Out-of-court workout mechanism: Transparency and speed for sustainable solutions
The implementation of Law 4738/2020 on Debt Settlement and the provision of a second opportunity marks the beginning of a new era for dealing with private debt. The new framework introduces innovations that will bring clarity, speed of decisions and utilization of digital media, so that the debtors' experience is the best possible.
“The Out-of-Court workout Mechanism, one of the three pillars of the new law, finds the two sides, Financial Institutions and Borrowers, mature and determined to implement the new tool, in order to find definitive and sustainable solutions, while its formation took seriously into account the experience of the past in similar ventures" states Ms. Alexandra Fatsea, Deputy General Manager Retail, SB & AGRI Recovery, Intrum Hellas, at powergame.gr.
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