Cyprus Mail

Final draft of insolvency package sent to parties

By Evie Andreou

THE final draft of the six bills concerning the insolvency framework has been sent by the finance ministry to all the political parties.

The Cyprus News Agency reported yesterday that the 158-page bill, which concerns the establishment and the operation of plans for natural persons and a decree plan for debt exceptions, will be discussed by the ministry and the parties’ representatives on November 5.

The bill does not seem to include the maximum loan amount where the primary home will be protected from foreclosure since this will be defined by the Central Bank according to the impact the amount will have on the banks’ mortgage loan portfolio.

Last week, the parties received the drafts of the first three bills on the liquidation procedure, debt restructuring of viable businesses, and administration, to be discussed on October 31, just as the Supreme Court is expected to hand down a verdict on the validity of the foreclosures bill demanded by the troika of international lenders.

The goal is for the completion of the legal framework by the end of the year.

All parliamentary parties, apart from AKEL, have appointed a member to join a team of technocrats drafting the insolvency framework.

AKEL leader Andros Kyprianou said at the time that the party would not be taking part because its participation “will not serve anything since, unfortunately, there is no political basis to base the technocrats’ cooperation.”

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