The Cyprus Companies Law, Cap 113 provides for three methods for winding-up:-.
1. Involuntary winding-up by its creditors
2. Voluntary winding-up by the members
3. Voluntary winding-up by and/or under the supervision of the Court
Alternatively, a company can be also struck-off the Register of Companies as per Section 327 of the Companies Law, Cap 113.
Our firm’s experienced litigators have recently successfully defended a client from an application for involuntary winding-up proceedings brought before the District court of Limassol in case number 347/18. In this matter the creditor alleged that the defendant company owed an unpaid sum for goods received. The defendant company argued that there was a dispute in good faith as to the legitimacy of the claimed amount and therefore the claimed amount was not liquidated.
The Court agreed with the defense and dismissed the creditor’s application.
To read the full decision please click HERE
If you are facing pressure from creditors for disputed claims contact us