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    • Appointment of receivers/administrators

    Appointment of receivers/administrators

    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’s 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 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.

    Requirements

    • No legal person as well as no bankrupt individual who has not recovered may be appointed as a receiver/administrator of the company’s property.
    •  Any licensed insolvency practitioner may be appointed as a receiver/ administrator of the company’s property on behalf of holders of debt securities, either by the Court or by a creditor, based on the powers included in any document.

    Applications and Forms

    Application/FormCategoryPriceElectronic Submission

    τεστ

    		Forms regarding the appointment of receiver/manager€20-More

    Legislation

    General obligations:

    • 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.
    • When a receiver/administrator for the company’s 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.
    • 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.
    • 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.
    • The receiver/administrator of the company’s 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.
    • When the receiver/administrator of the company’s property is dismissed, they should provide a relevant notification to the Insolvency Department.
    • The Insolvency Department keeps a registry of the companies with a receiver/administrator.
    Last Modified: 29/11/2023
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