Bankruptcy Proceedings Under Cyprus Law

With reference to the bankruptcy process, it has been decided and it has been characterised that it has a quasi-criminal nature with the aim of protecting and securing the debtor's property so that it can be used as the law defines which is for the satisfaction of the creditors in whole or in part and equally (see London Clubs Ltd v. P. Papadopoulos (2002) 1(C) A.A.D. 1699). Further, in Rashid v. Papori Pol. Appeal No. 198/2012 dated 6/6/2018 the following was mentioned in relation to the bankruptcy procedure: " - The same here, by analogy, bearing in mind that the bankruptcy procedure is a sui generis procedure characterised as quasi-criminal in nature (Williams & Hunter on Bankruptcy, 12th ed. p. 1), where the applicant having no other choice, promoted the bankruptcy of the respondent legally to protect his own interests as well. The fact that a creditor takes the initiative for the bankruptcy of a debtor, which entails some advantage to him, is not considered as