Licensing Of Insolvency Practitioners

The Insolvency Practitioners Law, 64(I) of 2015 was published in the official gazette on 7 May 2015. Enacted as part of the agreement between the Cyprus government and international providers of financial support, it is aimed at providing a modern, effective and well-regulated legislative framework for insolvent companies and individuals. The new law sets minimum standards of qualification and regulation for persons fulfilling the role of insolvency practitioner, and restricts certain activities, including acting as liquidator, provisional liquidator, receiver, administrator or examiner under the Companies Law or as trustee in bankruptcy of a natural person, to persons meeting those standards or to the Official Receiver.