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HomeAbout the Department

Department of Insolvency

Μήνυμα Διευθύντριας

The Department

The Department of Insolvency is under the Ministry of Energy, Trade and Industry and was established on January 1, 2020, following the relevant Ministerial decision on May 22, 2019. Based on the Insolvency Department and Related Matters Law of 2020 (Law 68 (I)/2020), the responsibilities and operation of the Department were defined.

According to the Insolvency Legal and Regulatory Framework, the following are achieved:

  • The effective management of the Bankruptcy and Liquidation estate,
  • The culture of survival and second chances, as opposed to bankruptcy and liquidation,
  • The rescue and restoration of business activity and the reconstruction and preservation of viable businesses, through the institutionalization of a corporate debt restructuring mechanism,
  • The viability of natural and legal persons, through the provision of appropriate tools and a framework for restructuring their loans,
  • The better treatment of guarantors.

Vision-Mission

Our aim is to contribute to solving the financial difficulties faced by citizens and businesses, in order to achieve the reduction of non-performing loans, the maintenance of employment, the encouragement of economic activity and the maintenance of social cohesion.

Responsibilities

The Insolvency Department has been assigned:

(a) responsibilities, powers and duties assigned by any relevant law or regulation to the Insolvency Service,

(b) responsibilities and duties assigned by any relevant law or regulation to the Official Receiver,

(c) responsibilities, powers and duties assigned by any relevant law or regulation to the Companies Branch of the Department of the Registrar of Companies and Official Receiver in relation to:

(i) the liquidation of companies,

(ii) the appointment of a Receiver or manager and

(iii) the mechanism for corporate debt restructuring.

Legislation handled by the Department of Insolvency

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