A European holding company had secured a favorable arbitral award through proceedings conducted under ICC Rules (International Chamber of Commerce procedural rules) at a seat of arbitration in Western Europe. The debtor – a Greek commercial entity – had assets registered in Greece. The creditor needed to convert that award into enforceable Greek title before those assets were dissipated. The window for protective action was narrow.
Foreign judgment and award enforcement in Greece requires a formal recognition procedure before the competent Greek civil courts. The process combines obligations under the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards with domestic Greek civil procedure rules. Recognition proceedings typically conclude within several months to over a year, depending on the complexity of any defences raised.
This case study outlines the client's challenge, the legal strategy chosen, key procedural milestones, complications encountered, and three transferable lessons for cross-border creditors pursuing award enforcement in Greece.
Client profile and the challenge
The client was a mid-sized European trading group. It had supplied goods over an extended period to a Greek counterparty under a long-term commercial contract. When payment disputes arose, the parties proceeded to arbitration before an arbitral tribunal constituted under ICC Rules. The seat of arbitration was outside Greece.
The arbitral tribunal issued a final award in the client's favour. The Greek respondent declined to satisfy the award voluntarily. It became clear that the respondent was restructuring its domestic asset base – a clear trigger indicating that delay would increase enforcement risk substantially.
The client engaged Ferraz & Whitmore to manage Greek enforcement proceedings in coordination with local Greek counsel. The core challenge was threefold: obtaining recognition of the award under Greek civil procedure rules, securing interim protective measures over identified assets, and anticipating the defences the respondent would likely deploy.
Legal strategy: sequencing recognition and interim protection
The strategy rested on two parallel tracks. First, the team filed for exequatur (recognition and declaration of enforceability of a foreign award or judgment in Greek law). This application was lodged before the competent Greek court of first instance. Greece is a signatory to the New York Convention, so the procedural regime for arbitral award enforcement is well-established. Defences available to the respondent are narrow – limited to matters such as procedural irregularities, incapacity, or manifest incompatibility with Greek public policy.
Second, the team applied concurrently for interim protective measures under Greek civil procedure rules. Greek procedural law permits a creditor to request the freezing of identifiable assets pending final recognition. This required demonstrating a credible claim and a genuine risk of asset dissipation – both conditions satisfied on the facts of this matter.
For cross-border context, practitioners handling related disputes in Greece should also consider the interplay with corporate liability issues. Our corporate disputes practice in Greece regularly addresses asset protection and shareholder liability questions that arise alongside enforcement proceedings.
The team's rationale for pursuing both tracks simultaneously was straightforward. Sequential filing – waiting for full recognition before seeking protection – would have exposed the client to the risk of asset dissipation during the recognition period. Parallel filing compressed the risk window significantly.
Key milestones and complications encountered
The recognition application proceeded through several defined stages. The initial filing required a certified translation of the award, proof of the arbitration agreement, and documentation confirming the award's finality. All materials were prepared in accordance with UNCITRAL best-practice standards for cross-border award documentation, ensuring completeness from the outset.
The respondent raised a public policy objection – a defence available under the New York Convention. It argued that enforcement would contradict Greek public policy on the grounds that the arbitral process had allegedly denied it an adequate opportunity to present its case. Greek courts apply the public policy exception narrowly. The competent court examined the procedural record of the arbitration and found the respondent's objection without merit.
A secondary complication arose in relation to asset identification. One of the respondent's key assets had been transferred to a related entity shortly before the recognition application was filed. The team assessed whether Greek civil procedure rules on asset avoidance and fraudulent transfer provided a remedy. This analysis ran in parallel with the main enforcement track. It added complexity but did not derail the primary proceeding.
The interim protective order over remaining identified assets was granted within weeks of application. That order remained in effect throughout the recognition procedure. For a detailed account of how similar recognition matters proceed in a neighbouring civil law jurisdiction, see our case study on foreign judgment enforcement in Portugal.
The recognition proceeding concluded with the court issuing an exequatur order. Enforcement steps against the protected assets then proceeded under Greek enforcement legislation.
To discuss a similar enforcement challenge in Greece or another EU jurisdiction, contact us at info@ferrazwhitmore.com.
Transferable lessons for cross-border creditors
Lesson one: file for interim protection immediately. Asset dissipation risk is highest in the period between an award being issued and recognition being granted. Greek civil procedure allows interim measures in parallel with the recognition application. Creditors who wait for a final exequatur order before seeking protection frequently find that assets have been transferred or encumbered. Simultaneous filing is the standard approach for experienced practitioners in Greece.
Lesson two: anticipate the public policy defence. The public policy objection under the New York Convention is the most commonly raised defence in Greek award enforcement proceedings. Respondents regularly allege procedural unfairness during the arbitration. Creditors should prepare a comprehensive record of the arbitral process – notices, communications, and procedural orders – demonstrating that the respondent had full opportunity to participate. Courts in Greece apply this exception narrowly, but a poorly documented arbitral file creates unnecessary exposure.
Lesson three: document the award for Greek requirements before filing. Greek courts require certified translations, proof of the arbitration agreement, and evidence of award finality. Deficiencies in documentation delay the proceeding and provide the respondent with procedural grounds for challenge. Practitioners experienced in Greek enforcement consistently note that thorough upfront preparation reduces the recognition timeline and limits the scope for defensive manoeuvring.
Creditors seeking to enforce foreign awards in Greece. or considering arbitration with potential Greek enforcement in mind – will benefit from engaging a lawyer in Greece with cross-border experience at the earliest stage of proceedings. Our full litigation and arbitration service in Greece covers the complete recognition and enforcement cycle.
For a tailored strategy on award enforcement in Greece, reach out to info@ferrazwhitmore.com.
About Ferraz & Whitmore
Ferraz & Whitmore is an international law firm based in Lisbon, advising business clients across 46 jurisdictions. Our team combines Portuguese civil law expertise with English common law tradition to deliver cross-border legal solutions in foreign judgment and arbitral award enforcement. We work with international creditors, institutional investors, and in-house legal teams who require results-oriented counsel across multiple legal systems. Our litigation and arbitration practice covers enforcement proceedings across EU civil law jurisdictions, with direct experience before Greek civil courts and in matters governed by UNCITRAL and ICC Rules frameworks. As an international law firm in Greece and across Europe, Ferraz & Whitmore provides coordinated cross-border strategies that address both the recognition procedure and the asset protection dimension of enforcement. To discuss your enforcement matter, contact us at info@ferrazwhitmore.com.
Disclaimer: This publication is provided for informational purposes only and does not constitute legal advice. The information herein should not be relied upon as a substitute for professional legal counsel tailored to your specific circumstances. Ferraz & Whitmore assumes no liability for actions taken or not taken based on the contents of this material. For advice regarding your particular situation, please contact info@ferrazwhitmore.com.