An unusual case with the Federal Republic of Germany as creditor and a Greek real estate société anonyme as debtor has entered the path of bankruptcy proceedings.
The German side, as emerges from the Electronic Solvency Registry, has filed “Application for bankruptcy of small object, pursuant to the provisions of Law 4738/2020” by: the Federal Republic of Germany, as legally represented by the federal Ministry of Foreign Affairs, represented by the Embassy of the Federal Republic of Germany in Greece (Athens), as legally represented by its Ambassador in Greece, against the société anonyme under the name "INOLIA (HELLAS) Real Estate Société Anonyme", headquartered in Nea Ionia, Attica...”.
The application was filed with the Single-Member Court of First Instance of Athens in early August, was registered in the G.E.MI. on 7 September and was posted on the solvency registry today, Thursday.
At the center is a claim of 50,340.47 euros, plus lawful interest and costs. According to the application, this is an overdue, certain and liquidated claim, arising from decision no. 1558/2025 of the Single-Member Court of First Instance of Athens, which has been declared provisionally enforceable, and from the order to pay dated 9 January 2026.
As argued in the application, INOLIA is in a general and permanent inability to fulfill its overdue monetary obligations, that is, in cessation of payments. It also requests that 13 January 2026 be set as the date of cessation of payments, when, according to the registration in the G.E.MI., the legal deadline for the company’s voluntary compliance with the order to pay of 9 January had expired without action. For the position of insolvency administrator, Aikaterini Kampouri, daughter of Zacharias, Class A Insolvency Administrator, is proposed, while it is requested that a reporting judge be appointed.
In the 2025 fiscal year (i.e. the financial statements were approved by the General Assembly of 10 September), INOLIA shows fixed assets of 16,640 euros, cash available of 2,840.01 euros and total assets of 19,480.01 euros. At the same time, short-term liabilities are shown at 877,656.32 euros, while equity is negative by 858,176.31 euros.
The 2025 fiscal year closed with losses of 3,552 euros, compared with losses of 2,310.25 euros in 2024, and with zero revenue. INOLIA (HELLAS) Real Estate Société Anonyme is reportedly linked to Iliako Parko Agriniou S.A., a company that operates a photovoltaic station with a capacity of 3.15 MW and sells the electricity produced. This participation is made through the Cypriot INOLIA Enterprises Company Limited, which holds 92.03% of Iliako Parko Agriniou.