Mr. Angelos Paphitis, the Managing Director of AGP, has succeeded in the examination that took place under the new framework for insolvency practitioners. The relevant results were published on the 5th of February 2016 in the Official Gazette of the Republic of Cyprus.
As a reminder, on the 7th of May 2015 the following laws, regulating the insolvency framework in Cyprus, came into force:
- Insolvency of Natural Persons (Personal Repayment Schemes and Debt Relief Order) Law (2015)
- Personal Bankruptcy Law (2015)
- Companies Amending Law (2015) regarding liquidation
- Companies Amending Law of (2015) regarding corporate debt restructuring
- Insolvency Practitioners Law (2015)
Under the new framework, a person can act as a liquidator, provisional liquidator, receiver, administrator or examiner (regarding companies and legal entities) or as a bankruptcy administrator, provisional receiver and/or consultant on related matters (regarding physical persons), only under the condition that he/she meets the minimum standards according to the provisions of the Insolvency Practitioners Law of 2015.
Among the minimum requirements, an insolvency practitioner must be a member of an authorized professional association and must have proved his/her professional competence. More precisely, the insolvency practitioner must meet the following conditions:
- a university degree or another equivalent qualification;
- experience of at least three (3) years as a lawyer, chartered accountant, actuary, officer or examiner in the government insolvency service or equivalent experience in the financial sector;
- recent practical experience on insolvency matters (600 hours or ten (10) cases within the two (2) years preceding the application);
- success in the examination of professional competence according to the provisions of the relevant law;
- adequate and appropriate professional indemnity insurance.
If you require assistance on liquidating a company, restructuring a debt or advice on any related matter, you can get in touch with our insolvency team.