Cyprus Property Forum for Buyers, Sellers & Investors

While this might be a bit off-topic, I find myself in a situation where I recently inherited a 50% share in my late father's company. The company, according to my father's partner, is reportedly doing well, and he recommends retaining my share due to the favorable dividends for shareholders.

However, given the lack of detailed financial information available to me at this time—such as the company's net worth, growth, etc.—and the ongoing estate administration process, I am concerned about relinquishing control of my share to my father's partner during this interim period.

As I await the court's order to formalize my administrator status, I would greatly appreciate your insights on the following:

1.Can you suggest reliable sources or platforms where I can access comprehensive financial information about the company online? I aim to gain a clearer understanding of its current standing.

2.Considering the potentially extended timeline for the estate administration, what steps would you recommend I take to exert some control over my share and mitigate any potential loss in its value? I am eager to make informed decisions and safeguard my interests.

Thank you in advance for any guidance you can provide.

D

Hi Dave

Presumably your late father's company was audited? I suggest you contact the auditors for a copy of their report.

There is a website at https://www.infocredit.com.cy/Default.aspx that may have details of the company.

Regards,

Dear Nigel,

Thank you for your prompt response! I've just successfully ordered a comprehensive credit report using the recommended website.

Once I have a grasp of the financial report, do you have any suggestions on the most effective course of action? I'm particularly concerned about my ability to impact my inherited share (including investments) before the estate administration concludes.

Presently, my primary worry stems from the lack of influence over my 50% share in the company. Hypothetically, there's a possibility that the partner could steer the company towards financial decline or bankruptcy without any input from me. Is there a way to address this concern or influence the situation proactively?

Your insights would be greatly appreciated.

Best regards,
D

Hi Dave

I'm sorry, I can't help you any further. What you're asking is way outside my knowledge/experience.

Perhaps an accountant or an auditor could advise.

Regards,

Thank you, Nigel.

I appreciate your help!

Best,
Dave

Hi Dave

Firstly, did your father leave a will as this will determine your entitlement to his estate?

Secondly, is the estate in Cyprus or the UK, or a mix of both as this could affect your liability for inheritance tax in either country?

My wife inherited her mother's share of her husband's estate but it took 6 years to go through Cyprus probate, though I believe it's a bit quicker nowadays!

However, as Nigel has said you need to consult with an accountant or a lawyer to address your specific concerns!


Shane