{"id":3994,"date":"2023-07-07T06:13:08","date_gmt":"2023-07-07T04:13:08","guid":{"rendered":"https:\/\/insolvency.dgmedialink.com\/single-digital-gateway\/insolvency-proceedings\/appointment-of-receivers-administrators\/"},"modified":"2023-11-29T14:04:27","modified_gmt":"2023-11-29T12:04:27","slug":"appointment-of-receivers-administrators","status":"publish","type":"page","link":"https:\/\/www.insolvency.gov.cy\/en\/single-digital-gateway\/insolvency-proceedings\/appointment-of-receivers-administrators\/","title":{"rendered":"Appointment of receivers\/administrators"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"3994\" class=\"elementor elementor-3994 elementor-3979\" 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-34b7496 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"34b7496\" 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-e4e860d\" data-id=\"e4e860d\" 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-fdf268d elementor-widget elementor-widget-heading\" data-id=\"fdf268d\" 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\">Appointment of receivers\/administrators<\/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-2d82e67 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2d82e67\" 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-1709e9a\" data-id=\"1709e9a\" 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-49a660d elementor-widget elementor-widget-heading\" data-id=\"49a660d\" 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-317ca9a elementor-widget elementor-widget-text-editor\" data-id=\"317ca9a\" 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<ul>\n<li>The appointment of receivers or receivers-administrators is the procedure where a person is appointed as a receiver or receiver-administrator of the company\u2019s property either by Court order or by a creditor with a floating charge over it. Normally, the same person is appointed both as receiver and as administrator.<\/li>\n<li>The receiver undertakes the assets of the company for which they have been appointed and sells them to satisfy specific debts. The administrator undertakes the administration of the company in order to sell 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\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-2847a36 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2847a36\" 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-757418d\" data-id=\"757418d\" 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-0416b97 elementor-widget elementor-widget-heading\" data-id=\"0416b97\" 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-33ad74f elementor-widget elementor-widget-text-editor\" data-id=\"33ad74f\" 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>No legal person as well as no bankrupt individual who has not recovered may be appointed as a receiver\/administrator of the company\u2019s property.<\/li>\n<li><span style=\"font-family: Symbol;\">\u00a0<\/span>Any licensed insolvency practitioner may be appointed as a receiver\/ administrator of the company\u2019s property on behalf of holders of debt securities, either by the Court or by a creditor, based on the powers included in any document.<\/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-f7026d8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f7026d8\" 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-c5b02a0\" data-id=\"c5b02a0\" 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-c70e96f elementor-widget elementor-widget-heading\" data-id=\"c70e96f\" 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<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a815571 without-form-filters elementor-widget elementor-widget-shortcode\" data-id=\"a815571\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n    <div class=\"govcy-container govcy-p-0\">\n       \n        <div class=\"posts-filters\">\n\n            <div class=\"filters-container row govcy-bg-light govcy-pt-3 govcy-mb-3\">\n                <form action=\"https:\/\/www.insolvency.gov.cy\/wp\/wp-admin\/admin-ajax.php\" method=\"POST\" id=\"filter-records\" class=\"govcy-form govcy-p-0 form-with-filters\">\n                    <div class=\"row\">\n                        <div class=\"govcy-form-control govcy-col-6\">\n                            <label class=\"govcy-label\" for=\"categoryfilter\">Category<\/label>\n                            <select name=\"categoryfilter\" class=\"govcy-select\"><option value=\"all\">--<\/option><option value=\"99\">Application for Issuance of Non Bankruptcy and Non Winding-Up Certificate<\/option><option value=\"106\">Applications and forms for bankruptcies<\/option><option value=\"105\">Applications and forms for companies under liquidation<\/option><option value=\"104\">Applications and forms for voluntary liquidations<\/option><option value=\"103\">Forms regarding the appointment of receiver\/manager<\/option><\/select>                        <\/div>\n                        <div class=\"govcy-form-control govcy-col-6\">\n                            <label class=\"govcy-label\" for=\"keyword\">Title\/Content<\/label>\n                            <input id=\"keyword\" name=\"keyword\" class=\"govcy-text-input\" type=\"text\">\n                        <\/div>\n                    <\/div>\n                    \n                    <div class=\"row\">\n                        <div class=\"govcy-form-control govcy-col-12\">\n                            <button class=\"govcy-btn-primary govcy-mb-0\">SEARCH<\/button>\n                            <input type=\"hidden\" name=\"action\" value=\"myfilter2\">\n                        <\/div>\n                    <\/div>\n                <\/form>\n            <\/div>\n        \n        \n            <div id=\"response\">\n                <table id=\"records-table\" class=\"govcy-table\"><thead><tr class=\"govcy-br-input\"><th>Application\/Form<\/th><th>Category<\/th><th>Price<\/th><th>Electronic Submission<\/th><th><\/th><\/tr><\/thead><tbody><tr><td><p>\u03c4\u03b5\u03c3\u03c4<\/p><\/td><td>Forms regarding the appointment of receiver\/manager<\/td><td>\u20ac20<\/td><td>-<\/td><td><a href=\"https:\/\/www.insolvency.gov.cy\/en\/records\/%ce%b7%ce%b537-%ce%bb%ce%bf%ce%b3%ce%b1%cf%81%ce%b9%ce%b1%cf%83%ce%bc%cf%8c%cf%82-%ce%b5%ce%b9%cf%83%cf%80%cf%81%ce%ac%ce%be%ce%b5%cf%89%ce%bd-%ce%ba%ce%b1%ce%b9-%cf%80%ce%bb%ce%b7%cf%81%cf%89%ce%bc\/\">More<\/td><\/tr><\/body><\/table><div class=\"pagination\"><\/div>            <\/div>\n        <\/div>\n    <\/div>\n    \t\t<div class=\"elementor-shortcode\"><\/div>\n\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-8012425 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8012425\" 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-2845763\" data-id=\"2845763\" 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-3adaa8b elementor-widget elementor-widget-heading\" data-id=\"3adaa8b\" 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-\u03c0\u03b1\u03c1\u03b1\u03bb\u03ae\u03c0\u03c4\u03b7-\u03b4\u03b9\u03b1\u03c7\u03b5\u03b9\u03c1\u03b9\u03c3\u03c4\u03ae\/\">Legislation<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9de181b elementor-widget elementor-widget-heading\" data-id=\"9de181b\" 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-35b4dca elementor-widget elementor-widget-text-editor\" data-id=\"35b4dca\" 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>Right after their appointment, the receiver \/ administrator should notify the company on their appointment. Within 14 days from the date that the notification was received, the company must submit a statement of its assets to the receiver\/administrator.<\/li>\n<li>When a receiver\/administrator for the company\u2019s property has been appointed, each document bearing or including the trade name of the company must include a statement regarding the appointment of the receiver\/administrator.<\/li>\n<li>Within 7 days from the date of issue of the order or from the appointment of the receiver-administrator, they should submit a notification of appointment to the Insolvency Department.<\/li>\n<li>Within 2 months from the receipt of the statement of assets, the receiver\/administrator should submit a copy, a summary and any comments to the Insolvency Department, and a copy with any comments to the company.<\/li>\n<li>The receiver\/administrator of the company\u2019s property must submit a receipt and payment account to the Insolvency Department every 6 months, if appointed by a creditor or, every 12 months, if appointed by the Court. The receipt and payment account should be submitted within one or 2 months from the expiry of the above period respectively, and include the receipts and payments of the receiver\/ administrator during the relevant six or twelve-month period.<\/li>\n<li>When the receiver\/administrator of the company\u2019s property is dismissed, they should provide a relevant notification to the Insolvency Department.<\/li>\n<li>The Insolvency Department keeps a registry of the companies with a receiver\/administrator.<\/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-71cfe7f6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"71cfe7f6\" 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-4278bc0f\" data-id=\"4278bc0f\" 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-a6d19b7 elementor-widget elementor-widget-shortcode\" data-id=\"a6d19b7\" 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: 17\/07\/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-4466839f govcy-btn-primary elementor-widget elementor-widget-button\" data-id=\"4466839f\" 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-6221b511 elementor-widget elementor-widget-image\" data-id=\"6221b511\" 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 appointment of receivers or receivers-administrators is the procedure where a person is appointed as a receiver or receiver-administrator of the company\u2019s property either by Court order or by a creditor with a floating charge over it. Normally, the same person is appointed both as receiver and as administrator. The receiver undertakes the assets [&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\/3994"}],"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=3994"}],"version-history":[{"count":7,"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/pages\/3994\/revisions"}],"predecessor-version":[{"id":6476,"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/pages\/3994\/revisions\/6476"}],"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=3994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}