Assignment of Liquidator

Questions about living in properties with shared/common facilities
Post Reply
BedotheCreak
Posts: 10
Joined: 27 Mar 2014 17:01

Assignment of Liquidator

Post by BedotheCreak » 26 Sep 2016 10:04

Hi,
Can anyone tell me how a liquidator is appointed in Cyprus (does it have to be a lawyer/ accountant or a.n.other). A qualified person?

We have a number of issues with our building in Limassol, where the original developer declared bankruptcy in 1986. A liquidator was appointed but to date there are properties in our building still registered in the name of the original developer.

Surely the liquidator is legally required to liquidate all of the assets, and these funds are then used to pay the creditors.

Obviously no common expenses have been paid, but the value of the property has increased over the years at other owners expense.

Our Management Committee has been trying to renovate the building for many years, but has met huge resistance from non-payers in the building.

Regards

Dave B.



Nigel Howarth
Site Admin
Posts: 2295
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Assignment of Liquidator

Post by Nigel Howarth » 26 Sep 2016 17:51

Hi Dave

I expect the liquidator will have been appointed by the bank. As I recall the Limassol development company that went into liquidation in 1986 was Pieris Estates?

I believe the affair continued until 2006 at which time the European Court of Human Rights ordered the Cypriot Government to pay €29,000 to four Greek Cypriot buyers for allowing their case to drag on in Cypriot courts for more than two decades.

I think the best people to speak to about this is the Insolvency Service - you can find their contact details at http://www.mcit.gov.cy/mcit/insolvency. ... enDocument

Something should have happened over the past 30 years!

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

BedotheCreak
Posts: 10
Joined: 27 Mar 2014 17:01

Re: Assignment of Liquidator

Post by BedotheCreak » 27 Sep 2016 00:29

Nigel,

Thanks for your response.

Dead on with the guess on the company concerned, it was Pieris Estates Limited.

I have done some digging myself, and it appears that the 'liquidator' was 'Kostas Frantzi'. I have an address for him in Limassol but no email address. Only information available so far for him, is that he is a registered notary.

I am surprised that 30-years later, assets are still under the developers name, and have not been 'liquidated' to pay creditors. Basically our building is carrying this property at zero cost, and the value of this property is increasing.

I did try to contact mcit.com.cy (Insolvency Service) but got no response to my request for the name of the liquidator for Pieris Estates.

I'll continue with my search for answers.

Regards



Nigel Howarth
Site Admin
Posts: 2295
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Assignment of Liquidator

Post by Nigel Howarth » 27 Sep 2016 08:22

Hi Dave

Costas Frantzi is still around - tel 99687779/25365553.

Rgds


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

BedotheCreak
Posts: 10
Joined: 27 Mar 2014 17:01

Re: Assignment of Liquidator

Post by BedotheCreak » 05 Oct 2016 22:02

Hi,

I called Dr. Costas Frantzis to obtain his email address ([email protected]).

I then sent him an email regarding the properties in our building registered at the Land Registry to Pieris Estates Limited.

So far there is no response of course!

Cheers

Dave B.



Post Reply