Cyprus Mail

Appeal to parties to help shape insolvency legislation

President Nicos Anastasiades

PRESIDENT Nicos Anastasiades has asked parliamentary parties to each nominate one expert who will join the team of technocrats currently drafting an omnibus bill governing insolvencies.

In a letter addressed to the parties, published by Phileleftheros, Anastasiades said his appeal to the parties for assistance in shaping insolvency legislation was aimed at “avoiding any confrontation” between the government and the legislature.

According to the newspaper, DIKO have been the first to respond to the President’s call, nominating party cadre Giorgos Colocassides to sit on the team currently hammering out the bankruptcy laws.

In asking for the parties’ help, the President was making good on a pledge to bring in the parties in the drafting of the omnibus bill.

As per the terms of its bailout programme, Cyprus must pass insolvency legislation by the end of this year.

The insolvency laws are seen as providing an extra ‘safety net’ to debtors who have fallen on hard times. The opposition had wanted new bankruptcy laws to be passed along with the foreclosures bill, but then yielded. Opposition parties, which hold a majority in the House, managed however to also push through a legislative proposal that suspends the entry into force of the core repossessions bill until insolvency legislation is ready.

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