BUSINESS RECOVERY & INSOLVENCY SERVICES
Our range of services includes Business Recovery & Insolvency Services. We specialize in the provision of Voluntary / Involuntary Liquidations, Receiverships, Examinerships and Debt Restructuring. The Business Recovery & Insolvency Services team specializes in working with stressed and distressed businesses and individuals to provide a successful and optimal exit path for secured lenders and stakeholders.
The long awaited new Insolvency Legislation was implemented by the House of Commons in a plenary session in 2015. The new legislation provides for:
- Insolvency Practitioners Law.
- Personal Insolvency Law (Personal Repayment Plans and Orders for Debt Discharge).
- Personal Bankruptcy Law.
- Amendments to the Companies Law Cap.113 (Provides the appointment of an examiner).
- Amendments to the Companies Law Cap.113 regarding companies’
The management and people of Christos Makrides & Associates Ltd were at the forefront of the passing of the new legislation. We understand and appreciate that the new legislation was a must for Cyprus and that it places Insolvency Practitioners in the forefront of current financial and economic developments.
As part of our culture to provide excellent service, we ensure that such services are provided in a smooth and efficient manner through the appointment of senior partners as engagement leaders.
The engagement leaders are in turn supported by a core team, which is composed of highly motivated individuals, bringing together a variety of professional qualifications ranging from law and economics to accounting and auditing.
In building our overall team, we take into account the key aspects of the required services, technical issues and requirements, and select people with specialized knowledge and experience to work on specific engagements.
The leader of the Financial Reposting and Advisory Line of Service is licensed to provide all services regulated by the new legislation. Specifically, he / she may act as:
- Bankruptcy Administrator
- Liquidator in voluntary and involuntary liquidations
- Insolvency consultant for Personal Insolvency and Personal Repayment Plans
- Receiver / Manager
- Interim Liquidator or Receiver / Manager appointed by Court
Insolvency Practitioners are expected to have a pivotal and crucial role to play, not only in relation to corporate entities but also in Personal Insolvency and Personal Repayment Plans. The new legislation provides for two new mechanisms in relation to debts by natural persons, namely Personal Repayment Plans aims at the restructuring of debts in order to ensure debt settlement and whenever possible the safeguarding of the main residence. The debt discharge mechanism provides for the issuance of a court order for debt write off up to € 25,000 for debtors with no disposable income or assets that could be used to pay off their debt. In particular, the debtor will be able to apply to the Insolvency Office who, if all the criteria are met, apply to the Court of Duty Exemption Order.
The institution of examership provides for the potential turnaround of a company’s business operations with the aim of sustaining viable businesses. Under the law’s provisions, the appointed Examiner is a licensed Insolvency Practitioner. The Examiner is responsible for preparing the scheme for an examination by creditors and shareholders of the Debtor Company and finally validation by the Court.