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ARTICLE · 06 JULY 2015

New Insolvency Laws

Elias Neocleous & Co LLC
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Elias Neocleous & Co LLC

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On 18 April the Cyprus parliament approved a new package of insolvency laws, aimed at streamlining and modernising the existing system and promoting a rescue culture.

CyprusWealth Management
Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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On 18 April the Cyprus parliament approved a new package of insolvency laws, aimed at streamlining and modernising the existing system and promoting a rescue culture. The new insolvency framework forms part of the economic adjustment programme agreed between the Cyprus government and international providers of financial support at the time of the 2013 banking crisis.

The new insolvency laws, which were extensively amended by the parliament in the course of its debate, have not been promulgated, and have not been published in final form. As a result there is considerable uncertainty concerning the detail. We set out below our understanding of the principal changes, but this should not be regarded as definitive.

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