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Cookie Policy

  • (1) Introduction

Our website uses cookies.

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  • (7) Contact us

This website is owned and operated by Michalis Avraam & Partners Ltd.

Insolvency & Restructuring Services

Recent macroeconomic developments have negatively affected and continue to affect businesses, operating results and financial conditions forcing them to operate in a realm they have not had to operate before. The direct effect is that businesses have to become more flexible and more creative in order to keep operations afloat and their doors open.

The office of Michalis Avraam & Partners Ltd is considered to be the foremost provider of insolvency related business services on the island. Our reputation was established over years of experience in managing complex bankruptcy matters involving distressed situations and restructurings. In recent years we have been assigned some of the biggest corporate receiverships and liquidations that arose in Cyprus.

Our aim is to provide business organizations and their creditors with comprehensive solutions for effectively, cost-efficiently and quickly resolving a financially distressed company’s insolvency or transition. Our well experienced professionals begin by identifying and leveraging options for businesses, whether a company is faced with a solvency or liquidity crisis, a financial institution with a troubled credit in need of resolution, or a buyer for assets of a financially distressed company. This integrated team, comprised of accountants, lawyers, mediators, business and tax consultants, will then begin implementing the most suitable strategy and tactics.

We may advise on a number of solutions available to companies which are either viable businesses undergoing financial distress, businesses that have no prospect of turning around from their current financial difficulties or solvent businesses that voluntarily resolved to be wound-up.


Business Rescue and Restructuring

The objective of business rescue and restructuring is to facilitate the rehabilitation of a company that is undergoing financial difficulties, presenting opportunities to the struggling business that allows them to navigate through financial distress with the aim to avoid liquidation or winding up.

We work with businesses, providing advice and guidance for an optimal and sustainable future of the business and its various stakeholders.

Our office provides a dedicated service utilizing specialist skills and experience, to produce tailor made business rescue and restructuring solutions aimed at restoring sustainable financial health and business recovery to viable companies that are financially distressed, by means of the designing of financial restructuring plans and facilitating the implementation thereof, primarily to avoid liquidation.


Company Arrangement and Reconstruction

A viable company undergoing financial difficulties may come into an arrangement with its creditors for a compromised settlement of the amounts due, either as a lump payment or over a period of time. To be binding, the compromise or arrangement must be passed by a majority in number representing 75% in value of the creditors present and voting at the meeting. The approval of the court is required for the convening of any meetings and to sanction the resolutions passed at those meetings.

Our specialists may assist you in the design of bespoke arrangements resulting from a thorough assessment of the financial situation of the Company, its liquidity constraints, projected cash flows and the maturities of its payables with the aim of a proper restructuring of the Company’s liabilities allowing it to overcome its financial difficulties and to operate as a viable business. Our services may also include presentations and negotiations of the arrangement with creditors improving the probability of its likely acceptance at the creditors meeting.



Debenture holders or other creditors of a company holding a charge over its assets can make an application to the court for the appointment of a receiver. The task of the appointed receiver is to realise the assets subject to the charge and discharge the debt out of the proceeds. If the charge is a floating charge covering substantially all the assets of the company, the creditor can appoint a receiver and manager. The purpose of receivership is recovery of the secured creditor's debt. It does not bring the existence of the corporate debtor to an end, as liquidation does, and therefore offers the best chance of the debtor continuing as a going concern. The secured creditor's recovery prospects are entirely determined by the value of the security in relation to the debt.


Compulsory Liquidation

Compulsory liquidations are usually initiated by creditors (who have exhausted all other routes of recovery of debts due to them by the Company). The petition has to be sanctioned by the court by the issue of a winding-up order. Once the order is issued the Company can no longer trade except with the approval of the court which may be granted for the beneficial realization of its assets. All the company's assets vest in the Official Receiver, who is responsible for realising them and distributing the proceeds among the creditors in accordance with their ranking. Compulsory liquidation involves an investigation into the conduct of persons involved in the company to ascertain the reasons for its demise and their part in it.


Creditors Voluntary Liquidation

In a Creditors' voluntary liquidation all available assets of an insolvent company are distributed among the creditors and the company’s existence is brought to an end. Like compulsory liquidation, it may involve investigation into the conduct of persons involved in the company to ascertain the reasons for its demise and their part in it.


Members Voluntary Liquidation

A solvent company that is no longer required may be brought to an end, distributing its remaining assets among its members. This process is initiated with a statutory declaration of solvency which holds that the company will be able to pay its debts within a maximum period of 12 months. The liquidation is initiated by the passing of a resolution of members to wind-up the company once the statutory declaration has been delivered to the Registrar of Companies. The assets will be vested to a liquidator as trustee and the Company can no longer trade except to the extend required for the beneficial realization of available assets.


Our office’s specialist insolvency practitioners with years of experience in the field may assist you in the successful implementation of all the above solutions, ensuring that the correct legislative procedures are adhered to, minimising any risks to the interests of the Company, its Directors, Members and Creditors.