• Soteris Flourentzos was Authorised by the Cyprus Bar Association to Act as an Insolvency Practitioner
  • June 18, 2015 | Author: Soteris Flourentzos
  • Law Firm: Soteris Flourentzos & Associates LLC - Limassol Office
  • The recently enacted Insolvency Practitioners Law N. 64(I)/2015 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.

    Licensed insolvency practitioners must be members of a recognized professional body which has appropriate practice rules specifying the matters to be taken into account in deciding whether a person is fit and proper to act as an insolvency practitioner, which are as follows:-

    a university degree or equivalent qualification;
    at least three years’ experience as a lawyer, chartered accountant, actuary, officer or examiner in the government insolvency service, or equivalent experience in the financial sector;
    recent practical experience of insolvency work (600 hours or ten cases within the two years preceding the application);
    success in an examination of professional competence recognised for the purpose of the law; and
    adequate professional indemnity insurance.

    Soteris will only undertake and act in cases of companies’ liquidation or resolution.