Foreclosures and insolvency framework

18:27 - 06 Ιουλίου 2015

An audience of some 150 persons attended a seminar hosted by the Limassol Chamber of Commerce and Industry on “Foreclosures and the Insolvency Framework”. The event was organized by the Cyprus Chamber of Commerce and Industry (CCCI) in cooperation with the Ministries of Interior and Finance.

In an opening address on behalf of the CCCI, Limassol Chamber President Costas Galatariotis thanked the two Ministries for their assistance and cooperation and underlined the policy of the Chambers to provide timely and accurate information to their members on issues of concern to the business community, and to the public at large. Referring to the subject matter of the seminar, the LCCI President noted that the complexity as well as the volume of the relevant laws approved by parliament made it imperative for people to be briefed accurately and in detail so as to ensure adequate knowledge of what the legislation entails.

Galatariotis pointed out that this new legislation includes elements that can rein-in the issue of non-performing loans and target those who have intentionally chosen not to repay their loans, while at the same time provide a way out for borrowers and banks. The main objective is to work out necessary arrangements between banks and borrowers, with a view to averting the possibility of decisions and measures that could have negative repercussion on social cohesion.

Following the LCCI President’s opening address, officers from the Ministries of Interior and Finance presented the foreclosures law, with special reference to procedure and timetables, and the Insolvency Framework (including chapters such as Personal Insolvency, Personal Bankruptcy, Companies’ Liquidation, Companies’ Debt Restructuring and Insolvency Practitioners.

Concluding the event was a questions and answers session, with government officers addressing numerous queries from the audience.

Foreclosures and insolvency framework

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