Cabinet passes fifth draft insolvency bill

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.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.