{"id":4036,"date":"2023-07-07T06:32:31","date_gmt":"2023-07-07T06:32:31","guid":{"rendered":"https:\/\/insolvency.dgmedialink.com\/winding-up-by-court-order\/"},"modified":"2023-07-11T10:12:37","modified_gmt":"2023-07-11T10:12:37","slug":"winding-up-by-court-order","status":"publish","type":"page","link":"https:\/\/www.insolvency.gov.cy\/en\/single-digital-gateway\/insolvency-proceedings\/winding-up\/winding-up-by-court-order\/","title":{"rendered":"Compulsory winding-up by Court order"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"4036\" class=\"elementor elementor-4036 elementor-4001\" 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-b2a179b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b2a179b\" 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-3862b56\" data-id=\"3862b56\" 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-c9fe8ea elementor-widget elementor-widget-heading\" data-id=\"c9fe8ea\" 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\">Compulsory winding-up by Court order<\/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-56ff0a7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"56ff0a7\" 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-15fd69c\" data-id=\"15fd69c\" 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-c6e5b71 elementor-widget elementor-widget-heading\" data-id=\"c6e5b71\" 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-2df90a9 elementor-widget elementor-widget-text-editor\" data-id=\"2df90a9\" 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>Compulsory winding-up by Court order is the procedure where a company is wound-up following a Court order in order to liquidate its assets and pay off all or part of its debts. Winding up includes the entire movable and immovable property of the company.<\/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-efe3a0f elementor-widget elementor-widget-text-editor\" data-id=\"efe3a0f\" 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>A winding-up order is issued upon relevant request which may be submitted by the company, by a creditor or contributor of the company, by an administrator of another Member State, by an official receiver or by the examiner.<\/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-951a5aa elementor-widget elementor-widget-text-editor\" data-id=\"951a5aa\" 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 official receiver is appointed as liquidator because of their capacity. At a later stage, a licensed insolvency practitioner may be designated, either appointed by Court upon request of the official receiver or selected at the first meeting of creditors and contributors.<\/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-babe76e elementor-widget elementor-widget-text-editor\" data-id=\"babe76e\" 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 official receiver or liquidator handles and executes all the actions required for the settlement of the affairs and the distribution of the company\u2019s property to its creditors.<\/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-d44f296 elementor-widget elementor-widget-text-editor\" data-id=\"d44f296\" 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>Compulsory winding-up should be completed within 18 months. The time of filing of the winding-up petition is considered as the beginning of the company\u2019s winding-up by Court order. Upon request of the official receiver or liquidator, the Court may issue an order for the extension of the term of the winding-up.<\/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-6ad5e42 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6ad5e42\" 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-b1b0fa1\" data-id=\"b1b0fa1\" 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-e078af4 elementor-widget elementor-widget-heading\" data-id=\"e078af4\" 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-0bc813e elementor-widget elementor-widget-heading\" data-id=\"0bc813e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Winding-up order issue:<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f5140af elementor-widget elementor-widget-text-editor\" data-id=\"f5140af\" 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 main cases where the company may be wound up by Court order is when it is unable to pay off its debts or when it has decided by virtue of a special resolution that it should be wound up by Court. In case of failure to pay off its debts, the amount of debt to a creditor must exceed EUR 5 000.<\/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-87111b6 elementor-widget elementor-widget-heading\" data-id=\"87111b6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Issue of a winding-up order annulment:<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f69021a elementor-widget elementor-widget-text-editor\" data-id=\"f69021a\" 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>A winding-up order may be revoked or ceased upon request of the liquidator or the official receiver or the creditor or contributor to the Court, provided that there are consents or redemptions from all the creditors of the company or because the winding-up order should not have been issued.