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Archive for May, 2016

Lawyers’ price-fixing challenged in EC

A formal complaint concerning price-fixing of lawyers’ fees in Cyprus has been submitted to the European Commission on behalf of George Lambis – a Greek Cypriot and the Financial Director of a national charity in the UK.

First five debt relief orders

The Insolvency Service announced on Friday the issuance of the first five debt relief orders, for debts up to €25,000 following a number of applications it made to the Limassol District Court.

Property sales recovery underway?

Property sales in Cyprus increased in April 2016 compared to the same period last year, according to official statistics published by the Department of Lands and Surveys, with sales up by 35 per cent.

Bank of Cyprus to foreclose on ten properties

The Bank of Cyprus plans to foreclose on ten properties valued in excess of €2.3 million next month – six properties in Paphos on June 23 and the remaining four properties in Nicosia the following day.

Paralimni marina contract awarded

The contract for building and operating the Paralimni marina near the fishing reserve of Ayios Nikolaos and which will accommodate 300 vessels has been awarded to PMV Maritime Holdings Ltd.

Approval of primary home protection expected

The European Commission is expected to give the go ahead for the primary home protection scheme aimed at crisis-stricken households unable to maintain their loan repayments due to unemployment or drop in income.

Cyprus advised to do more

The European Commission has issued Cyprus with a number of recommendations to speed the issuance of Title Deeds, reduce NPLs, eliminate impediments in the insolvency and foreclosure frameworks, etc.

Applying for Title Deeds (update 17 May)

Following the many emails I’ve received this article explains how buyers may apply for the Title Deeds to the property they purchased under the provisions of the ‘hidden mortgage’/’trapped buyers’ law.

Larnaca port and marina project

The construction of the Larnaca port and marina project, which has been stalled by bureaucracy and legal wrangles for more than 25 years, will be put out to tender by September the Transport Minister has said.

Time running out for UK expats

The Electoral Commission is urging UK expats to register and vote in the EU referendum that will be held on 23rd June to decide whether the United Kingdom will remain or leave the European Union.

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