ECONOMY

Ministry seeks to identify firms exploiting Article 99

The head of the Finance Ministry’s General Secretariat for Revenues, Haris Theoharis, on Friday ordered the distribution of a circular to tax offices calling for companies seeking protection from their creditors under Article 99 of the Bankruptcy Code to be obliged to make good on outstanding debts to the state wherever possible.

The circular asks tax office managers to investigate the ability of each company filing for protection from creditors to fulfill its obligations to the state.

The aim of the ministry is to weed out cases of companies attempting to exploit Article 99 in order to avoid paying debts.