According to the provisionsof the current legislation and specifically as per the Insolvency ConsultantsLaw of 2015 and the Insolvency consultants Regulations of 2015, a certifiedinsolvency consultant may act on behalf of legal entities (companies) as aliquidator, interim liquidator, receiver, administrator or evaluator. Also, alicensed insolvency consultant may act on behalf of a physical person, as abankruptcy administrator, a temporary receiver of his/her property or a specialadministrator of his/her property or business, or as a consultant concerningrepayment schemes and loans restructuring.
Michalis Economides, CEOof the international law firm Chambersfield Economides Kranos and GFATrust, a specialized corporate and fiduciary services provider, is acertified liquidator and insolvency practitioner who is legally entitled to acton behalf of both legal entities and physical persons for purposes ofrestructuring of their debts.
An advocate and legal consultant, who is also a certified liquidator andinsolvency practitioner, is able to act as a liquidator, administrator,evaluator and loan restructuring consultant. Also, he has the capacity toact on behalf of the clients by representing their rights both in out-of-courtcompromises and in cases before the court.
Moreover, the lawyer / certified liquidator and insolvency practitioner,has the knowledge of examining whether the legal entities and/or physicalpersons have the competence to repay their debts. Thus, he mayprovide them with several consultative restructuring plans that aim to activatethe appropriate dealing mechanisms of the debts, i.e. through restructuring orlengthening the repayment period of the due amount or swapping with a realestate option (SWAP) etc.
Consequently, the purpose of the lawyer / certified liquidator andinsolvency practitioner, is to achieve the best possible outcome, for the legalentity and/or a physical person, which will be in line with their financialcapabilities, but at the same time, will meet the eligibility criteria andconditions, required by the legislation.