Insolvency

Our Insolvency Practitioners team has extensive knowledge of the local market and deals with complex cases along with the support of experienced Restructuring Practitioners and Legal Advisors.Â

Our Insolvency Practitioners can advice Business, Individuals and Financial Institutions and Creditors on all aspects of Insolvency and Bankruptcy Issues.

The Insolvency Practitioners Law, 64(I) of 2015 was published in the official gazette on 7 May 2015. Enacted as part of the agreement between the Cyprus government and international providers of financial support, it is aimed at providing a modern, effective and well-regulated legislative framework for insolvent companies and individuals. The new law sets minimum standards of qualification and regulation for persons fulfilling the role of insolvency practitioner, and restricts certain activities, including acting as liquidator, provisional liquidator, receiver, administrator or examiner under the Companies Law or as trustee in bankruptcy of a natural person, to persons meeting those standards or to the Official Receiver.

Licensed Insolvency Practitioners must be members of a recognised professional body which has appropriate practice rules specifying the matters to be taken into account in deciding whether a person is fit and proper to act as an Insolvency Practitioner.

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The scope of work undertaken by the team includes between other:

Advising all the interested parties on options and remedies available to them when a customer/client is insolvent/bankrupt
Advising on enforcement of guarantees
Advising trustees in bankruptcy, including international aspects
Asset tracing and forensic investigations for insolvency practitioners and creditors

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Disclaimer

This website contains general information based on Cyprus law and practice. Please note that it does not constitute legal or commercial advice, nor is it intended to create a client relationship. Neither is it intended to provide a comprehensive or detailed statement of the law or practice.

No liability whatsoever is accepted by Hadjihannas Restructuring Practitioners Ltd for any action taken in reliance on the information in this website. You should not act, or refrain from acting, on the basis of any information posted on our website but rather you should always seek specific legal and other professional advice.

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