<\/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-0bb374b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0bb374b\" 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-5debed2\" data-id=\"5debed2\" 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-79221c4 elementor-widget elementor-widget-heading\" data-id=\"79221c4\" 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-471848b without-form-filters elementor-widget elementor-widget-shortcode\" data-id=\"471848b\" 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>General Proxy Form 14<\/p><\/td><td>Applications and forms for companies under liquidation<\/td><td>\u20ac0,00<\/td><td>-<\/td><td><a href=\"https:\/\/www.insolvency.gov.cy\/en\/records\/%ce%b3%ce%b5%ce%bd%ce%b9%ce%ba%cf%8c-%cf%80%ce%bb%ce%b7%cf%81%ce%b5%ce%be%ce%bf%cf%8d%cf%83%ce%b9%ce%bf-%cf%84%cf%8d%cf%80%ce%bf%cf%82-14\/\">More<\/td><\/tr><tr><td><p>Proof of debt form for liquidations<\/p><\/td><td>Applications and forms for companies under liquidation<\/td><td>\u20ac0,00<\/td><td>-<\/td><td><a href=\"https:\/\/www.insolvency.gov.cy\/en\/records\/%ce%b5%cf%80%ce%b1%ce%bb%ce%ae%ce%b8%ce%b5%cf%85%cf%83%ce%b7-%cf%87%cf%81%ce%ad%ce%bf%cf%85%cf%82-%ce%b3%ce%b9%ce%b1-%ce%b5%ce%ba%ce%ba%ce%b1%ce%b8%ce%b1%cf%81%ce%af%cf%83%ce%b5%ce%b9%cf%82\/\">More<\/td><\/tr><tr><td><p>Special Proxy Form 15<\/p><\/td><td>Applications and forms for companies under liquidation<\/td><td>\u20ac0,00<\/td><td>-<\/td><td><a href=\"https:\/\/www.insolvency.gov.cy\/en\/records\/%ce%b5%ce%b9%ce%b4%ce%b9%ce%ba%cf%8c-%cf%80%ce%bb%ce%b7%cf%81%ce%b5%ce%be%ce%bf%cf%8d%cf%83%ce%b9%ce%bf-%cf%84%cf%8d%cf%80%ce%bf%cf%82-15\/\">More<\/td><\/tr><tr><td><p>Statement of affairs for companies<\/p><\/td><td>Applications and forms for companies under liquidation<\/td><td>\u20ac0,00<\/td><td>-<\/td><td><a href=\"https:\/\/www.insolvency.gov.cy\/en\/records\/%ce%ad%ce%ba%ce%b8%ce%b5%cf%83%ce%b7-%ce%ba%ce%b1%cf%84%ce%b1%cf%83%cf%84%ce%ac%cf%83%ce%b5%cf%89%cf%82-%cf%80%ce%b5%cf%81%ce%b9%ce%bf%cf%85%cf%83%ce%af%ce%b1%cf%82-%cf%84%ce%b7%cf%82-%ce%b5%cf%84\/\">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-b789c22 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b789c22\" 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-bd0787a\" data-id=\"bd0787a\" 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-702a324 elementor-widget elementor-widget-heading\" data-id=\"702a324\" 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\/\u03b5\u03c4\u03b1\u03b9\u03c1\u03b5\u03af\u03b5\u03c2-\u03c5\u03c0\u03cc-\u03b5\u03ba\u03ba\u03b1\u03b8\u03ac\u03c1\u03b9\u03c3\u03b7\/\">Legislation<\/a><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-70ed770 elementor-widget elementor-widget-heading\" data-id=\"70ed770\" 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-0b68e7b elementor-widget elementor-widget-text-editor\" data-id=\"0b68e7b\" 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>When the winding-up order is issued, the company or the creditor immediately notifies the official recipient by submitting a copy thereof. The same also applies in case of annulment of the winding-up order.<\/li>\n<li>The company submits a statement of its affairs to the official recipient within 30 days from the issue of the winding-up order. This statement includes information related to the company\u2019s assets, its creditors, as well as the collateral held by them. The statement is submitted and verified by the officers of the company.<\/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-dc94445 elementor-widget elementor-widget-heading\" data-id=\"dc94445\" 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\">Appointment of a liquidator:<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c209f22 elementor-widget elementor-widget-text-editor\" data-id=\"c209f22\" 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 winding-up order, the official receiver decides whether to convene a meeting for the appointment of a private liquidator, which should be held within 60 days following the service of the order.<\/li>\n<li>Regardless of the decision of the official receiver, they should convene a creditors&#8217; meeting if requested by creditors of the company representing one tenth of its value.<\/li>\n<li>The appointment of the liquidator is published at the website of the official receiver and at the Official Gazette of the Republic of Cyprus.<\/li>\n<li>The liquidator of a wound up company delivers to the official receiver a receipt and payment account for audit in their capacity as a liquidator at least twice a year.<\/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-56424a8 elementor-widget elementor-widget-heading\" data-id=\"56424a8\" 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\">Verifications of creditors\u2019 debt:<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-010efb6 elementor-widget elementor-widget-text-editor\" data-id=\"010efb6\" 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 creditors of the company should verify their debt or claims, by submitting a written verification of their debt to the official receiver or liquidator within 35 days from the date that the liquidation order is published in the Official Gazette of the Republic of Cyprus. The time limit may be extended upon justified request of the creditor. The verification is submitted together with all the evidence.