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 optimum exit route 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:

a) Insolvency Practitioners Law;

b) Personal Insolvency Law (Personal Repayment Plans and Orders for Debt Discharge);

c) Personal Bankruptcy Law;

d) Amendments to the Companies Law Cap. 113 (Provides for the appointment of an examiner);

e) Amendments to the Companies Law Cap.113 regarding companies’ liquidation;

The management and people of K. Treppides & Co LTD were at the forefront as far as the passing of the new legislation was concerned. 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.

The Team
As part of our culture to provide excellent service we ensure that such services are provided in a smooth and effective manner, through the appointment of senior partners as engagement leaders.

The engagement leaders are in turn supported by a core team which is comprised of highly motivated individuals, bringing together a diversity of professional qualifications ranging from law and economics to accounting and audit. Exposure to a number of industries and business sectors provides for a hands-on, highly skilled team with a wealth of experience. The core team is supported by a team of professionals from our other Lines of Service to provide a comprehensive range of services including accounting, tax etc.

In building our overall team, we take into account the key aspects of the services required, technical issues and requirements, and select people with specialist knowledge and experience to work on specific engagements.

The leader of the Financial Reporting and Advisory Line of Service, is licensed to provide all services regulated by the new legislation. Specifically, he/she may act as:

a) Bankruptcy Administrator;

b) Liquidator in voluntary and involuntary liquidations;

c) Insolvency consultant for Personal Insolvency and Personal Repayment Plans;

d) Examiner;

e) Receiver / Manager;

f) 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 were Personal Insolvency and Personal Repayment Plans are concerned. The new legislation provides for two new mechanisms in relation to debts by natural persons, namely Personal Repayment Plans and Debt Discharge Mechanism. Personal Repayment Plans aim for the restructuring of debts in order to ensure debt settlement and wherever 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. Specifically, the debtor will be able to apply to the Insolvency Office who will, if all criteria are met, apply to Court for a Debt Exemption Order.

The institution of examinership provides for the potential turnaround of a company’s business operations with an aim of sustaining viable businesses. Under the legislation’s provisions, the appointed Examiner is a licensed Insolvency Practitioner. The Examiner is responsible for preparing the scheme of arrangement for examination by the creditors and shareholders of the Debtor Company and finally validation by the Court.

Publications


JUNE TAX Newsletter Issue 07/2017
We would like to bring to your attention that the Temporary Tax Assessment for the tax year 2017 is approaching....
23 June 2017
JUNE FRA Newsletter Issue 21/2017
The Cyprus Securities and Exchange Commission ("CySEC") wishes to inform the Regulated Entities about the Risk Based Supervision Framework submission. ...
19 June 2017
JUNE Tax Newsletter Issue 05/2017
We would like to inform you that Ministers and other high-level officials from 76 jurisdictions signed in Paris on 07/06/2017...
16 June 2017
JUNE FRA Newsletter Issue 20/2017
The European Banking Authority ("EBA") published its 2018 EU-wide stress test draft methodology and templates for discussion with the industry. ...
12 June 2017
Copyright © 2016 K.Treppides & Co Ltd
Handcrafted Design and Development by Bevisible