Landmark Appointment of Special Manager in High-Value Cross-Border Group Liquidation

Acted as lead Cyprus counsel in a compulsory liquidation arising from a shareholder deadlock and minority oppression claims involving a Cyprus holding company with multi-hundred-million-euro group assets. The company’s core and most valuable asset was a large foreign industrial subsidiary operating a major manufacturing facility, representing the majority of the group’s enterprise value.

The matter resulted in a landmark judgment, being the first-ever court order in Cyprus for the appointment of a Special Manager, following a detailed and complex statutory application under Cyprus insolvency law. The appointment was granted due to the scale, value, and cross-border nature of the assets and the need for specialised management beyond the remit of the Official Receiver.

We advised the Special Manager throughout on legal duties, corporate governance, creditor and shareholder arrangements, and the management and protection of multi-million-euro foreign operations and assets. Our work included drafting court applications, issuing formal legal opinions, advising on regulatory and operational matters, and supporting strategic claims management and stakeholder negotiations.