ARTICLES

22.08.2017
Mriya Agro Holding Public Limited – Joint Liquidators’ Report to Creditors – 25 July 2017

To download the full article click here

06.07.2017
Azovmashinvest Holding Ltd (In Liquidation) – Letter to all known Creditors – 05.07.2017

To download the full article click here

14.06.2017
Azovmashinvest Holding Ltd (In Liquidation) – Letter to all known Creditors – 12.06.2017

To download the full article click here

02.06.2017
Azovmashinvest Holding Ltd (In Liquidation) – Letter to all known Creditors – 29.05.2017

To download the full article click here

18.05.2017
Azovmashinvest Holding Ltd (In Liquidation) – Supreme Court Order Re Civil Application 11/2017

To download the full article click here

25.04.2017
Azovmashinvest Holding Ltd (In Liquidation) – Provisional Liquidator’s Preliminary Report to Court (24 April 2017)

Following a petition presented by Alfa Bank Ukraine (“Alfa”) on 9th September 2014, the petitioner applied to the District Court of Limassol, in Cyprus, to wind up the Company.

To download the full article click here

30.01.2017
Notice to Creditors – Deadline for Submission of Proofs of Debt – Mriya Agro Holding Public Ltd (in liquidation) (the “Company”)

Pursuant to section 251 of Cap 113 of the Laws of Cyprus, creditors must submit their proofs of debt within 35 days of the publication of the Winding up Order in the Cyprus Government Gazette.

To download the full article click here

16.11.2016
One Way Road to the Death of Ailing Companies – the New Receivership Bill

There has been much speculation in relation to the Receivership Bill which proposes to introduce a requirement that floating charge holders must obtain a Court Order in order to appoint a Receiver Manager (“RM”) and bring an end to the quick and easy route currently relied upon by floating charge holders to appoint RM’s.

To download the full article click here

06.10.2016
The Mriya Affair – “Where there is a will there is a way”

By the time the “looting campaign” against one of Ukraine’s largest agricultural operators, the Mriya Group of companies, by its founding members came to an end, it was left with debts in excess of $1.3 billion. With the collapse of the Group two years ago, creditors, many of which are represented by local banks and international investors, were left looking for ways to salvage what was possible.

To download the full article click here

05.10.2016
Mriya Agro Holding Public Limited – Report to Creditors of the Provisional Liquidator (11 May 2016)

The winding up petition, filed against MAH by BNY Mellon Corporate Trustee  Services Ltd (the “petitioner”) on 22 January 2015, was finally heard on 11 May 2016 when the District Court of Nicosia wound up the Company.

To download the full article click here

05.10.2016
Mriya Agro Holding Public Limited – Supplementary Report of the Provisional Liquidator (16 November 2015)

To download the full article click here

05.10.2016
Mriya Agro Holding Public Limited – Informative Report of the Provisional Liquidator (15 May 2015)

Mriya Agro Holding Public Ltd, (the “Company”) and its subsidiaries, through which it was operating, was and, despite all the financial difficulties it is currently facing, remains one of the most innovative companies in the Ukraine in the field of grain production focusing on the cultivation, on a large scale, of wheat, rapeseed, corn, sugar beet, potatoes and, on a lower scale, barley, rye and soya beans.

To download the full article click here

02.09.2016
European Account Preservation Orders – a useful tool for creditors or a step too far against debtors?

On 14 May 2014 the EU Regulation 655/2014 came into force and will apply from 18 January 2017 establishing a European Account Preservation Order (EAPO) procedure that will allow a creditor to freeze a debtor’s bank accounts anywhere in the EU, except for Denmark and the UK which have opted out.

To download the full article click here

17.12.2014
Examinership: Potential for Abuse

A process putting companies “on life support with no prospect of survival” is how examinership was described by a Judge in Ireland in 2010, who went on to say he was “more and more reluctant” to afford protection to troubled companies. Yet, this is the regime which is about to be approved by our Parliament before the end of the year as a corporate restructuring tool for troubled companies.

