Debt settlement mechanism attracts 6,100 visits in one month

A total of 6,100 enterprises visited the electronic platform of an out-of-court debt settlement mechanism during the first month of its operation, with 520 applications reaching a mature stage and 82 debtors having completed all necessary data, Economy ministry officials said on Monday.

The mechanism is designed to facilitate debt settlement between enterprises and banks, tax agencies, pension funds and suppliers. Debtors apply with the mechanism and each case is taken over by a special coordinator who contacts with creditors for a solution on debt. Fotis Kourmousis, special secretary of Private Debt Management, has said that the whole process could take up to a few weeks for a small enterprise and up to 10 months for a large enterprise.

Economy ministry estimates that 150-400,000 enterprises could be eligible for inclusion in the mechanism.