Insolvency offences are crimes connected to the insolvency of a company or natural person. Insolvency arises where a debtor is unable to pay obligations as they fall due; companies may also be insolvent due to over‑indebtedness.
Law 3588/2007 lists eight offences, including:
- Removal of assets that would form the insolvency estate;
- Loss‑making sham transactions (e.g., sham transfers of real estate to relatives);
- Obtaining goods on credit and selling at significantly below value;
- Acknowledging fictitious claims;
- Failure to keep statutory books;
- Concealment/destruction of books;
- Failure to prepare balance sheet/inventory;
- Other reductions of assets or concealment of the true business situation (e.g., gifts of real estate to children).
Sentencing range: 2–5 years’ imprisonment and €150–€15,000 fine; 10 days–2 years and €150–€15,000 for preferential treatment of creditors. Insolvency administrators who embezzle funds or make false statements may face 3 months–5 years and a fine double the advantage; self‑dealing in estate assets is also punishable.
For legal entities, managers and board members bear responsibility in specified cases (e.g., receiving payments beyond statutory limits).
As of June 2026. All information on these pages is provided without guarantee or liability.