A comparative evaluation of Cypriot corporate insolvency regimes in the light of the 2015 reforms

Zantira, Georgia and Milman, David (2018) A comparative evaluation of Cypriot corporate insolvency regimes in the light of the 2015 reforms. Masters thesis, Lancaster University.

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This thesis looks into the Cypriot corporate insolvency regime and more specifically places focus on the 2015 amendments of the Cyprus Companies Law, Capital 113. These amendments were aimed at introducing a restructuring process for legal entities and promoting the rescue and restoration of business activities, as well as ensuring the protection of interests of all persons connected with insolvent companies and modernizing the liquidation procedures. At a general level, it describes the Cypriot legal regime on corporate liquidation and then evaluates the new insolvency laws and examines their effectiveness through a comparison between the new Cypriot corporate liquidation laws and the corresponding UK laws. This comparative method contributes in revealing the influences operating between these two jurisdictions and inspiring suggestions for additional changes in Cyprus in the future. At a more specific level, this thesis considers the new mechanism of Examinership which has been inspired by the corresponding Irish model, examines its relationship with the UK administration procedure and suggests that despite its promising rescue culture, the limited use of Examinership casts doubt on its effectives. It also considers the changes affecting the compulsory liquidation procedure and examines the similarities and differences with the corresponding UK law. The thesis examines views by commentators for and against the effectiveness of the new amendments, amongst others, in terms of speeding up liquidation process and reducing relevant costs and concludes that despite any doubts, the said amendments doubtless constitute a positive step in towards the modernization of the relevant framework. Finally, based on the comparative evaluation of the 2015 amendments and inspired by corresponding UK law, this thesis puts forward suggestions mainly focused on costs reduction and on the rapidity and simplicity of the proceedings.

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Thesis (Masters)
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25 Jun 2019 10:25
Last Modified:
16 Jul 2024 05:47