Examinership; An Alternative
Examinership is a process whereby the protection of the Court is obtained to assist the survival of a company. Essentially it allows a company to explore all opportunities to provide for its survival and restructure with the approval of the Courts.
This is a rescue process that involves the appointment of an Examiner (usually a practising accountant) to examine the business and shepherd the company through a breathing-space restructuring period. Examinerships in Cyprus last up to 6 months.