To download the full article click here

25.03.2013
Good and Bad Bank

The events that unfolded last Thursday in Cyprus, created intense anxiety and concern with regard to the future of our banks, particularly in respect of Laiki Bank (“Laiki”), home and abroad. We all hear about having to separate Laiki into a “Good” and “Bad” bank and the legislation approved by the House of Representatives on Friday 22.3.2013, namely the Bank Recovery and Resolution Directive 2013 (“the Law”).

To download the full article click here

03.10.2011
Receivers and Managers

Typically, a company receiver and manager, is appointed out of court by a secured creditor under the powers contained in a charge or mortgage. It is the terms of the charge or mortgage, supplemented by the general law that regulate the nature and scope of the appointment.

To download the full article click here

11.1.2010
Effect of Winding Up upon Secured Creditors

Ordinarily, the instrument creating the debenture confers on the holder a right to appoint a receiver and or a receiver and manager, notwithstanding the passing of a resolution for Voluntary Liquidation or the Compulsory Winding up of a company by the Court, Sections 263 and 219 of Cap 113 of the Laws of Cyprus.

To download the full article click here

17.11.2009
Validation Orders In the Context of Winding Up 

In a winding-up by the court, any disposition of the company’s property, and any transfer of shares, or alteration in the status of the company’s members, made after the commencement of the winding-up is, unless the court otherwise orders, void, section 216 of Cap 113 of the Laws of Cyprus (“the law”).

To download the full article click here

02.09.2009
Annulment of Bankruptcy, one year after… The “famous” law with its subsequent ammendments  in relation to Annulment Applications – By operation of Law – by Bankrupts, pursuant to the provisions of Section, 27 and 27a, 2 of 2(1) and 2(b) of 74(1) of 2008 

Discharge is the procedure whereby the bankrupt obtains his/her release from the restrictions of bankruptcy and has no obligations to any of the liabilities due at the time of the receiving order…

To download the full article click here

27.07.2009
Wrongful Trading

Wrongful trading is an action that can be taken only by a company’s liquidator, once it has gone into insolvent liquidation. (This may be either a voluntary liquidation – known as Creditors Voluntary Liquidation, or compulsory liquidation)…

To download the article click here

20.07.2009
Shadow and de facto directors

Shareholders, including parent companies, who have the right to appoint one or more directors to the board of a company should review their working practices in respect of those who represent their interests…

To download the article click here

07.07.2009
Piercing the corporate veil

When a court rules that the directors, shareholders or beneficial owners of a company should be brought to account for their involvement and/or the role they may have played, in relation to liabilities or acts of a legal entity, this is known as piercing or lifting of the corporate veil…

To download the article click here

29.06.2009
Helios, the Failed Airline, will continue to haunt Cyprus as the battle for its liquidation is likely to last for several months.

On the 9th of April 2009, Louis Hotels Public Company Ltd, a creditor of Helios, filed an application to the court, inter alia seeking its winding up, on the basis that the company is insolvent and unable to meet its liabilities, as and when these fall due for payment. …

To download the article click here

16.06.2009
What is Bankruptcy and what are its Repercussions 

Bankruptcy is ones inability to discharge personal debts as and when these become due for payment. Bankruptcy can be initiated, either by the debtor or by one or more creditors, following an application to the court…

To download the list of companies click here

09.06.2009
In May 2009, 16 public companies filled for Bankrutcy in the US

Contrary to popular belief that Recovery is on its way in the world’s biggest Economy, USA, 16 public companies filed for bankruptcy in May 2009, bringing the total for the first five months of the year to 103. …

To download the list of companies click here

29.05.2009
One million people insolvent in the UK

Around 700,000 people are currently left off the official British insolvency figures, even though they are technically insolvent. Added to the official figures, this means the total of insolvent individuals in the UK is now approaching 1 million. …

To download the full article click here

04.05.2009
Corporate Restructuring in the light of the world’s financial crises

In volatile economic conditions there are always going to be businesses that suffer from a downturn. This does not necessarily indicate…

To download the full article click here