Assignment of Liquidator
Posted: 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.
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.