License Renewal

[TFVSC]

Good afternoon,
I created this post to ask for your inputs regarding license renewal.

Due to the current market situation and the fact that I am currently working outside my home country I found myself with IR license expired.

My license was originally issued in July 2011, its validity is until July 2016.
My 3 ratings expired as follows:
IR(ME) - 31-05-2013
MEP - 31-05-2013
SEP - 31-01-2013

Reading the EU 1178/2011 FCL.625 I understand that after expiring the license I have 7 years to renew it, otherwise I will have to retake the theory tests related with IR. Is this correct?
What about ATPL Theory, does it expire only after 7 years or it expires with the license validity (July 2016)?

If I decide in 2017 to renew my licenses will I only need to complete some hours of training in a certified ATO and then do the IR exam or will I also need to do some kind of theory exam?

Thank you for your inputs, if you can point me to the correct documents it would be nice.
Hope I have been clear enough with my question and that it also comes in handy for other colleagues.

[TFVSC]

Any inputs?
I can provide more information if required...

[micro_burst]

I would advise speaking to the head/deputy head of training at a flight school and explaining your situation. They are likely to be most up-to-date with the current rules and have been a wealth of information for me in the past.

[beardedclam]

You are correct, however I have been told by some colleagues in the training "game" that certain schools are rubbing their hands together, as a few hours training turns into doing the whole course over again with the EASA expiry of rating fiasco. (Just what I've heard, not gospel....) My A320 rating is good, SP-MPE-IR and SEP are very, very dead.