Businesses in Cyprus close at a steady pace every month and compared to last year there is no upward trend. Despite the tools provided to entrepreneurs by the Insolvency Service, some seek to close the company despite finding ways to maintain it. More than 19 thousand are the voluntary liquidations that took place in Cyprus in the last decade, according to the data of the Insolvency Service, while the liquidation decrees of companies exceed 1300.
From the analysis of the Insolvency Service data, the total voluntary liquidations in 2020 were 2,235 from 2,097 in 2019, 2,378 in 2018 and 2,497 in 2017. The voluntary liquidations in October 2021 were 148 and in September 164 while in August 108. Based on the figures in July were 158 in June 204 and in May 139. In April the voluntary liquidations were 193, in March 180, in February 207 and in January 168. In the ten months of the year the voluntary liquidations amounted to 1,669 compared to 1,6750 last year in 2019.
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Evidence shows that there is little interest in personal repayment plans. Applications reached 102 in 2020 from 63 in 2019, while the number has been stable for the last three years. For example, in 2018 it was 65, in 2017 it was 60 and in 2016 only 35. In the ten months of 2021 it was 167, in 2020 it was 85 and in 2019 it was 51. Regarding the issuance of a debt write-off decree up to € 25 thousand, for citizens who meet in the criteria, their number reached 42 in the decade of 2021, 48 last year and in 2019 it was 95.
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