A bank filed an Application for Revocation from Katseli Law (Greek law for personal bankruptcy) against a debtor due to the debtor’s failure to pay court-ordered monthly installments for three months. The debtor argued that his delay in payment resulted from an unavoidable reduction in income and justified his noncompliance. The Court denied the Application for Revocation.
The following case concerns our client who was subjected to the beneficial provisions of the Greek Personal Bankruptcy Law in 2012, with an initial total debt of €185,000 (procured from consumer loans and credit cards). He managed to trim that debt by about 60%. It was the first personal insolvency petition filed by our law firm in June 2011. Because our client could not pay the court-ordered monthly installments in full for more than three months, one of his creditors, a credit institution, filed an Application for Revocation against him in March 2018. The creditor submitted the application in accordance with the provisions of article 11 par. 2 and 3 of Law 3869/2010. In that application, the creditor requested the Court rescind the earlier order for reduced payment and order repayment of the debt in full, plus accrued interest.