Seminar on Insolvency Proceedings in Cyprus and other Common Law Jurisdictions

On 5th March 2020 CRI Group presented a seminar at the offices of VTB Bank, Moscow on the subject of “Insolvency Proceedings in Cyprus and other Common Law Jurisdictions”.

Leading the presentation, Chris Iacovides, CEO of CRI GROUP discussed the topic of compulsory liquidation, and the draconian powers of a liquidator emphasizing the need for creditors to act expeditiously, before moving onto practical examples, such as the liquidation of O1 Group Ltd, in respect of which he is appointed liquidator.

Andri Antoniou, Director of CRI explained the implications of EU Regulations on Recognition of Insolvency Procedures and Foreign (EU) Judgments and how they may assist VTB in enforcing claims they have against debtors. Andri also provided detailed analysis in respect Mriya Agro Holding Public Ltd (in liquidation) a complex, cross border matter in respect of which she is appointed Joint Liquidator.

Marios Kofteros, licensed Insolvency Practitioner provided an overview of voluntary liquidation procedures.

Finally, our internal lawyer, Hara Vasiliou, considered in some detail the procedures for registration of Russian judgments and arbitral awards in Cyprus and the implications of limitation periods for liquidators seeking legal action against where they identify wrongdoing and/or fraud by delinquent directors and/or UBO’s.