Articles relating to the winding up of a Company are included in the Companies Act known as Chapter 113, as amended, and is indistinguishable from the Companies Act 1948 in England, in which it relies. Case-based primarily on English law and Cyprus and other countries that have variants of English Law for companies, as well as on writings such as Applications to Wind Up Companies (Second Edition-Derek French – Oxford University Press-2008). Also the companies (winding-up) Modal Regulations 1933-1999, special regulations.
Personal insolvency in Cyprus is governed by the Bankruptcy Law, Cap 5 (“Bankruptcy Law”), and the Bankruptcy Rules, which are found in the Subsidiary Legislation. The Bankruptcy Law is based on the UK legislation of 1914 with some amendments through the years, the most recent having taken place in 2008.
The Bankruptcy Law deals with an individual who is unable to pay his debts (“the debtor”) so as to:
(a) distribute the debtor’s property among his creditors and
(b) give to the debtor a new start in life, free from any claims from his creditors and court actions against him for repayment of his debts if he has acted honestly and is not guilty of any serious misconduct.