The Ministry of Finance announced the activation of the new digital platform of the “Early Warning Mechanism”, within the framework of the law on debt settlement and the provision of a second opportunity (Law 4738/2020).
Early warning is an innovative process, at pan-European level, which aims to identify circumstances that could lead to insolvency. And this in order to prevent over-indebtedness of households and businesses.
The early warning process involves three basic steps:
1st The interested debtor submits an application to the Early Warning Mechanism, through the digital platform of the Special Secretariat for Private Debt Management (ESDP), of the Ministry of Finance (http://www.keyd.gov.gr/ or http://ofeiles.gov.gr). Through it, it provides its consent to the removal of privacy, with the aim of searching, accessing, collecting, processing and cross-referencing data concerning it.
2nd The platform processes financial data, based on special indicators, such as short-term debt coverage. Next, the debtor is classified in one of the three levels of insolvency risk (low – medium – high).
3rd In case the debtor has been classified as moderate or high level of risk and if he wishes, then he requests, through the platform, the scheduling of the first meeting in order to receive free information services. In this context, he fills in a special questionnaire and attaches any data that are not digitally available. These data are studied by expert experts, who then provide information and advice to the debtor.
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