Member of our firm licensed to act as Insolvency Consultant

We are pleased to announce that our Managing Partner, Dr. Pavlos Neofytou Kourtellos has been licensed to act as Insolvency Consultant by the Cyprus Bar Association pursuant to the recently introduced legislation. The new Insolvency Framework comprises of a package of six legislative texts which entered into force on the 07/05/2015. In particular the new Insolvency Practitioners’ Law establishes and regulates the profession of insolvency and provides for the procedure and conditions for recognition of professional bodies for licensing purposes insolvency consultants and supervision, and the procedure and conditions for authorisation.

Insolvency Consultants can now act as liquidators, temporary liquidators, receivers or managers, administrators or examiners of legal persons and as bankruptcy administrators, temporary receivers of the property or special administrators of the property or business or as consultants for personal repayment plans of natural persons.

Dr. Kourtellos’ appointment results from his experience in the field of corporate distress and insolvency. Our firm’s growing reputation has led to a strong growth in high quality contentious insolvency work. Recent insolvency experience includes:

* Providing legal advice and representing before the District and Appellate Courts the Special Administrator of FBME Bank Ltd (Cyprus branch) in administration appointed by the Resolution Authority of the Central Bank of Cyprus.

* Handling successfully the Winding up Petition against Orfanides Public Company Ltd, the supermarket chain was deemed the largest one in Cyprus, once considered too big to fail. The judgment obtained constitutes a landmark precedent for Cyprus insolvency law.

For further information on this topic please contact Dr. Pavlos Neofytou Kourtellos at P. N. KOURTELLOS & ASSOCIATES LLC, by telephone (+357 25 745575) or by fax (+357 25 755525) or by e-mail (pnk@kourtelaw.com).