We have recently issued an Insolvency Guide, which covers the most important parameters and definitions of the Insolvency Framework. We tried to make it simple and answer most of the questions encountered, however below we summarised a list of the frequently asked questions and their corresponding answers.

An Insolvency Practitioner is a licenced physical person who is appointed to act on behalf of a company as a liquidator, a receiver/administrator or an examiner and on behalf of a physical person as a bankruptcy administrator, a temporary receiver of his/her property or a repayment plan advisor.

The Insolvency Practitioner helps insolvent individuals and companies by preparing a debt restructuring plan (after being aware of the financial data of the debtor), so that the debt becomes viable.

In order for a physical or legal person to become a client of Revita, the interested party needs to sign an authorisation letter, which will authorise Revita to communicate with third parties concerning the case of the client (e.g. banks, governmental and tax authorities, creditors/debtors, etc.).

Also an engagement letter will have to be signed at inception, which will set the guidelines of the cooperation.

It is of great importance that the client will have an idea of the solution he/she wants to achieve, in order for the team of Revita to decide on the action plan to be implemented and follow it so that measurable, specific and timely results can be achieved.

There is an initial charge of €60 (including VAT) for the first consultation/meeting. Following that, an engagement letter is prepared covering various aspects of the cooperation. The fee aspect consists of an initial (set up studying the case) fee, an hourly rate charge and a success fee upon positive completion of the case.

Surely, we cannot guarantee that all cases will be resolved a 100%, as there may be factors which we cannot control or predict. Our team will strive to achieve the best possible results for the benefit of the client, in an effective and efficient manner.

We are offering our services to both physical (individuals) and legal persons (companies).

Households can be protected from foreclosure through the below options:

  • The “Estia”plan
  • A Personal Repayment Scheme
  • A Debt Relief Order issued from Court

For further details on the above plans, please refer to the Insolvency Guide.

Guarantors of loans can come to us for consultation and advice, as it is better to see each case and its own particulars. Generally guarantors are only liable for the unsecured part of the amount due.

We can help your business by providing expert consultation and courses of action that can enhance its liquidity position and tidy up loose ends. Also we can prepare cash flows, ratio analysis and budgets to mark weak areas that require attention and/or improvement. We cannot however guarantee success. A lot depends on how early consultation is sought.

The management of a business needs to be proactive as well as reactive to the constant changes of the surrounding environment. So it is vital that management receives timely and accurate information. Financial management services offer exactly this, information to management which can help decision making and initiate action plans. Our experienced team can help businesses with their strategic goals and everyday operational issues.