Increasing number of Red Loans | Borrowers have rights
Discussion of Mr Michalis Economides, CEO | Advocate & Legal Consultant | Certified liquidator and Insolvency Practitioners of the International Law Firm Chambersfield Economides Kranos Live at Sigma TV, TV Show “Mesimeri & Kati” with Socratis Ioakeim.
After the unfavorable developments in 2013 a significant number of borrowers are unable to meet their obligations towards the bank institutions.
There is an increasing number of litigation cases, for the repayment of loans from the banks.
It is important that borrowers must know their rights.
Trusted lawyers / certified liquidator and insolvency practitioners have the knowledge of examining whether the legal entities and/or physical persons have the competence to repay their debts. Thus, they may provide several consultative restructuring plans that aim to activate the appropriate dealing mechanisms of the debts, i.e. through restructuring or lengthening the repayment period of the due amount or swapping with a real estate option (SWAP) etc.
Lawyers / certified liquidator and insolvency practitioners have the capacity to act on behalf of the clients by representing their rights both in out-of-court compromises and in cases before the court. Their purpose is to achieve the best possible outcome, for the legal entity and/or a physical person, which will be in line with their financial capabilities, but at the same time, will meet the eligibility criteria and conditions, required by the legislation.