U.S.-Greece Bankruptcy and Creditor Rights

On July 1, 2010, Greece enacted the United Nation’s Committee on International Trade Law (UNCITRAL), Model Law on cross-border insolvency. This law allows for the recognition of certain U.S. bankruptcy decrees in Greece, as well as a protection of U.S. creditors. The Treaty provides for cooperation with U.S. courts and U.S. trustees. There are provisions for injunctive relief and interim protections. Substantial discretion is given to the Greek courts to protect U.S. creditors [See Article 19 of Law 3858 of 2010]. The UNCITRAL Model Law was enacted in Greece by Law 3858 of 2010 on July 1, 2010.