Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
Maria Kyriacou, head of our Nicosia office, was one of the principal speakers at a recent seminar organised by the Institute of Certified Public Accountants of Cyprus for its members on the subject
Maria Kyriacou, head of our Nicosia office, was one of the
principal speakers at a recent seminar organised by the Institute
of Certified Public Accountants of Cyprus for its members on the
subject "Private Debt and Personal Insolvency".
Maria explained the current legislation on bankruptcy and
personal insolvency and the latest developments in rehabilitation
schemes including personal arrangements and release of obligations,
with a particular focus on the 2018 Law on the Insolvency of
Natural Persons, Personal Repayment Schemes and Debt Relief Orders,
which streamlines procedures and facilitates rehabilitation of
debtors who have not committed offences, in order to speed up their
return to productive economic activity. It gives debtors the
opportunity to restructure their debts by compromise and
arrangement with their creditors, and provides relief from debts of
up to EUR 25,000 for debtors with very limited means and no
assets.
Thanks largely to such measures, the number of bankruptcies has
fallen considerably over the past few years. To further facilitate
the reduction of non-performing debt, a debt relief programme known
as ESTIA will come into force at the beginning of 2019.
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guide to the subject matter. Specialist advice should be sought
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