We were appointed receivers of a real estate business significant property assets in in Limassol. Bank debt was over €10million
Jurisdictions involved in this assignment
Limassol.
The business and background
We were appointed receivers of a real estate business with significant property assets in Limassol. Bank debt was over €10million.
What we did
We immediately ensured the Debtor’s collaboration and proceeded with the appropriate valuation, tax investigations and initiated the sale proceedings.
We were faced with a wide range of challenges, including multiple claims from real estate agents and government permits and licencing issues were overcome.
The outcome
The onset of the global pandemic prompted reluctance and hesitation amongst the investors, which significantly delayed the sale of the asset.
The team achieved the sale of the asset at pre-covid 19 values. Recoveries ensured the secured lenders were repaid in full.
