ACCORDING to an official press release, the Council of Ministers approved two bills related to the insolvency framework on Wednesday that is designed to provide a degree of protection against foreclosure for those who have been hit by the recession.
The first bill is designed to regulate insolvency practitioners as provided in the framework that was approved by the Cabinet on 30th July and by the House of Representatives on 6th September.
The second bill revises the Companies Act through the introduction of a restructuring plan that will enable viable companies to stay in business.
Both bills are expected to be discussed by the House Finance Committee today when opposition parties will almost certainly attempt to amend the framework, which could result in disrupting the island’s bailout package once again.
The three remaining bills are anticipated to be approved and submitted to Parliament by the end of the month.
According to the terms of the Memorandum Of Understanding (MoU) agreed with its troika of international lenders, Cyprus has to pass the new insolvency laws by the end of this year. However, this appears unlikely unless opposition parties vote in favour.