Filenews 1 June 2022
Issuance of a liquidation order and termination of reorganisation measures in Cyprus Popular Bank Public Co Ltd by the District Court of Nicosia with a view to the liquidation of its assets, according to an announcement by the Central Bank. Augustine Papathomas was appointed to the position of liquidator.
What does the Central Bank's announcement say?
The District Court of Nicosia yesterday issued a Liquidation Order of Cyprus Popular Bank Public Co Ltd and the appointment of Mr. Augustine Papathomas as liquidator. The liquidation regime and the appointment of the liquidator entered into force on 31 May 2022.
The purpose of the liquidation is to liquidate the assets of Cyprus Popular Bank Public Co Ltd for the benefit of its creditors.
This decision is the result and vindication of the actions of the present Administration of the Central Bank of Cyprus, which completed the prerequisites for the liquidation process of Cyprus Popular Bank Public Co Ltd and submitted the application for its approval to the Court.
Following the above development, the Central Bank of Cyprus, acting as the resolution authority, decided to terminate the resolution measures at Cyprus Popular Bank Public Co Ltd.
