In the context of streamlining procedures and avoiding lengthy processes, the Insolvency Service and the Bankruptcy and Liquidation Companies’ Division of the Registrar of Companies and Official Receiver of Cyprus announced that the procedure followed for granting authorization to open or maintain a debtor or bankrupt bank account has been abolished.

Consequently, the approval of the Official Receiver previously required for the opening or maintenance of a bank account by a debtor or bankrupt for the purposes of paying a salary or pension, or a redundancy allowance as well as payments to a Provident Fund, will no longer be needed.

With respect to the above accounts, the debtor or bankrupt may proceed - without any other authorization by the Official Receiver - to also maintain a credit card for their utilization.