The Companies Law of Cyprus CAP113 (“Companies Law”) is based on the UK Companies Act of 1948 with the necessary amendments to incorporate the relevant EU Directives.
The sections referring to restructuring and corporate insolvency, winding up voluntarily or compulsorily, registration and enforcement of charges and appointment of liquidators or receivers and managers remain basically unchanged, with the exception of the incorporation of the Third Council Directive on mergers and divisions of public companies. The insolvency regime under the Companies Law generally favours creditors and clearly defines the collection, liquidation and distribution of proceeds to the creditors, and the remainder, if any, to the members.
Location