There are more than 5,000 cases for voluntary liquidation of companies that have been submitted to the Insolvency Service over the last three years and the total number of companies that have closed down is approaching 15,000.
This also demonstrates the Government’s failure to support small businesses. Despite the declarations that SME’s constitute the backbone of the Cyprus economy, the Government decisions to impose huge cuts in the State’s developmental budgets, but also the promotion of policies such as in the case of the liberalization of shopping hours have regretfully led us to the current situation.
Closing down of 15,000 Cypriot companies in recent years
