Practitioners line up for first Insolvency Service permits
The Insolvency Service began receiving applications from interested parties to become licensed insolvency practitioners. Giorgos Karotsakis, Head of the Insolvency Service, told the Cyprus News Agency that the Service will prepare the first list with licensed insolvency practitioners in the coming days, adding that this also depends on the applicants themselves and how soon they will submit the necessary documents.
Karotsakis said that there will be electronic communication between the courts and the Service to effectively implement the insolvency framework, adding that this will be the topic of a meeting with the President of the Supreme Court next week.
All the cases related to the insolvency framework will be sent to the courts and the judges electronically and be examined and processed in the same way, he explained.
“All changes that have been decided are innovative and will modernize the courts” Karotsakis said, noting that “in this way the cases concerning the insolvency framework will be swiftly processed”.
These cases will relate, inter alia, to applications to the court to order exemption from debts of up to EUR 25,000, requests to order protection of borrowers until they reach an agreement with their creditors on debt restructuring and ratification of agreements on debt restructuring between creditors and borrowers.