The recovery of Cyprus’ economy from the 2013 downturn has surpassed all expectations to date. The economy was one of the fastest growing of the Eurozone economies in 2019. The Cyprus government remains focused on addressing the legacy non-performing loan exposures of Cyprus’ financial institutions which linger from circumstances caused by the 2013 downturn. It is evident that further non-performing loan portfolio sales will conclude over the course of 2020. Further, Cyprus’ government is looking to consolidate the strong recovery in the
economy since the downturn and is looking at initiatives which will ensure the sustainability of the different projects and industries which are currently being developed and supported in the country. Factors such as improved
efficiency, innovation and sustainability are seen as strong factors when attracting investment to the Cypriot economy.
Restructuring and repositioning are seen as important tools to facilitate the government’s economic priorities set out above. Ranging from the workout or resolution of non-performing facilities to the formal/informal restructuring of a business through an examinership process or otherwise to a restructuring due to succession planning, Baker Tilly are in no doubt that restructuring and insolvency mechanisms will continue to be a presence in Cyprus’ economic landscape for the foreseeable future. In this regard, it is important that restructuring and insolvency professionals keep up to date with the latest developments affecting the sector. The second Annual Baker Tilly Restructuring
Summit has been planned with the above factors in mind.
The second Annual Baker Tilly Restructuring Summit will provide a forum to restructuring/insolvency sector specialists to discuss a range of topics and issues currently impacting the sector. Insights will include but not limited to:
• Debt Restructuring
• Examinership
• Strategic Defaulting
• Current dynamics impacting Cyprus’
property marketplace