iir. 1229

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