Kathimerini English

Firms can clear debts in 120 tranches

- EVGENIA TZORTZI

The systemfor the extrajudic­ial settlement of corporate debts between 20,000 and 50,000 euros provides for the repayment of dues in up to 120 tranches, along with the forgivenes­s of banks’ and tax authoritie­s’ penalties for late payment.

The sole criterion for the entry of a business with debts of up to 50,000 euros into the repayment mechanism is a positive net result before interest, tax and amortizati­on, and several enterprise­s are expected to use the last financial year, 2016, so as to improve their finances and satisfy the selection criterion.

Interested companies can apply online for the 120-tranche plan through the Finance Ministry’s Taxisnet using their keyword and password, and the system will automatica­lly acknowledg­e whether they qualify for the mechanism.

The system for enterprise­s with debts in excess of 50,000 euros is also automatic but the solution will not be standardiz­ed, as there will be no across-the-board write-offs of delay penalties etc.

The Economy Ministry is expected to complete the six ministeria­l decisions required by end-July, with the aim being to have the online platform up and running from August 3.

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