Navigation path

Winding up - Cyprus

Updated 08/2009

Legal requirements

The legal framework for the dissolution of a company consists of the Bankruptcy Act and the Companies Act.

Types of dissolution

Voluntary liquidation

A business may cease trading eventually for various reasons, e.g. liquidation.

  • Companies Act, Chapter 113 (not available in electronic form)

When filing for bankruptcy is the only option left for a business owner, it pays to cut losses, initiate proceedings sooner rather than later, and move on to a new business project.

Administrative procedures

Deregistration

Liquidation procedure

The Inspector of the Authority for the Supervision and Development of Cooperative Societies has the power to order the liquidation of an undertaking and may appoint a liquidator for this purpose once a majority of members decide to pursue this option.

During the liquidation process, the undertaking's capital must be used (in order of priority) to liquidate expenses, discharge company debts, and pay share capital.

Any money left over should be deposited by the inspector in a bank or registered company until a new undertaking, operating in the same area, is founded. Any remaining money is then transferred to this new undertaking to create a reserve capital.

Business deregistration

Once the liquidation process is complete, the inspector issues an order to cancel the registration of the undertaking, which is then dissolved.

Check also the legislation on this topic in:

  • References

    Legal texts

    • Cooperative Societies Acts, 1985-2003pdf [2 MB] ελληνικά
    • Bankruptcy Act, Chapter 5 (not available in electronic form)
    • Company Act, Chapter 113 (not available in electronic form)

Living and moving in Europe

Still need help?

Still need help?

Enterprise Europe Network - Contact points

The Enterprise Europe Network provides businesses with information and advice through its local contact points. 

Choose your nearest contact point for personalized help and advice:

Further help

The Companies Division of the Department of the Registrar of Companies and Official Receiver deals with the registration and deregistration of domestic businesses, foreign companies, partnerships and trade names. Interested parties may seek advice and support on commercial operations in all sectors of the economy.