Prac­ti­tion­ers line up for first In­sol­vency Ser­vice per­mits

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

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