Paphos People

Dear Mr Kalogirou,

In Cypriot Law, if two people (not Cypriot) have shared ownership of a property in Cyprus and one of them goes bankrupt and a trustee has been appointed to look after their affairs has that trustee got the power to enforce the sale of the property?

Thanks in advance.

Lorraine

Dear Lorraine,

Thank you for your question.

If somebody is declared bankrupt in Cyprus usually the official receiver undertake to act as the administrator of his/her property. Sometimes the administrator is not the official receiver, but a private receiver or accountant.

The administrator manages the assets and tries to pay the debts. The administrator does have the right to sell the property.

But in the case of your friend, as I understand your friend and the bankrupt person are both registered owners of the property, so your friend will have the first option to buy the share of the bankrupt person.

If your friend is not interested to purchase the other share or give his/her consent to sell then there is a proceedure for the administrator to sell the share of the bankrupt person to a third party.


Regards


Haris Kalogirou

Thank you Mr Kalogirou,

The person has been declared bankrupt in the UK, but has part share of a property in Cyprus (apologies for not making that clear in my previous post). Would the trustee in the UK be able to force the sale of the property in Cyprus?

Many thanks,

Lorraine

Dear Lorraine,

Any Judgment from the U.K. Courts must first be registered with the Court in Cyprus.

After this, in my opinion, the proceedure will be as per my previous explanation.

Regards


Haris Kalogirou