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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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