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SNK Venus & SNK Exclusive liquidation proceedings

Buyers of property in Cyprus from SNK Venus Home Developers Ltd and SNK Exclusive Properties Ltd are advised that liquidation proceedings against the companies will be heard in May and June at the Larnaca District Court.

COURT dates have been set for the start of liquidation proceedings against SNK Venus Home Developers Ltd and SNK Exclusive Properties Ltd.

Clients of either of these companies are urged to read the following notice and to contact Stelios Stylianou at the law firm of Nicolaides Stylianou LLC via the firm’s website at http://www.ns-lawyers.com/

CASES

1. Larnaca District Court Application no. 24/11 concerning S.N.K. VENUS HOME DEVELOPERS LTD.

2. Larnaca District Court Application no. 12/11 concerning S.N.K. EXCLUSIVE PROPERTIES LTD.

This is to advise all the buyers of properties built by either S.N.K. VENUS HOME DEVELOPERS LTD or S.N.K. EXCLUSIVE PROPERTIES LTD that the above cases new court dates are as follows.

Larnaca District Court Application no. 24/11 concerning S.N.K. VENUS HOME DEVELOPERS LTD has been set for directions on 24/05/2011.

Larnaca District Court Application no. 12/11 concerning S.N.K. EXCLUSIVE PROPERTIES LTD has been set for directions on 01/06/2011.

The court in both cases has given instruction to any interested parties to file with the court either written oppositions to the liquidating or either a formal support of the liquidations. Note that, it is settled case law that the court seriously considers not liquidating a company where the oppositions outnumbers the applicants for liquidation in value and in number.

Note also that if the companies are liquidated then the official receiver will take over the control of the companies and this will mean further delay and difficulty in communicating and securing the interests of the buyers. An opposition to the liquidation must be in writing and must be in Greek detailing the interest of the party opposing and/or relation to the company which is the subject of the liquidation and proof must be attached in the form of exhibits to the opposition. The more persons oppose (together) preferably so that legal costs are reduced, the better.

One issue that you may wish to consider along with other buyers is to propose that the court appoint a formal manager and receiver of the company who will NOT liquidate the company and will have the interests of the company in mind and the buyers. This may be viable as the directors of the two companies are not cooperating with each other and thus the company has ceased to operate and because of this, the processes necessary for the issuance of the deeds has stopped.

For further information and advice contact Stelios Stylianou at the law firm of Nicolaides Stylianou LLC via their website at http://www.ns-lawyers.com/

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