Cyprus Mail

Cabinet passes fifth draft insolvency bill

Foreign Affairs Minister Nicos Christodoulides

By Stelios Orphanides

The council of ministers approved today two draft bills including one required to complete the insolvency legislative framework, which is part of Cyprus’s bailout terms and may help overcome the obstacle created by the suspension of the foreclosure law, government spokesman said.

The first bill is last of the five draft laws on insolvencies designed to offer borrowers, companies and individuals a mechanism to restructure loans they are unable to serve, government spokesman Nikos Christodoulides told reporters according to a statement emailed by the press and information office today.

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