Economou & Co LLC is pleased to announce the successful validation of creditor claims exceeding €13 million before the Insolvency Department of Cyprus in connection with court-supervised liquidation proceedings.

The underlying debt derived from an arbitral award issued by the London Court of International Arbitration (LCIA), adding an important cross-border dimension to the matter.

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 team approached this matter with disciplined preparation and a comprehensive understanding of the applicable legal framework, ensuring that the claim was documented and advanced in full compliance with regulatory and procedural requirements.

Our work included:

• Preparing and substantiating a detailed proof of debt derived from the LCIA award, supported by comprehensive documentation;
• Coordinating with the liquidator and Registrar to address issues relating to cross-border award recognition and to ensure that all submissions aligned with prevailing procedural standards;
• Achieving the successful validation of over €13 million in creditor claims, securing formal recognition of the client's entitlements within the liquidation process.

This matter reflects the importance of methodical preparation and precise legal guidance in insolvency proceedings, especially where foreign awards intersect with domestic recognition requirements.

Cross-border considerations, creditor ranking, and interactions with liquidators often introduce additional layers of complexity, making experienced counsel essential.

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.