Examinership was introduced to enable insolvent companies explore all opportunities for their survival.
This is a rescue process that involves the appointment of an Examiner (usually a practising accountant) to examine the business and shepherd the company through a breathing-space restructuring period. Examinerships in Cyprus last up to 6 months.
What is an Examinership?
Examinership is a process whereby the protection of the court is obtained to assist the survival and restructuring of an insolvent company. The process results in all assets of the company being protected so that a viable enterprise can be saved, thereby, saving the jobs of the employees.
When is an Examinership appropriate?
An Examinership is generally appropriate when there is a viable trading business with employees who depend on the company for their livelihoods, and the business has a reasonable prospect of survival should a Scheme of Arrangement be entered into, with the company’s creditors.
Who can avail of Examinership?
Any insolvent Cypriot company with a reasonable prospect of survival can seek the appointment of an Examiner.
What is Baker Tilly’s experience of Examinership?
Baker Tilly is the leading examinership firm in Cyprus. Professionals in Baker Tilly have directly or indirectly acted in over 150 examinerships in recent years and our staff possess a high level of knowledge and expertise in this area.
How can Baker Tilly assist?
- Assist a company in determining whether it is suitable for Examinership
- Act as Examiner if nominated by the shareholders, directors or creditors
- Advise and assist companies in preparing their application to the Court for the appointment of an Examiner
To find out more about Examinership, please visit www.examinership.com.cy