25 January 2017
Baker Tilly in South East Europe in association with the Cyprus Employers & Industrialists Federation (OEB), has successfully presented the event “Survive and Thrive: an Introduction to Examinership”. The event took place at the Filoxenia Conference Centre, on Monday the 23rd of January. The main speaker was Mr Neil Hughes, Managing Partner of Baker Tilly in Ireland, a country where the concept of Examinership is successfully applied for more than 25 years.
The event was attended by Cyprus’ prominent government and business personalities, who had the opportunity to be informed about the concept of Examinership and its possible benefits for viable businesses that are currently facing challenges. The event was a unique opportunity to be exposed to practical issues relating to the appointment and practice of an Examiner. Mr Hughes, with extensive experience in Examinership matters, and being one of the leading experts of Ireland’s formal rescue process, has shared real examples of success stories of some of Ireland’s most high profile companies who have entered and successfully exited the Examinership process.
It is worth mentioning that Baker Tilly in Ireland is the country’s leading Examinership firm with a market share exceeding the 50%, participated in over 200 Examinership cases across a wide range of industries, with a successful rate of over 90%, thereby saving thousands of jobs.
During the event, Mr Antonis Vasiliou, Director of Consulting, Business Advisory and Insolvency Services of Baker Tilly in South East Europe, commented “We strongly believe that Examinership should appeal to both the businesses as well as the secured creditors that rely on the businesses’ success in order to recover their debts. Examinership is a transparent process that gives a second chance to businesses for starting afresh, by addressing issues inherited from the economic downturn''.
The Examinership legislation was introduced in Cyprus in June 2015 as an amendment of the Companies Law through which businesses are provided with an additional tool to be used where possible in order to manage to recover from economic challenges.