<\/li>\n<li>Secured creditors who have made their collateral available may verify the remaining debt amount, after deducting the collateral amount.<\/li>\n<li>In case that the verifiable debt is in a currency other than euros, the debt amount will be converted to euros, in accordance with the official currency index at the time that the company was wound up<\/li>\n<li>If the verifiable debt includes interest rate over the debt in relation to the period before the winding-up date, the interest rate may only be claimed for the period starting from the claim date until the date of issue of the winding-up order.<\/li>\n<li>If the verifiable debt arises from a guarantee contract, a Court order should be issued against the guarantor or the account related to the guarantee should have been terminated, until the date of issue of the winding-up order.<\/li>\n<li>The official receiver or liquidator accepts or rejects in writing the verification of the creditors\u2019 debt for dividend reasons.<\/li>\n<li>If not satisfied by the decision of the official receiver or liquidator, the creditor may bring an action before the Court within 21 days from the day that they were notified about the decision of the official receiver or liquidator.<\/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-d453155 elementor-widget elementor-widget-heading\" data-id=\"d453155\" 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\">Assessment of secured property:<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-90b3706 elementor-widget elementor-widget-text-editor\" data-id=\"90b3706\" 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>Secured creditors should submit a preliminary assessment of the value of their secured property to the official receiver or liquidator within 10 days from the publication of the winding-up order in the Official Gazette of the Republic of Cyprus.<\/li>\n<li>Within 10 days from the submission of such preliminary assessment, the official receiver or liquidator must notify the creditor whether the assessment is accepted. In this case, this assessment is binding for everyone.<\/li>\n<li>If the assessment is not accepted, an independent evaluator should be appointed who, within 10 days from appointment, should determine the value of the secured property. The assessment is binding for everyone.<\/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-320af31 elementor-widget elementor-widget-heading\" data-id=\"320af31\" 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\">Dividend distribution: <\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a3f828f elementor-widget elementor-widget-text-editor\" data-id=\"a3f828f\" 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>Dividends are distributed between creditors who have verified their debts as soon as possible. The distribution of the first dividend, if any, must be announced and completed within 4 months from the first meeting of creditors. Any subsequent dividends should be announced and distributed within periods that do not exceed 6 months.<\/li>\n<li>The preliminary winding-up expenses are deducted from the distribution amount and the amounts which may be necessary for carrying out the winding-up proceedings are retained.<\/li>\n<li>Subsequently, the debts paid before all other debts, such as local and governmental taxes, as well as any fees and reimbursements for the employers of the company are deducted.<\/li>\n<li>Previous debts are equally classified between them and are paid in full or in equal parts, when the amount to be distributed is not sufficient.<\/li>\n<li>Prior to the announcement of dividend distribution, the notification of the intended dividend payment is published in the website of the official receiver or liquidator. A notification is also addressed to the company\u2019s creditors who have to verify and confirm their debts.<\/li>\n<li>During the announcement of dividend distribution, the notification of dividend payment is published in the website of the official receiver or liquidator. Creditors who have verified their debts are also informed on the amount of dividend they will receive, as well as on the time and method of the payment.<\/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-7efaa34 elementor-widget elementor-widget-heading\" data-id=\"7efaa34\" 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\">Early dissolution of the company:<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd37652 elementor-widget elementor-widget-text-editor\" data-id=\"fd37652\" 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 official receiver may resort to Court for the early dissolution of the wound up company, if they consider that the liquid assets of the company are not sufficient to cover the winding-up expenses. After the issue of the winding-up order by the Court, the official receiver registers such order and the company is dissolved within 3 months from the date of order registration.<\/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-e880b2e elementor-widget elementor-widget-heading\" data-id=\"e880b2e\" 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\">Company dissolution:<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c938ec7 elementor-widget elementor-widget-text-editor\" data-id=\"c938ec7\" 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>When the affairs of the company have been fully settled, the official receiver or liquidator files a petition to Court for the dissolution of the company.