In mid-April the government of Cyprus consented on a new insolvency legislation framework. The purposes of the new framework is reorganize and update the already existing insolvency law as well as enhance a rescue culture. The new insolvency structure was part of the financial amendments program the government of Cyprus and the island’s financial supporters agreed upon during the bank crisis in 2013.
The new insolvency legislation package has been modified but still not finalised. Below are outlined some alterations made to the law, but should not be considered as final.
The concept of examinership has been implemented in Companies Law, which Read More