Exit LEADCONSULT 

Insolvency Advisory

 

In line with the relevant legislation voted by the Cyprus Parliament this year, the new Insolvency Framework came into force on May 7, 2015.  

 

The responsibility for the implementation of the new framework has been assigned to the newly formed Insolvency Service which falls under the umprella of the Department of Registrar of Companies and Official Receiver of the Ministry of Energy, Commerce, Industry and Tourism.

 

Services offered under Insolvency Advisory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The provision of these services, as prescribed by the relevant law, can only be provided by a Licensed Insolvency Advisor. Accordinlgy, we are pleased to announce that Mr. Savvas Thalassinos, Managing Director of Exit LEADCONSULT, is officially licensed by the Insolvency Service Department to act as Insolvency Advisor (license no. ΣΑ00170).

 

In addition we side below for a quick reference the main objectives of the new Insolvency Framework:

 

• Creating  appropriate incentives for debt repayment, thus contributing to the rerduction of Non Performning Loans (NPL)

• The protection, where feasible and under strict eligibility criteria, of the primary residence 

• To provide an opportunity to bankrupt individuals to reactivate themselves in the economy 

• Introduction of a new mechanism that would allow quick and full relief to a debtor with no assets or income whose overall debt is very low thus not allowing them to file for bankruptcy under existing legislation

• To provide incentives for the debt restructuring of viable companies allowing them to continue as a going concern for the benefit of their creditors and employees

• The modernization of laws for bankruptcy of natural persons and company liquidation via the introduction of efficient and effective processes