Department of Insolvency - Cyprus

The Department of Insolvency of the Republic of Cyprus is the competent public authority responsible for the effective administration, implementation and oversight of the national insolvency framework. Operating under the Ministry of Energy, Commerce and Industry, the Department is responsible for the administration of insolvency and restructuring proceedings involving both individuals and companies.
Its scope of responsibilities includes the administration and implementation of corporate and personal insolvency proceedings, including company liquidations, bankruptcy proceedings, Personal Repayment Plans, Debt Relief Orders, examinerships, and the appointment and oversight of receivers and managers, in accordance with the applicable legislation.
The Department also maintains statutory and public insolvency registers and provides administrative and regulatory services relating to insolvency proceedings, contributing to the transparency, efficiency and effective functioning of the national insolvency system.
A further key area of responsibility is the licensing, regulation and supervision of Insolvency Practitioners licensed by the Department, including professional and disciplinary oversight in accordance with the Insolvency Practitioners Law and applicable regulations. The Department also maintains the Public Register of licensed Insolvency Practitioners.
Through these functions, the Department supports the effective implementation of Cyprus’s insolvency and restructuring framework, promoting the orderly resolution of financial distress, the rescue and restructuring of viable businesses, effective administration of insolvency estates, and appropriate mechanisms for individuals facing financial difficulties.