According to the provisions of the current legislation and specifically as per the Insolvency Consultants Law of 2015 and the Insolvency consultants Regulations of 2015, a certified insolvency consultant may act on behalf of legal entities (companies) as a liquidator, interim liquidator, receiver, administrator or evaluator. Also, a licensed insolvency consultant may act on behalf of a physical person, as a bankruptcy administrator, a temporary receiver of his/her property or a special administrator of his/her property or business, or as a consultant concerning repayment schemes and loans restructuring.
Michalis Economides, CEO of the international law firm Chambersfield Economides Kranos and GFA Trust, a specialized corporate and fiduciary services provider, is a certified liquidator and insolvency practitioner who is legally entitled to act on behalfof both legal entities and physical persons for purposes of restructuring of their debts.
It is noteworthy to mention that an advocate and legal consultant, who is also a certified liquidator and insolvency practitioner, is able to act as a liquidator, administrator, evaluator and loan restructuring consultant. Also, he has the capacity to act on behalf of the clients by representing their rights both in out-of-court compromises and in cases before the court.
Moreover, the lawyer / certified liquidator and insolvency practitioner, has the knowledge of examining whether the legal entities and/or physical persons have the competence to repay their debts. Thus, he may provide them with several consultative restructuring plans that aim to activate the appropriate dealing mechanisms of the debts, i.e. through restructuring or lengthening the repayment period of the due amount or swapping with a real estate option (SWAP) etc.
Consequently, the purpose of the lawyer / certified liquidator and insolvency practitioner, is to achieve the best possible outcome, for the legal entity and/or a physical person, which will be in line with their financial capabilities, but at the same time, will meet the eligibility criteria and conditions, required by the legislation.
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