Autonomous (driverless) cars, customer support chatbots, Alexa and Netflix suggestions are a few examples of AI that have already changed our lives. 

AI of course stands for Artificial Intelligence! But what does it really mean? To understand this, we should start with a simpler question: “What is an algorithm?”

The first algorithm is dated back to 2500 BC to the ancient Babylonian mathematicians, thus moving on to the Egyptians, Greeks, and Arabs. It is about taking an input, applying a set of rules, and generating an output.

Let’s have a look at a simple example of an algorithm:

Cyprus tax residents are taxed on all chargeable income accrued or derived from all sources in Cyprus and abroad. Non-tax residents are only taxed on their income accrued or derived from sources in Cyprus. An individual is tax resident in Cyprus if he spends in Cyprus more than 183 days in any one year.

Πρόκειται να προσλάβετε καινούριο προσωπικό; Γνωρίζετε ότι με την πρόσληψη προσωπικού, μπορείτε να επιχορηγηθείτε μέχρι και το 80% του μισθολογικού κόστους του νέου ατόμου;

In general
It is often the case that a statutory tenant (the ‘tenant’) abuses their protection provided under the Rent Control Law Act of 1983 (23/1983) (the ‘Law’), in order to avoid payment of the rent. What eventually happens is that the tenant is served with the necessary demand notice, which he often disregards, and after a period of 21 days, as required by the Law, the owner proceeds with the submission of an application for eviction.

Following the global effects of the COVID-19 pandemic, the recent war in Ukraine and the impact of the sanctions, many businesses in Cyprus have been severely affected in their ability to continue trading. Where a business cannot be saved or when a company decides to restructure its company through the formal insolvency process, a liquidator must be appointed to manage the entire liquidation process.

We are happy to inform you that our Founding Partner, Maria Kannava, who is a Licensed Insolvency Practitioner, possesses the necessary expertise and knowledge in Insolvency Law to undertake the role of Liquidator in order to assist you with the administration process.