The vast majority Plenary session of the 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 auction operations.

In particular, according to information, during the Plenum conference, a legal opinion was voted that credit and receivable management companies may act as parties to litigation on their own behalf, representing them funds who have invested large sums of money by buying bad loans from lending institutions.

The decision was made with overwhelming majority of 59 votes to 9and it is expected that the decision will soon be recorded in order to make its full justification known and have significant legal consequences, i.e. be fulfilled.

It is expected that once the decision is published, due to its irrevocable nature, it will be given immediately. solving the problem of thousands of interrupts which have already been carried out by the borrowers’ lawyers, who questioned the possibility of the so-called servicers introduce Funds in courts and be able to perform procedural actions, including those related to real estate sales.

The case went to court January 26 before the Plenum of the Supreme Court, in which they participated 70 senior court officialsand the prosecutor’s office was represented by the deputy prosecutor of the Supreme Court Panagiotis Panagiotopoulos.

During the course of the case, Plenary meeting of the bar associations countries, Chambers and other agencies objected to the possibility that so-called servicers can act as parties to investors, with the main argument that the relevant legislation 2003 leaves no such freedom of action.

However, for my part legal representatives of credit organizations (Eurobank) and other companies argued that its subsequent law 2015 allows managers to perform procedural actions, including auctions.

The Plenum of the Supreme Court decided in favor of this opinion, accepting the corresponding recommendation of the highest judicial officer. Cinnamon Havelawhich stated that fund managers based in Greece could act in legal actions (become parties to litigation) and conduct auctions on their own behalf, 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.