SUNDAY, 24 FEB 2019



Facebook Linked In Twitter

Prodromou: We Expect the UN to Include Guterres Framework, as Clarified by the UNSG

Wicker: The US has Strong Interest in Cyprus' Reunification



brought to you by Deloitte

J&P Overseas to Appoint Administrators

J&P Overseas to Appoint Administrators

J&P Overseas Limited (the Company) was notified today by its Alternate Director, Christos Joannou, that he filed an application on 11 October 2018 at the Guernsey Royal Court to appoint Administrators over the Company pursuant to the provisions of Part XXI of the Companies Law. This is sought for the purpose of achieving a more advantageous realisation of the Company’s assets that would be otherwise effected through a winding up, per section 374(3)(b) of the Companies Law.

Challenging local market conditions, unfavourable final contract settlements, delays in contract receipts and limited financial resources to pursue new projects have led the Company to this predicament. During the past few months J&P Overseas has been facing significant liquidity problems and has actively engaged with all its stakeholders in seeking to develop a viable solution that would allow it to continue trading. Unfortunately a comprehensive Restructuring Plan submitted to the Company’s lenders and developed with the assistance of professional advisors was recently rejected, which has left limited room for the Company to maneuver and meet its ongoing obligations.

The decision to appoint Administrators has been taken at this time to protect the interests of creditors, employees and customers given the liquidity position across the J&P Group (‘the Group’). It is expected that under the administration regime the Company will have the necessary protection and
be in a better position that it would otherwise, to enable it to agree consensual solutions with the clients, lenders and other creditors for the successful completion or other appropriate solutions for each project. Through the administration process the company expects to minimise the impact to its creditors and to primarily contribute towards alleviating any effect on its workforce, which has demonstrated immense patience and dedication to date.

No other Group entities, other than the Company, have been placed into any administration process whilst the proposed Administrators seek to secure the funding required.

The Directors and proposed Administrators of the Company will continue to work with all stakeholders to preserve as much value as possible across the Group. The Directors and the Management will provide their unmitigated support to the efforts of the Administrator upon his appointment with the hope and expectation that this will allow for a smooth and orderly completion of the projects. The Company anticipates that all stakeholders will demonstrate a co-operative approach that will allow for the optimal outcome under the circumstances.


Cyprus Film Scheme Promoted at the Berlin International Film Festival

The Cyprus Investment Promotion Agency (Invest Cyprus) attended this year’s Berlin ...

MYMALL Limassol Presents the Call It Spring’s Fashion Trends for Upcoming Season

Being the ultimate shopping destination in Cyprus for the last 10 years, MYMALL Limassol ...

OPAP Cyprus: ‘50 Persons and Moments That Made History’

Throughout all these years, OPAP Cyprus has been a strong supporter of every action ...



Share of Energy from Renewable Sources in Transport at 2.6% in 2017

The share of energy from renewable sources used for transport in the European Union (EU) stood at 7.6% in 2017, compared with 3.1 % in 2007. Although the ...

Unemployment Falls to 7.6%

Unemployment in Cyprus fell to 7.6% of the labour force in the 4th quarter of 2018, from 7.8% in the 3rd quarter, according to the Labour Force ...

Confusion Among Businesses about Benefits in Kind

The provision of Benefits in Kind is a practice currently followed by a significant number of businesses across Cyprus, with the aim of both creating an ...

Celestyal Cruises: New Goals and New Itineraries for the Year Ahead

Enjoying a dynamic presence in Greece and Cyprus, Celestyal Cruises, a member of the Louis Group, recently published official results for 2018, highlighting ...

Government Spokesman: No Predetermined Date for ExxonMobil’s Drilling Results

Government Spokesman Prodromos Prodromou has said that the government did not have a predetermined date for the announcement of ExxonMobil’s drilling ...

Trump: US Shouldn’t Block Technology

US President Donald Trump has said he wants the US to become a technology leader through competition rather than by blocking others, the BBC reports. Trump ...

Wicker: The US has Strong Interest in Cyprus' Reunification

Vice President of the Parliamentary Assembly of the Organization for Security and Co-operation in Europe, US Senator Roger Wicker has said that the US has a ...

Cathedral City Firm to be Bought for £975M

Dairy Crest, whose brands include Cathedral City cheddar and Country Life butter, has agreed to be bought by a Canadian company in a near-£1bn deal, the ...