CYPRUS: Baker Tilly appointed Orphanides liquidators

Two authorised insolvency advisors from the Cyprus and Ireland offices of Baker Tilly have been appointed by creditors as liquidators of the now defunct Orphanides Public Co.

The international advisory firm said that Antonis Vasiliou and George Maloney were appointed after the recent Larnaca District Court ruling into the case and following the creditors meeting on July 29.
Orphanides, the one-time retail giant with hypermarkets and mini-stores throughout the island, collapsed after banks called in the collateral for debts that had piled up over the years. The company debt includes millions owed to banks, creditors and former staff which is expected to be recovered from the sale of assets, including properties held by affiliate companies of Oprhanides Plc.
Baker Tilly declared that both insolvency advisors have no conflict of interest with Orphanides or creditors and that Malony’s relevant experience from similar cases in Ireland and Vasiliou’s knowledge of the Cypriot market, will help resolve the matter soon.