The insolvency legal framework in Cyprus took new dimensions after 2015. Amendments in the legislation regarding insolvent physical persons, bankruptcy and companies’ liquidation, receivership and examinership, along with the institutionalization of insolvency practice, came to introduce the legal framework aiming to address the economic repercussions of the recent economic crisis.
Our firm, addressing the needs of our clients to readdress their position against the new legal framework, provides expert services and incorporates specialists in all aspects of insolvency practice. Insolvency issues are widely common in business day-to-day transactions. Liquidation issues arise in the context of debt recovery. The question whether legal, judicial and extrajudicial, proceedings may be initiated, or proceeded often faces the consequences of liquidation and its legal impediments. Further, the appointment of a receiver and manager in a business as a going concern is usually opted for as a method for expedient recovery of longstanding debt. The appointment of a receiver and the procedures to be followed are regulated.
Our firm is well-equipped, with long experience and expertise, to deal with any aspect of insolvency proceedings by giving legal opinions on issues arising and pursuing court proceedings with regard to the implementation of the insolvency framework. Through our multifaceted experience, both in the legal context and the economic / business framework, we ensure that our clients utilize best-practice procedures in dealing with insolvency issues. Our work adds value to our clients’ policies in order to foresee and face insolvent clients and secure their rights beforehand.
Our firm regularly advises businesses on the full spectrum of wide-range insolvency issues and takes over the legal representation of liquidators, receivers and managers and the handling of any insolvency proceedings.