Economou & Co LLC has successfully completed the validation of multiple debt claims arising from European Payment Orders (EPOs) issued against a majour online casino, in the context of court-supervised liquidation proceedings.

Our firm acted on behalf of 17 creditors, each of whom had previously obtained European Payment Orders confirming monetary claims against the online casino.

The validation process involved the review and submission of the underlying European Payment Orders, confirmation of their final and enforceable status, and full compliance with the provisions of Regulation (EC) No 1896/2006.

The validation of high-value claims requires strict adherence to the Cyprus insolvency laws and evidential support to secure approval from the Insolvency Department.

Our work included:

• Preparing and substantiating detailed proofs of debt derived from the European Payment Orders, supported by comprehensive documentary evidence;
• Coordinating with the Insolvency Department to address issues relating to cross-border recognition and procedural compliance;
• Achieving the successful validation of over €1 million in creditor claims, securing formal recognition of the clients’ entitlements within the liquidation process.

This matter highlights the importance of methodical preparation and precise legal guidance in insolvency proceedings, particularly where foreign or cross-border instruments intersect with domestic recognition requirements.

For clients and stakeholders navigating similar challenges, our Detailed Guide to Submitting Proof of Debt Claims in Cyprus provides practical, step-by-step insight into the documentation required, key deadlines, and strategic considerations for ensuring that claims are properly recognised and validated.