1. What legislation is applicable to bankruptcies and liquidations?
Personal bankruptcy is governed by the Bankruptcy Law, Cap 5 and the Bankruptcy Rules, Cap 6. Corporate insolvencies and reorganisations are governed by the Companies Law, Cap 113. Section 203 of the Companies Law provides two methods of winding up, namely:
compulsory winding up by the court; and
voluntary winding up, which may be either a members’ winding up or a creditors’ winding up.
Excluded entities
2. Are any entities are excluded from bankruptcy proceedings? If so, what legislation applies to them?
The definition of a debtor given in section 3(2) of the Bankruptcy Law gives jurisdiction to the courts to adjudicate bankrupt all persons residing in Cyprus, whether Cypriot or not, provided they have committed one of the acts of bankruptcy set out in section 3(1) of the Bankruptcy Law....
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