Insolvency Practitioners
The Insolvency Practitioners Law of 2015
With the enactment of the New Insolvency Framework in 2015, amendments were made to the handling of bankruptcy and liquidation cases and the treatment of bankrupts in general. New debt restructuring plans for companies and individuals were also adopted and the introduction and regulation of the profession of Insolvency Practitioners was deemed imperative. This was achieved with the Insolvency Practitioners Law, which provides for the training and licensing of Insolvency Practitioners and the establishment of the competent authorities for the regulation and supervision of the Insolvency Practitioners profession. To date, the Insolvency Service, the Cyprus Bar Association and the Institute of Certified Public Accountants of Cyprus have been designated by Ministerial Decree as competent licensing authorities.
The Insolvency Practitioners Regulations of 2015 (ΚΔΠ 151/2015)
The Insolvency Practitioners Regulations were issued in 2015 by the Minister of Energy, Commerce, Industry and Tourism with the approval of the Council of Ministers for the better implementation of the provisions of the Insolvency Practitioners Law. Specifically, these regulations provide for the fees of registration in the Insolvency Practitioners Register.