Can judicial decisions opening insolvency proceedings be registered in the Land registry in accordance with your legislation?
If affirmative, what effects do these registrations produce?
According to the Greek Insolvency Code (Law 3588/2007 as recently amended by Law 4446/2016), in case the assets of the debtor include rights on immovable property, the judicial decision opening insolvency proceedings is registered in the land registry upon request made by the insolvency practitioner (art. 9).
Registration in this case constitutes a warning to third parties and is not restrictive of subsequent registrations.
Preliminary measures (entailing the prohibition of disposal of debtor’s assets) ordered by the court in view of the court judgement on the opening of insolvency proceedings are also registered in the Land Registry (art. 10).
Finally, according to art. 66 of the above law, the practitioner of insolvency is obliged to proceed to the registration of mortgages or pre-notation of mortgages to assure mature claims of the debtor.
Land registries are not interconnected with other registries, thus they are not directly warned about existing insolvency proceedings. The insolvency practitioner is obliged to inform the Land registry by means of registration as above explained.