Bankruptcy or liquidation may not be inevitable. We advise clients prior to entering a personal bankruptcy or corporate insolvency process on the available options to recover, and assist to carry out turnaround strategies. Where a formal insolvency process is inevitable, we advise on suitable options and assist with the implementation.

We act on behalf of companies or creditors, in compulsory or voluntary liquidations. We deal with simple Members’ Voluntary Liquidations, or complex Members’ or Creditors’ Compulsory Liquidations.

We assist companies and their officers before or after entering the liquidation process, to address the various legal challenges and to comply with their legal duties and obligations. Where we act for creditors, we advise of available options, suggest debt recovery strategies and if required represent clients in court proceedings.

There are various (business, tax or other) reasons why a person or company may wish to restructure its financial obligations. We advise clients of the possible solutions to achieve the in each case desired result, with the most efficient mechanisms. We have experience in both out of the court restructurings, and reorganisations or arrangements which are sanctioned by the court. We advise at an early planning stage, during the preparatory period and during implementation.

Floating charges, debentures and other security documents often permit lenders to appoint a receiver to take possession of charged property and enforce the security against it.

We advise secured lenders and appointed receivers on legal matters relating to their rights, duties, and obligations. We issue legal opinions to receivers to assist their handling of complex matters that arise during their appointment. We represent lenders, receivers or debtors in relevant court proceedings.

Licensed members of our team can be appointed receivers on behalf of lenders, banks and financial institutions, and deal with the management or sale of the charged property and the application of the sale proceeds towards the secured debt.

Since July 2015, Cyprus legislation permits the utilisation of the examinership process to restructure financial obligations of companies to rescue the company and avoid insolvency. We assist companies to utilise the examinership mechanism, advise examiners as to the performance of their function, duties and obligations, and represent creditors having claims against companies under examinership.