Republic Of Cyprus
MINISTRY OF ENERGY,
COMMERCE, INDUSTRY AND
TOURISM
November 2011
Department of Registrar of
Companies and Official
Receiver
ANNOUNCEMENT
SUBJECT: Procedure for conducting "First Meetings of Creditors" and "First Meetings of Creditors and
Shareholders / Contributories"
In accordance with the Insolvency Regulation Articles 112 and 119, and with the Companies Regulations
Articles 26 (3) and 53, the Official Receiver convenes the above Meetings, based on the following
schedule of deadlines for submission of Proofs of Debt and proxies:
To be entitled to participate in the vote/decisions of the meetings, both for creditors and their proxy
representatives, you are informed that from now on the Proofs of Debt should be submitted no later
than 12:00 noon, two (2) days prior to the scheduled date of the meeting and the proxies should be
submitted no later than 12:00 noon, one (1) day prior to the scheduled date of the meeting, at the
offices of the Bankruptcies and Liquidation of Companies Section.
At the "First Meeting of Creditors", voting rights are allowed for all creditors who have submitted a Proof
of debt. At least three creditors must be present to constitute a quorum. If verifications received are less
than three, then all creditors must be present. Creditors may be represented by holders of special or
general proxies.
At the "First Meeting of Shareholders/Contributories" voting rights are given to all
shareholders/contributories. At least three shareholders/contributories should be present to constitute a
quorum. If shareholders/contributories are less than three, then they all must be present.
Shareholders/Contributories may be represented by holders of special or general proxies.
At the "Meetings of Creditors and Shareholders/Contributories" observers may attend for special reasons
but without voting rights or participation in the procedure.
At the "Meetings of Creditors and Shareholders/Contributories", legal or other advisors can accompany
any creditor or shareholder/contributor or proxy representative but cannot participate in the procedure,
unless they have a proxy to represent them in these "Meetings".
At the "First Meetings of Creditors and Shareholders/Contributories" which are conducted separately,
both the creditors and shareholders’/contributories may, by a majority in number, and amount decide:
Postal address of Bankruptcies and Liquidation of Companies Section:
19, Gerasimou Markora and Michalakopoulou Corner, 2nd Floor, Office 201, 1075 Λευκωσία
Tel. 22466510, 22458305 Fax. 22466583 Website: http://www.mcit.gov.cy/drcor
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(a) Whether or not to apply to the Court for the appointment of a Liquidator in place of the Official
Receiver and in case of another Liquidator is appointed to determine his/her remuneration.
(b) Whether or not to apply to the Court for the appointment of a Supervisory Commission.
At the Meetings of Creditors of bankrupt persons, the appointment of Trustee is decided, his/her
remuneration and also the appointment of a Supervisory Commission.
If a Liquidator/Trustee is not appointed by the Court, then the Official Receiver will remain as Liquidator/
Trustee.
The decisions of Creditors and Shareholders/Contributories are subject to Court approval.
George Karrotsakis
Director of Bankruptcies and
Liquidations of Companies Section
For Official Receiver
Postal address of Bankruptcies and Liquidation of Companies Section:
19, Gerasimou Markora and Michalakopoulou Corner, 2nd Floor, Office 201, 1075 Λευκωσία
Tel. 22466510, 22458305 Fax. 22466583 Website: http://www.mcit.gov.cy/drcor
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