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ARTICLE · 16 DECEMBER 2020

Legal Framework On Voluntary Liquidation – An Overview

A.G. Erotocritou LLC
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Chapter 113(III) of the Companies Law is the main legal framework which regulates the voluntary liquidation procedure in Cyprus.

CyprusCorporate/Commercial Law
A.G. Erotocritou LLC
A.G. Erotocritou LLC
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Chapter 113(III) of the Companies Law is the main legal framework which regulates the voluntary liquidation procedure in Cyprus. There are two ways in which voluntary liquidation can be triggered: by members or creditors.

Voluntary liquidation by members

Voluntary liquidation by members is the procedure pursuant to which members of a solvent company wish to bring the same to a formal end by distributing the underlined assets at a surplus to its members. By the passing of a special resolution and following the relevant procedure, the company will be deemed dissolved and will end its activities.

Applicable law

Sections 261 to 274 of Chapter 113 of the Companies Law stipulate the applicable procedure which must be followed for voluntary liquidation of a solvent company by its members.

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