Andys Polydorou, Managing Director of Andys Polydorou LLC, is a certified liquidator and insolvency practitioner who is legally entitled to act on behalf of both legal entities and physical persons for purposes of restructuring of their debts.
As a reminder, on the 7th of May 2015 the following laws, regulating the insolvency framework in Cyprus, came into force:
- Insolvency of Natural Persons (Personal Repayment Schemes and Debt Relief Order) Law (2015)
- Personal Bankruptcy Law (2015)
- Companies Amending Law (2015) regarding liquidation
- Companies Amending Law of (2015) regarding corporate debt restructuring
- Insolvency Practitioners Law (2015)
Under the new framework, the certified liquidator and insolvency practitioner can act as liquidator, provisional liquidator, receiver, administrator or examiner (regarding companies and legal entities) or as a bankruptcy administrator, provisional receiver and/or consultant on related matters such as loan restructuring (regarding physical persons).
Moreover, the lawyer / certified liquidator and insolvency practitioner, has the knowledge of examining whether the legal entities and/or physical persons have the competence to repay their debts. Thus, he may provide them with several consultative restructuring plans that aim to activate the appropriate dealing mechanisms of the debts, i.e. through restructuring or lengthening the repayment period of the due amount.
Consequently, the purpose of the lawyer / certified liquidator and insolvency practitioner, is to achieve the best possible outcome, for the legal entity and/or a physical person, which will be in line with their financial capabilities, but at the same time, will meet the eligibility criteria and conditions, required by the legislation.
Andys Polydorou and his team are able to take appointments and deal with:
- Administrative receiverships
- Compulsory liquidations
- Members and/or Creditors Voluntary liquidations
- Fixed charge receiverships
- Loan restructuring plans that aim to activate the appropriate dealing mechanisms of the debts