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Report from Greece: A New Business Entity in Greek Company Law: The Private Company (‘P.C.’)

Report from Greece: A New Business Entity in Greek Company Law: The Private Company (‘P.C.’) LAZAROS G. GRIGORIADIS, ATTORNEY AT LAW, THESSALONIKI, GREECE* 1. INTRODUCTORY REMARKS Law No. 4072/2012, a P.C.'s capital could be of only Euro (EUR) 1. However, after the Law No. 4155/2013 has been adopted, it can even be zero. (c) Contributions of guarantee: The `contributions of guarantee' consist in undertaking liability for the debts of the company vis-à-vis third parties up to the amount which is specified in the statute. The value of such guarantee cannot exceed 75% of the amount of the liability assumed by the partner towards the company's creditors.5 The possibility of `guarantee-contributions' is expected to facilitate P.C. financing, since, on the one hand, the partner is not obliged to pay his capital contribution at the foundation of the company, and, on the other hand, such contributions reinforces the creditworthiness of the company, if the partner is a credit worthy individual. With regard to the participation in a P.C., it is finally observed that partners can own parts of any kind and parts of different kinds. Articles 43­120 of the Greek Law No. 4072/2012 provide for a new corporate form, i.e., the Private Company ´ (hereinafter: `P.C.') (` ´ i' in Greek or ´ `I.K.E.'). The http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png European Company Law Kluwer Law International

Report from Greece: A New Business Entity in Greek Company Law: The Private Company (‘P.C.’)

European Company Law , Volume 10 (6) – Jan 21, 2013

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Abstract

LAZAROS G. GRIGORIADIS, ATTORNEY AT LAW, THESSALONIKI, GREECE* 1. INTRODUCTORY REMARKS Law No. 4072/2012, a P.C.'s capital could be of only Euro (EUR) 1. However, after the Law No. 4155/2013 has been adopted, it can even be zero. (c) Contributions of guarantee: The `contributions of guarantee' consist in undertaking liability for the debts of the company vis-à-vis third parties up to the amount which is specified in the statute. The value of such guarantee cannot exceed 75% of the amount of the liability assumed by the partner towards the company's creditors.5 The possibility of `guarantee-contributions' is expected to facilitate P.C. financing, since, on the one hand, the partner is not obliged to pay his capital contribution at the foundation of the company, and, on the other hand, such contributions reinforces the creditworthiness of the company, if the partner is a credit worthy individual. With regard to the participation in a P.C., it is finally observed that partners can own parts of any kind and parts of different kinds. Articles 43­120 of the Greek Law No. 4072/2012 provide for a new corporate form, i.e., the Private Company ´ (hereinafter: `P.C.') (` ´ i' in Greek or ´ `I.K.E.'). The

Journal

European Company LawKluwer Law International

Published: Jan 21, 2013

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