Assignment Description: The overarching objective of the Consultants for this Project is to assist the Ministry of Energy, Commerce, Industry and Tourism of Cyprus (the ‘Ministry’) with strengthening the framework and providing training for Insolvency and Restructuring Practitioners (‘IRPs’) in Cyprus. The proposed activities shall be organised into two phases, set out below:
Phase 1 - Analysing the existing regulatory framework for IRPs
The Consultants will provide the Ministry with an analysis and assessment of the existing regulatory framework for IRPs in Cyprus. The Consultants will draft a report (the ‘Report’) that will include, amongst others, the following:
(i) an identification of the main shortcomings in the current appointment system of IRPs regarding the needs of the market;
(ii) an assessment of the competences and responsibilities of the examination, licensing and supervisory bodies of IRPs; and
(iii) areas related to the IRP profession that need to be standardised, coordinated and/or strengthened.
The Report will also contain concrete and specific measures with respect to:
(a) the harmonisation of the regulatory and cooperation framework between the licensing and supervisory bodies;
(b) raising the current standards within the IRP profession through guidelines or codes of best practices; and
(c) ensuring a consistent implementation and/or improvement of the code of conduct or other related procedures in supervisory and disciplinary matters.
The Report will provide recommendations to achieve a successful and effective implementation of the measures and actions proposed to strengthen the current regulatory framework for the profession of IRPs.
Phase 2 – Capacity Building
a) IRP training methodology and training materials
Based on the findings of the Report and various interviews with local stakeholders (including, amongst others, IRPs, legal and financial experts, judges, debtors and creditors), the Consultants will draft a training methodology for IRPs (the ‘IRP Training Methodology’) which will contain – inter alia – precise suggestions in accordance with international and European best practices about particular aspects such as the minimum number of hours of training, mandatory areas of training, qualification of trainers, sustainability and maintenance of IRP training, bodies in charge of monitoring the training, the training to renew an IRPs license, training materials etc.
b) Capacity building for IRPs and trainers of IRPs
The IRPs will be trained by the Consultants (and/or by trainers to be appointed by the Consultants) in various modules on selected topics identified by the IRP Training Methodology. The training may include relevant changes in the new IRP regulatory framework and will focus on how to achieve the overall objectives of Insolvency Law.
The Consultants shall ensure that training for future trainers is also conducted. In connection with the training for trainers, a commission will be appointed by the Ministry after this project is completed. The members of the commission will be in charge of IRPs’ training in Cyprus after the project’s completions and the Consultants should ensure that the members of the commission also receive specific training to ensure the continuity, uniformity and monitoring of the future trainings imparted to all licensed IRPs and the trainers to be appointed.
Assignment Start Date and Duration: The Assignment is expected to begin in December 2017 and to have a duration of 18 to 22 months
Cost Estimate for the Assignment: EUR 171,900 exclusive of VAT
The consultant must determine whether any VAT would be chargeable on the services and the basis for that determination, without taking into consideration the Bank’s special status as an International Financial Institution and state this to the Bank in their response to Notification of Assignment. To the extent that a consultant incurs input VAT on goods and services purchased in connection with the provision of services (e.g., VAT on airline ticket) which is not otherwise recoverable by the consultant from the local tax authority, the gross cost to the consultant of such expenses shall be treated as a reimbursable expense.
Funding Source: The assignment is expected to be funded by the European Commission via the Structural Reform Support Service.
Eligibility: There are no eligibility restrictions; however, consultant selection and contracting will be subject to availability of funding.
Consultant Profile: The EBRD will retain leading local or regional/international team of experts (with extensive experience in European civil law) in insolvency law and its economic underpinnings that also has experience in training (the ‘Consultants’) to perform the activities relating to this assignment.
Key experts would include: (a) a senior expert on insolvency matters that may act as team leader, and (b) a senior expert with expertise in training.
The Consultants could be from an international advisory firm or a consortium of firms (having both local and international expertise) with previous project experience and proven competencies in:
• Extensive knowledge of the legal, regulatory and institutional framework governing insolvency in general (in Europe and preferably in Cyprus).
• Ability to review, design and develop a legal and regulatory framework for IRPs in line with the international and EU best practices.
• Ability to produce high-quality written outputs.
• Project management, economic, financial and other skills that will be considered necessary for the execution of the activities.
• Ability to prepare and deliver workshops and trainings.
• Excellent knowledge of Greek language to review the legal framework.
The Consultants will be required to sign a confidentiality agreement with the Ministry for the information obtained during the Project.
Following the delivery of the training modules, the Consultants will provide a project implementation report which shall include, inter alia, the training modules finally delivered, information on the attendees per module and an evaluation of the success of the project, highlighting the major obstacles faced and the results achieved.
Submission Requirements: In order to determine the capability and experience of Consultants seeking to be selected for this Assignment, the information submitted should include the following:
(a) Firm’s profile, organisation and staffing (max. 2-4 pages – including a description of the local firm or advisors – where applicable);
(b) Details of previous project experience or similar assignments particularly undertaken in the previous 10 years, including information on contract value, contracting entity/client, project location/country, duration (mm/yy to mm/yy), expert months provided (if different from duration), assignment budget, percentage carried out by consultant in case of association of firms or subcontracting, main activities, objectives, etc.;
(c) A Methodology for implementing the tasks to deliver the expected outcome and outputs, and the degree of details of such output(s) and a Proposed Work Plan outlining the plan for the implementation of the main activities/tasks of the Assignment, their duration plus milestones and (max. 4 pages);
(d) CVs of key experts who could carry out the Assignment detailing qualifications, experience in similar assignments, particularly assignments undertaken in the previous 5 years, including information on contracting entity/client, project location/country, duration (mm/yy to mm/yy), expert months provided, assignment budget, main activities, objectives.
(e) Completed Consultant Declaration and Contact Sheet, the template for which is available from the following web-link: http://www.ebrd.com/pages/workingwithus/procurement/notices/csu/contact_sheet.doc. The expression of interest shall not exceed 20 pages excluding CVs and contact/declaration sheet.
The above information should not exceed 30 pages excluding CVs and contact sheet.
The complete expression of interest (including CVs, Consultant Declaration and Contact Sheet) should be submitted, in English electronically through e-Selection, to reach the Bank not later than the closing date. The expression of interest shall be one file (pdf). The EBRD reserves the right to reject applications of firms submitting more than one file. Only if the permissible file size is exceeded (4MB), the Consultant may split the expression of interest into further files.
The EBRD’s Contact Person: Thomas Gale
European Bank for Reconstruction and Development
One Exchange Square
London EC2A 2JN
e-mail: GaleT@ebrd.com (submissions should be sent through eSelection and NOT to this email address)
Note: 1. The selection will normally be made from responses to this notification only. Consultants will not be asked to submit a proposal. Up to the five highest-ranked Consultants will be shortlisted and invited to interview. The highest ranked consultant following interview will be invited to negotiate the contract, subject to availability of funding from an appropriate donor.
2. The shortlist criteria are as follows:
• Firm’s/Consortium’s previous project experience with IRPs and experience in assessing insolvency frameworks and practices, as well as experience in delivering capacity building activities (30 %);
• CV of Key Experts demonstrating their previous experience over the activities mentioned above (30 %);
• Proposed Methodology and Work Plan (10%);
• Interviews (30 %);
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