In January 2018 the District Court sentenced a company in liquidation that had once been Cyprus's biggest grocery retail company.(1) The sentence concerned the issuance of a cheque with insufficient funds.

Facts

In 2016 members of Parliament (MPs) proposed legal reforms with the aim of regulating the procedure for the appointment of receivers by debenture holders. Although debate on the issue stopped for a period, it recently re-emerged in vigorous form following the sale of hotel units by receivers who had been appointed by financial institutions pursuant to a floating charge.

Proposal