The Plenary Session of the Supreme Court has given the go-ahead for funds to hold auctions in their name on properties they have acquired through acquisition
THE full Plenary of the Supreme Court today published its decision No. 1/2023 regarding the possibility of fund managers to be the same party.
In more detail, the full Plenary Session of the Supreme Court (chaired by Maria Georgiou and rapporteur by Areopagite Kanella Tzavela), published today the decision, by which a majority (56-9) favored the legal positions of the funds.
In other words, the Plenary decided that the managers of the funds based in Greece judicial acts can act (to become parties) and to conduct auctions under their own name and not as proxies of the funds.
Consequently, the Plenary of the Supreme Court turned on the light for funds to hold auctions in their name in real estate which they have acquired through redemption.
In the “thereby” of the decision of the Supreme Court it is stated:
“The Plenary of the Supreme Court rules that during the parallel and combined application of Law 4354/2015 and Law 3156/2003, the Companies for the Management of Claims from Loans and Credits (E.D.A.D.P) have the exception legalization of article 2 par. 4 of Law 4354/2015, to exercise any legal aid and any other judicial action to collect the receivables under management, regardless of the more specific legal framework, on the basis of which the transfer of the receivables under management takes place , that is, even when the transfer of claims and the assignment of their management to the said companies is carried out in accordance with the provisions of Law 3156/2003 on the securitization of claims”.
Source: Skai
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