Insolvency Practitioners
Legislation related to Insolvency Practitioners
Information for Insolvency Practitioners
Insolvency Practitioner
Insolvency Practitioner means any person who is authorized to practice the profession of the Insolvency Practitioner, by virtue of the provisions of the Insolvency Practitioners Law and Regulations.
Competent Licensing Authorities
The Minister of Energy, Trade and Industry defined by Ministerial Order as the competent licensing authorities the Department of Insolvency, the Cyprus Bar Association and the Institute of Certified Public Accountants of Cyprus. Each competent authority exercises disciplinary control over the Insolvency Practitioners it licenses.
Written examinations for the professional competence of Insolvency Practitioners
Information for Insolvency Practitioners
The written examination for the professional competence of Insolvency Practitioners is held at least once a year. The relevant Notice of the Examination Committee is published in the Official Gazette of the Republic and on the website of the Insolvency Department along with the Examination Participation Form.
The announcement refers to the material of the examination which consists of the Legislation of the Insolvency Framework.
The participation form and the relevant fee are submitted electronically to the Department of Insolvency before the deadline specified in the announcement.
All candidates have the right to participate in the written examination.
The results of the written examination are published in the Official Gazette and the “List of successful candidates” is sent electronically to all candidates. A letter is sent to all candidates stating their score in the written examination.
Past Examination Papers and Solutions
Granting a license for the profession of the Insolvency Practitioner
To act as an Insolvency Practitioner, one must meet the requirements set out in sections 8 and 14 of the Insolvency Practitioners Law 2015.
The application form is published in the Official Gazette and is also uploaded on the website of the Department of Insolvency.
The application is submitted with all attached certificates, electronically or by hand to the Insolvency Department. The fee for the application is €50 and can be paid electronically.
The certificates that must accompany the application are stated in PART 6 of the application form.
The authenticity of the copies may be certified either:
- by the Authority that has issued the originals (e.g. universities) or
- by each Competent Licensing Authority, who can certify the authenticity of each copy or
- true copies can be made by the respective Embassy.
After the preliminary approval by the Competent Authority, the following should be submitted:
- Insurance Contract with a licensed insurance company regarding the provision of insurance coverage against liability for professional negligence,
- Supplementary statement for the Insolvency Practitioner’s qualifications and areas of activity,
- To sign the Code of Conduct of Insolvency Practitioners.
- A fee of €300 must be paid.
By complying with the above, an electronic message is sent to the licensed Insolvency Practitioner, to inform him about his registration number and his inclusion in the Public Register of Insolvency Practitioners maintained by the Department of Insolvency.
Renewal of the license for the profession of the Insolvency Practitioner
The license for the profession of the Insolvency Practitioner expires on December 31 of each year.
The Insolvency Practitioner must refer to the Competent Authority which issued his license for the renewal, at least a month before the expiry.
The renewed license takes effect from January 1 of the following year.
The Insolvency Practitioner pays to the Competent Authority a fee of €170 and submits a copy of valid insurance coverage.
An Insolvency Practitioner who does not renew his license will be removed from the public Register of Insolvency Practitioners and in order to be re-registered, must re-apply for a license to practice the profession of Insolvency practitioner as if he is being licensed for the first time.
Continuing education and professional training programs for Insolvency Practitioners
The training seminars are addressed to licensed Insolvency Practitioners and pursue their continuing professional education and training. A relevant notice and a specified Participation Form are uploaded on the website of the Department of Insolvency. Each educational seminar corresponds to the teaching units determined each time by the Authority that organizes it. The participation fee is paid electronically.
The Participation Form must be submitted before the expiry of the specified deadline.
The training seminars can also be attended by people who are not licensed Insolvency Practitioners (if there is availability), but without being provided with teaching units.
A Certificate of Attendance is provided.
Applications and Forms related to Insolvency Practitioners
No posts found.