FBME under Administration Update
201505.20
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FBME under Administration Update

Central Bank of Cyprus in its capacity as The Resolution Authority announced that Mr Dinos Christofides, Special Administrator of FBME Bank Ltd (Cyprus Branch) has resignied for personal reasons, as of 16 May 2015. According to a press release by the Central Bank, Mr Andrew Andronicou, who was recently appointed as an additional Special Administrator,…

P. N. Kourtellos & Associates LLC sets landmark precedent; Winding up of Orphanides Public Co Ltd
201504.24
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P. N. Kourtellos & Associates LLC sets landmark precedent; Winding up of Orphanides Public Co Ltd

Employing some 2,000 drivers and packers on the supply end and 1,250 for the company, the supermarket chain was deemed the largest one in Cyprus, once considered too big to fail. Orphanides Public Company Ltd has now been declared insolvent. The District Court of Larnaca following 2 years of litigation fight, the fierce opposition of…