Tag Archives: court order

ILN Today Post

ATS first to issue a Court order in favour of Insolvency Practitioner

Our firm was the first one to issue a Court order in Cyprus in favour of an Insolvency Practitioner (Σύμβουλο Αφερεγγυότητας) forcing the creditors of a particular debtor to abide by a Personal Repayment Plan devised by the Insolvency Practitioner. In the course of restructuring of a particular debtor’s debts, the Insolvency Practitioner devised a Personal Repayment Plan for the debtor in question. The Insolvency Practitioner presented the said Personal Repayment Plan to the debtor’s creditors but this was rejected by one particular creditor. Our firm assisted the Insolvency Practitioner to rely on the recently introduced insolvency legal framework and managed to secure in favour of the Insolvency Practitioner a Court order whereby the Personal Repayment Plan was imposed on the rejecting creditor.
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