Cyprus: Insolvency/Bankruptcy

Companies in Cyprus, like elsewhere, may encounter financial or structural difficulties that make it impossible to continue operating. In such cases, the law provides mechanisms to bring the life of a company to an end in an orderly and fair manner.

As a general rule, a company is recognised in law as a separate legal person, distinct from its shareholders and directors. This means that the company itself can own assets, enter into contracts...

Under section 227 of the Companies Law (Cap. 113), the Court may, after the filing of a winding-up petition and before the issuance of a winding-up order...

In the recent judgment of the new Cyprus Court of Appeal dated 09/02/2024, Regarding the Petition of Evelyn Bates v. Regarding the Company M. Moniatis & Sons Ltd, Civil Appeal no. 145/2018, 9/2/2024 the following were decided:

With reference to the bankruptcy process, it has been decided and it has been characterised that it has a quasi-criminal nature with the aim of protecting and securing the debtor's property

We are pleased to announce that managing partner Angelos Paphitis and senior associate Myrianthi Papagianni co-authored the Legal 500 Cyprus Restructuring & Insolvency Country Comparative Guide 2024.

Following the 2013 Cyprus financial crisis and the consequent bailout, the banking sector in Cyprus has witnessed a considerable reduc¬tion in its size and lending exposure.

Aviation Regulation Comparative Guide for the jurisdiction of Cyprus, check out our comparative guides section to compare across multiple countries

With the adoption of Directive (EU) 2019/1023 on preventive restructuring frameworks, discharge of debt and disqualifications and measures to increase efficiency (Preventive Restructuring Frameworks Directive)...