The Insolvency Practitioners Law, 64(I) of 2015 was published in the official gazette on 7 May 2015.
Among few other changes one significant amendment relates to the approval/appointment of Insolvency Practitioners.
As per the new legislation one can be appointed as a Liquidator, only if that individual is a certified Insolvency Practitioners. The conditions on becoming a certified Insolvency Practitioner are clearly stated in the Law.
In summary the following requirements have to be met:
- 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;
- adequate professional indemnity insurance.
In order to be able to continue with our work and serve our clients in the related field, members of our Firm have now been fully licensed by the Cyprus Bar Association.