<\/li>\n<li>The Court issues an order for the dissolution of the company and, then, the company is dissolved. The official receiver or liquidator submits a copy of the dissolution order to the Registrar of Companies for registration purposes, within 14 days from the issue of the order.<\/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-ebe4050 elementor-widget elementor-widget-heading\" data-id=\"ebe4050\" 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\">Winding up register:<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-daddbf8 elementor-widget elementor-widget-text-editor\" data-id=\"daddbf8\" 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 official receiver keeps an electronic <a href=\"https:\/\/www.insolvency.gov.cy\/en\/mitroa\/cmp\/\">winding-up register<\/a> which they publish on their website.<\/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-466f67a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"466f67a\" 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-02dc8e8\" data-id=\"02dc8e8\" 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-e6f7f64 elementor-widget elementor-widget-heading\" data-id=\"e6f7f64\" 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\">Contact Persons<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0ea11fa elementor-widget elementor-widget-heading\" data-id=\"0ea11fa\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Marios Chrysanthou<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8ebf9f0 elementor-widget elementor-widget-text-editor\" data-id=\"8ebf9f0\" 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>Phone: 22466585<\/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-7aafb8d elementor-widget elementor-widget-text-editor\" data-id=\"7aafb8d\" 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>Email:\u00a0<a href=\"mailto:mchrysanthou@insolvency.meci.gov.cy\">mchrysanthou@insolvency.meci.gov.cy<\/a><\/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-939ee23 elementor-widget elementor-widget-spacer\" data-id=\"939ee23\" data-element_type=\"widget\" data-widget_type=\"spacer.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-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container{height:100%;width:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty,.e-con>.elementor-widget-spacer.elementor-widget-empty{position:relative;min-height:22px;min-width:22px}.e-con-inner>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon,.e-con>.elementor-widget-spacer.elementor-widget-empty .elementor-widget-empty-icon{position:absolute;top:0;bottom:0;left:0;right:0;margin:auto;padding:0;width:22px;height:22px}<\/style>\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\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-d1da8ce elementor-widget elementor-widget-heading\" data-id=\"d1da8ce\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Maria Psara<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3686e88 elementor-widget elementor-widget-text-editor\" data-id=\"3686e88\" 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>Phone: 22458614<\/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-c50c23c elementor-widget elementor-widget-text-editor\" data-id=\"c50c23c\" 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>Email:\u00a0<a href=\"mailto:mpsara@insolvency.meci.gov.cy\">mpsara@insolvency.meci.gov.cy<\/a><\/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-569f444b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"569f444b\" 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-273b69c6\" data-id=\"273b69c6\" 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-535103b7 elementor-widget elementor-widget-shortcode\" data-id=\"535103b7\" 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: 13\/06\/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-6f81c5e3 govcy-btn-primary elementor-widget elementor-widget-button\" data-id=\"6f81c5e3\" 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-2b6e380d elementor-widget elementor-widget-image\" data-id=\"2b6e380d\" 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 Compulsory winding-up by Court order is the procedure where a company is wound-up following a Court order in order to liquidate its assets and pay off all or part of its debts. Winding up includes the entire movable and immovable property of the company. A winding-up order is issued upon relevant request which may [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":4078,"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\/4036"}],"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=4036"}],"version-history":[{"count":2,"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/pages\/4036\/revisions"}],"predecessor-version":[{"id":4330,"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/pages\/4036\/revisions\/4330"}],"up":[{"embeddable":true,"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/pages\/4078"}],"wp:attachment":[{"href":"https:\/\/www.insolvency.gov.cy\/en\/wp-json\/wp\/v2\/media?parent=4036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}