MPs end talk on fifth insolvency bill

MPs on Monday wrapped up discussion of the fifth bill comprising the insolvency framework – a set of laws governing personal and corporate bankruptcy – hoping to put the whole package to a vote this Thursday.

The fifth bill deals with the protection of primary homes, business premises and guarantors’ obligations to the principal debtor.

The House aims to table the insolvency framework to the plenary for a vote by April 2, the last plenum before the Easter break.

April 2 is also the date on which the foreclosures law – which the opposition has repeatedly blocked – comes into force.

However, the House finance and interior committees will hold another session on Tuesday – and perhaps on Thursday – to review modifications made by the government to the four other insolvency bills.

Asked what would happen should legislators not make the April 2 target they have set themselves, finance committee chairman Nicholas Papadopoulos (DIKO) said:

“Allow me to answer that on Thursday. We shall see. We are making every effort to complete discussion within the time limit.”

Enactment of the insolvency package should allay opposition parties’ concerns over the foreclosures legislation, finally allowing the latter’s enforcement.
Implementation of effective repossessions legislation is a key obligation stemming from Cyprus’ bailout deal with international creditors.

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