PLEASE be advised that the Paphos District Court has appointed Mr Chris Iacovides of CRI Group has the liquidator for Y Liasides Developers Ltd.
Purchasers are advised that Mr Iacovides is convening a meeting of purchasers/ investors of Y Liasides Developers Ltd properties, to discuss his strategy as to how he proposes to deal with the liquidation.
The meeting will be taking place on 28th June 2013 at 10:00am at the Amathus Beach Hotel Paphos and is being convened for the purposes of:
- Explaining the role of the Liquidator and providing an opportunity for purchasers/ investors to put their questions and/or concerns to Mr Iacovides and his team.
- To discuss the Liquidator’s remuneration, which has been agreed to be on the same basis to that charged by the Official Receiver, when acting as liquidator. A copy of the relevant legislation governing fees in included in the first enclose below. The section relevant to purchasers/investors is highlighted; your attention is drawn to the Official Receiver’s entitlement to charge 11% fees in connection with assets realised or brought to credit.
- Establishing committees for each development, which will assist Mr Iacovides when dealing with matters involving title deeds and/or resolving issues in connection with each development.
If purchasers are unable to attend, they are welcome to have a representative attend the meeting on their behalf.
Enclosures
Letter to all known Y Liasides Developers Ltd purchasers
Court Order ratifying appointment of Mr Chris Iacovides as liquidator of Y Liasides Developers Ltd
Published on behalf of CRI Group Ltd
