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CORPORATE ACCOUNTABILITY

FINANCIAL RESTRUCTURING AND INSOLVENCY

When a company faces financial pressure — non-performing loans, liquidity difficulties or an inability to meet its financial obligations — timely and appropriate guidance can make the difference between recovery and liquidation.

The specialised Corporate Insolvency Department of ENTER CONSULTING ZONE provides practical solutions tailored to the specific needs of each business.

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GUIDANCE AND ADVICE

A. BANKING OBLIGATIONS & AGREEMENTS
We advise businesses on their banking obligations, legal rights and available options for restructuring or entering into financial settlement arrangements.
B. EXAMINERSHIP
Examinership is a legal process designed to rescue viable businesses experiencing temporary financial difficulties while preserving employment and ongoing business operations. The Court appoints an Examiner who assesses the company’s financial position and prepares restructuring proposals acceptable to the creditors.
An application for the appointment of an Examiner may be submitted by:
• The company itself
• A creditor including a current, contingent or prospective creditor
• A guarantor of the company’s obligations
• An employee of the company
• A member or shareholder holding at least one-tenth of the company’s share capital
C. RESTRUCTURING OF NON-PERFORMING LOANS
• Review, assessment and negotiation of corporate loan restructuring arrangements
• Settlement solutions and evaluation of new or existing terms
• Repayment strategies and rescheduling of outstanding debts
D. SCHEME OF ARRANGEMENT
A Scheme of Arrangement is a legally binding agreement between a company and its creditors for the full or partial repayment of its obligations within an agreed timeframe.
It is suitable for a viable company experiencing temporary liquidity difficulties.
What does a Scheme of Arrangement provide?
• The company continues its operations
• Court proceedings and the threat of liquidation are suspended
• The company’s credit position is restructured
• The directors remain in office
• Returns to creditors are maximised
E. BUSINESS RESCUE AND STRATEGIC RESTRUCTURING
When timely intervention remains possible we design and implement realistic rescue plans in cooperation with all relevant stakeholders.
• Timely corrective measures before the situation escalates
• Business restructuring from planning through to implementation
• Management and limitation of operational risks
• Interim management during transitional periods
• Financial restructuring aimed at achieving long-term viability
A. Provision of advice to businesses regarding their banking obligations and agreements.
B. Examination of the business (Examinership).
The procedure at hand aims at rescuing and restoring the business activity of a company, while also maintaining the smooth operation of sustainable enterprises in economic development and employment retention.
The Court is empowered to appoint an examiner for the purpose of examining the financial situation of a company facing economic difficulties and achieving a binding agreement with its creditors, in order to settle all or part of its debts and to establish a repayment schedule on new terms.
To appoint an Examiner, an application may be submitted by the following, either jointly or separately:
1. The company itself
2. A creditor, even if they are a contingent or prospective creditor
3. A guarantor of the company's obligations
4. An employee of the company
5. Members of the company who hold at least 1/10 of the share capital.

Διαδικασία που χρησιμοποιείται και αποβλέπει στην διάσωση και αποκατάσταση της Επιχειρηματικής Δραστηριότητας μιας Εταιρείας καθώς και στην διατήρηση και έρρυθμη λειτουργία βιώσιμων Επιχειρήσεων στην οικονομική ανάπτυξη και διατήρηση απασχόλησης.
Το Δικαστήριο έχει την εξουσία, να διορίσει, Εξεταστή, για σκοπούς εξέτασης της οικονομικής κατάστασης μιας Εταιρείας, που αντιμετωπίζει οικονομικές δυσκολίες και για την επίτευξη δεσμευτικής συμφωνίας με τους Πιστωτές της, προκειμένου να εξοφλήσει όλα ή μέρος των χρεών της και να επιτύχει ένα χρονοδιάγραμμα αποπληρωμής με νέους όρους.

Για Διορισμό Εξεταστή μπορεί να υποβάλει αίτηση, μαζί ή/και ανεξάρτητα:

1. Η ίδια η Εταιρεία
2. Πιστωτής, έστω και αν αυτός είναι ενδεχόμενος ή μελλοντικός
3. Εγγυητής των υποχρεώσεων της Εταιρείας
4. Εργοδοτούμενος της Εταιρείας
5. Μέλη της Εταιρείας που κατέχουν το 1/10 του Κεφαλαίου

C. COMPANY RESCUE & RESTRUCTURING STRATEGIES
C. Restructuring of Non-Performing Loans (NPLs)
➤ Examination, Evaluation, Negotiation, Restructuring of Company Loans
➤ Settlement Solutions
➤ Assessment of New/Existing Terms
➤ Rights and Obligations of Secured Creditors/Borrowers/Guarantors
➤ Evaluation of the Impact of Current Liabilities on the Business Activity of the Company.
In case a company faces financial difficulties, our team is able to guide and advise you so that together we can achieve a realistic and functional rescue plan for your company. Rescue requires the cooperation of all parties involved.
Our goal is to find and implement alternative, sustainable and long-term solutions, such as:
➤ Corrective measures on time
➤ Business Reorganization
➤ Diagnosis and implementation of functional solutions
➤ Maintaining the viability of the company
➤ Intermediate Management
➤ Financial Restructuring

•  Εξέταση, Αξιολόγηση, Διαπραγμάτευση, Αναδιαρθρώσεων Δανείων Εταιρειών
•  Λύσεις Διακανονισμού

•  Αξιολόγηση νέων / υφιστάμενων όρων

• Δικαιώματα και Υποχρεώσεις εξασφαλισμένων Πιστωτών / Δανειοληπτών / Εγγυητών

• Αξιολόγηση της επίδρασης της Κυμαινόμενης Επιβάρυνσης στη δραστηριότητα του ενεργητικού της Επιχείρησης

D. Corporate Financial Restructuring and Insolvency
The Corporate Restructuring Plan (“CRP”) is a legally binding agreement between a company and its creditors, concerning the full and/or partial repayment of the creditors within a specific time period.
If a company has a sustainable future, but is facing liquidity issues resulting in increased pressure, a CRP may potentially be the solution not only for the company, but also for its creditors.
Benefits of a CRP for a Company Facing Financial Pressures
➤ Enables the company to continue its operations with the aim of improving its financial situation and enhancing its debt to creditors.
➤ Stops the initiation of legal actions and liquidation proceedings.
➤ Relieves pressure to find liquidity.
➤ Directors are entitled to remain in their positions.
➤ Flexible methods may be applied to ensure the highest possible return of funds to creditors.

Maria Vassiliou is a certified Mediator and a member of the Cyprus Center for Alternative Dispute Resolution. She is also listed in the Cyprus Chamber of Commerce and Industry (CCCI). 

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