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Insolvency & Restructuring

08 June 2018
Stelios Christofides Legal reform proposals over appointment of receivers

Cyprus - George Z Georgiou & Associates LLC

Members of Parliament have proposed legal reforms with the aim of regulating the procedure for the appointment of receivers by debenture holders. The issues under scrutiny are that borrowers have no say during the procedure for the appointment of a receiver, and that issues with the impartiality of the receiver can arise on many occasions. However, the proposal has encountered the resistance of financial institutions.

Author: Stelios Christofides
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Stefan Sax ECJ opines on insolvency-related ancillary claims against members of creditors' committees

European Union - Clifford Chance LLP

The European Court of Justice recently extended the international jurisdiction of the court where the insolvency was opened through so-called 'annex competence' and insolvency-related 'ancillary claims and proceedings'. This decision clarifies that creditors' committee member activities are inseparably linked with insolvency proceedings and their effects. Although the case at hand viewed the creditors' committee as compulsory, the same should also apply to members of a voluntary creditors' committee.

Authors: Stefan Sax, Martin Jawansky
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