The vast majority of the plenum Supreme Courtat a closed conference, they resolved the issue with their administrators red loansbelieving that the current legislation allows them to perform procedural actions, in other words, to participate in actions auctions.

Especially, According to reportsduring the Plenary Conference, a legal opinion was supported that credit and credit management companies can act as parties on their own behalf, representing funds that have invested large sums of money in the purchase of bad loans from credit institutions.

The decision was passed by an overwhelming majority of 59 votes to 9 and it is expected that the decision will be recorded shortly in order to make public its full reasoning and have significant legal consequences, i.e. be fulfilled.

It is expected that once the decision is published, immediately, due to its irrevocable nature, a solution will be given to the issue of thousands of objections that have already been raised by borrower lawyers that questioned the ability of the so-called servicer to represent funds in courts and the possibility of taking legal proceedings, in including those related to real estate sales.

The decision was passed by an overwhelming majority of 59 votes to 9.

The case was submitted to the Plenum of the Supreme Court on January 26, which was attended by about 70 high-ranking judicial officials, and the prosecutor’s office was represented by the Deputy Prosecutor of the Supreme Court, Panagiotis Panagiotopoulos.

During the consideration of the case, the Plenary Assembly of the Bars, Chambers and other bodies of the country opposed the possibility of so-called servicers to act as parties to investors, arguing that the relevant legislation of 2003 did not leave such freedom of action.

However, for their part, the legal representatives of credit institutions (Eurobank) and other companies argued that the later law of 2015 allows managers to perform legal proceedings, including auctions.

The plenary session of the Supreme Court ruled in favor of this view, accepting the relevant recommendation of the highest judicial officer, Kanellas Tsavel, who argued that fund managers based in Greece can act in legal acts (become parties) and conduct auctions on their own. name, and not as trustees of the funds.

After the publication of the decision of the Plenum of the Supreme Court, the auction procedures are expected to be activated, which until now have been “frozen” until a decision is made.