{"id":3973,"date":"2023-07-07T05:49:48","date_gmt":"2023-07-07T03:49:48","guid":{"rendered":"https:\/\/insolvency.dgmedialink.com\/single-digital-gateway\/insolvency-proceedings\/examiners-appointment\/"},"modified":"2023-11-29T14:03:10","modified_gmt":"2023-11-29T12:03:10","slug":"examiners-appointment","status":"publish","type":"page","link":"https:\/\/www.insolvency.gov.cy\/en\/single-digital-gateway\/insolvency-proceedings\/examiners-appointment\/","title":{"rendered":"Examiner&#8217;s appointment"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"3973\" class=\"elementor elementor-3973 elementor-3947\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-592a1d3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"592a1d3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2d6378f\" data-id=\"2d6378f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ec05bf5 elementor-widget elementor-widget-heading\" data-id=\"ec05bf5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.18.0 - 04-12-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">Examiner&#8217;s appointment<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-59d22c0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"59d22c0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-87671ed\" data-id=\"87671ed\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9dfccea elementor-widget elementor-widget-heading\" data-id=\"9dfccea\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">General<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-93c5abc elementor-widget elementor-widget-text-editor\" data-id=\"93c5abc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.18.0 - 04-12-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>The company debt restructuring framework was established and is regulated through the examiner\u2019s Appointment mechanism. The mechanism is activated when the company or a creditor or any potential or future creditor or the members of the company or its guarantor files a petition to Court requesting that the company is placed under the protection of the Court. The petition also includes a suggestion of a private examiner. It is accompanied by an expert&#8217;s report (company auditor) with regard to the financial standing of the company and suggestions for a settlement and funding plan.<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e6debc elementor-widget elementor-widget-text-editor\" data-id=\"2e6debc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Once the petition is filed and the examiner\u2019s appointment is approved, the company is placed under the protection of the Court for a period of 4 months, with a right of extension. For as long as the company is under the protection of the Court, it may not be wound-up, no receiver may be appointed and no creditor may bring an appeal against it.<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d229026 elementor-widget elementor-widget-text-editor\" data-id=\"d229026\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The examiner should submit a report to the Court, including among others the suggestions presented before the required Meetings, the outcomes of the meetings, as well as their suggestions for the survival of the company, within 60 days from their date of appointment.<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a03d5af elementor-widget elementor-widget-text-editor\" data-id=\"a03d5af\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The Court may confirm the suggestions or confirm them with amendments or refuse to confirm them. If the suggestions are verified by the Court, they become legally binding for all parties involved and must enter into force within 30 days from their confirmation.<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d45ead elementor-widget elementor-widget-text-editor\" data-id=\"3d45ead\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>When the settlement plan enters into force, the company is no longer protected by the Court and the examiner is dismissed.<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-84baa32 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"84baa32\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-79c0cb8\" data-id=\"79c0cb8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a2b979 elementor-widget elementor-widget-heading\" data-id=\"4a2b979\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Requirements<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2b29fe elementor-widget elementor-widget-text-editor\" data-id=\"f2b29fe\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The Court appoints an examiner for a company based on the following criteria:<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cd5a143 elementor-widget elementor-widget-text-editor\" data-id=\"cd5a143\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul>\n<li>the company is or will probably be unable to pay off its debts;<\/li>\n<li>there is no resolution or order for the company\u2019s winding-up;<\/li>\n<li>there is a reasonable survival prospect for the company (as a whole or for any part of it) as an active economic unit.<\/li>\n<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f6cdd54 elementor-widget elementor-widget-text-editor\" data-id=\"f6cdd54\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The Court does not confirm any suggestions unless:<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e1140f elementor-widget elementor-widget-text-editor\" data-id=\"2e1140f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul>\n<li>At least one class of creditors, whose interests are not affected by the implementation of the suggestions, has accepted the suggestions; and<\/li>\n<li>The suggestions do not adversely affect the interests of any interested party.<\/li>\n<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-afa99c7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"afa99c7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-357ebdb\" data-id=\"357ebdb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b63c448 elementor-widget elementor-widget-heading\" data-id=\"b63c448\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"\/en\/legislation\/\u03b4\u03b9\u03bf\u03c1\u03b9\u03c3\u03bc\u03cc\u03c2-\u03b5\u03be\u03b5\u03c4\u03b1\u03c3\u03c4\u03ae-examiner\/\">Legislation<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e8dfd07 elementor-widget elementor-widget-heading\" data-id=\"e8dfd07\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">General obligations:<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-55a0cb5 elementor-widget elementor-widget-text-editor\" data-id=\"55a0cb5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul>\n<li>The petitioner should submit a relevant notification to the Insolvency Department within 3 months from the date of filing the petition for protection and the appointment of an examiner.<\/li>\n<li>The examiner should submit a copy of their appointment order to the Insolvency Department, within 3 days from their appointment.<\/li>\n<li>The examiner should ensure the publication of their appointment in the Official Gazette of the Republic of Cyprus within 21 days from their appointment.<\/li>\n<li>The examiner should submit a copy of any order issued by the Court to the Insolvency Department, as soon as the suggestions are confirmed by the Court.<\/li>\n<li>The examiner should ensure the publication of the notification of service in the Official Gazette of the Republic of Cyprus, within 14 days from the service of each order to the Insolvency Department.<\/li>\n<li>The Insolvency Department maintains a public register published on its official website, including the companies for which an examiner\u2019s appointment application has been filed and\/or for which an examiner has been appointed.<\/li>\n<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-56fe8ba elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"56fe8ba\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8a700bf\" data-id=\"8a700bf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9aa4d4c elementor-widget elementor-widget-heading\" data-id=\"9aa4d4c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Applications and forms related to Examinership <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-62978d10 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"62978d10\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-487657dc\" data-id=\"487657dc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4eac14b1 elementor-widget elementor-widget-shortcode\" data-id=\"4eac14b1\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">Last Modified: 29\/11\/2023<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e338efb govcy-btn-primary elementor-widget elementor-widget-button\" data-id=\"2e338efb\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/foq.youreurope.europa.eu\/info-service-noft?lang=en\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Help us improve<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2626fd elementor-widget elementor-widget-image\" data-id=\"f2626fd\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.18.0 - 04-12-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/europa.eu\/youreurope\/index.htm#en\" target=\"_blank\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"498\" height=\"245\" src=\"https:\/\/www.insolvency.gov.cy\/wp-content\/uploads\/youreurope.jpg\" class=\"attachment-large size-large wp-image-2660\" alt=\"Your Europe\" srcset=\"https:\/\/www.insolvency.gov.cy\/wp-content\/uploads\/youreurope.jpg 498w, https:\/\/www.insolvency.gov.cy\/wp-content\/uploads\/youreurope-300x148.jpg 300w\" sizes=\"(max-width: 498px) 100vw, 498px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>General The company debt restructuring framework was established and is regulated through the examiner\u2019s Appointment mechanism. The mechanism is activated when the company or a creditor or any potential or future creditor or the members of the company or its guarantor files a petition to Court requesting that the company is placed under the protection [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":2694,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/pages\/3973"}],"collection":[{"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/comments?post=3973"}],"version-history":[{"count":7,"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/pages\/3973\/revisions"}],"predecessor-version":[{"id":6470,"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/pages\/3973\/revisions\/6470"}],"up":[{"embeddable":true,"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/pages\/2694"}],"wp:attachment":[{"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/media?parent=3973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}