17.11.2009 |
Validation Orders In the Context of Winding Up
In a winding-up by the court, any disposition of the company’s property, and any transfer of shares, or alteration in the status of the company’s members, made after the commencement of the winding-up is, unless the court otherwise orders, void, section 216 of Cap 113 of the Laws of Cyprus (“the law”).
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02.09.2009 |
Annument of Bankruptcy, one year after... The "famous"
law with its subsequent ammendments, in relation to Annulment Applications - By operation of Law - by Bankrupts, persuant to the provisions of Section, 27 and 27a, 2 of 2(1) and 2(b) of 74(1) of 2008
Discharge is the procedure whereby the bankrupt obtains his/her release from the restrictions of bankruptcy and has no obligations to any of the liabilities due at the time of the receiving order...
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27.07.2009 |
Wrongful Trading
Wrongful trading is an action that can be taken only by a company's liquidator, once it has gone into insolvent liquidation. (This may be either a voluntary liquidation - known as Creditors Voluntary Liquidation, or compulsory liquidation)...
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20.07.2009 |
Shadow and de facto directors
Shareholders, including parent companies, who have the right to appoint one or more directors to the board of a company should review their working practices in respect of those who represent their interests...
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07.07.2009 |
Piercing the corporate veil
When a court rules that the directors, shareholders or beneficial owners of a company should be brought to account for their involvement and/or the role they may have played, in relation to liabilities or acts of a legal entity, this is known as piercing or lifting of the corporate veil...
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29.06.2009 |
Helios, the Failed Airline, will continue to haunt Cyprus as the battle for its liquidation is likely to last for several months.
On the 9th of April 2009, Louis Hotels Public Company Ltd, a creditor of Helios, filed an application to the court, inter alia seeking its winding up, on the basis that the company is insolvent and unable to meet its liabilities, as and when these fall due for payment. ...
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16.06.2009 |
What is Bankruptcy and what are its Repercussions
Bankruptcy is ones inability to discharge personal debts as and when these become due for payment. Bankruptcy can be initiated, either by the debtor or by one or more creditors, following an application to the court...
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09.06.2009 |
In May 2009, 16 public companies filled for Bankrutcy in the US
Contrary to popular belief that Recovery is on its way in the world’s biggest Economy, USA, 16 public companies filed for bankruptcy in May 2009, bringing the total for the first five months of the year to 103. ...
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29.05.2009 |
One million people insolvent in the UK
Around 700,000 people are currently left off the official British insolvency figures, even though they are technically insolvent. Added to the official figures, this means the total of insolvent individuals in the UK is now approaching 1 million. ...
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04.05.2009 |
Corporate Restructuring in the light of the world's financial crises
In volatile economic conditions there are always going to be businesses that suffer from a downturn. This does not necessarily indicate...
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