Insolvency And Restructuring From A Covid-19 Perspective

The Covid-19 pandemic created an unprecedented situation for the lives and livelihoods of people from every socioeconomic background. In response to the pandemic, Cyprus introduced a series of humanitarian and financial measures, with the latter covering insolvency and restructuring matters.

Emergency measures

In June 2020 the Department of Insolvency and Related Matters Law 68(I)/2020 entered into force and established the Department of Insolvency, which is primarily responsible for:

• the restructuring and modernisation of operational procedures which will enable the department to successfully meet its duties;
• the effective management of personal repayment plans (RPPs) for insolvent natural persons that may be restored to solvency;