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Reports written by Staff Reporter

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.

Bids submitted for Ayia Napa marina

More than 25 years after initial studies into five marina projects were undertaken, bids for the construction of the Ayia Napa marina have been submitted to the company in charge of the project M. M. Makronisos Marina Ltd.

Title Deed applications exceed 8,000

More than 8,000 trapped buyers of property in Cyprus have applied for their Title Deeds under the provisions of the ‘hidden mortgage’/’trapped buyers’ law that was introduced last September according to the Cypriot Interior Ministry.

Bill to curb bank usury

A vote on a bill to abolish unfair bank charges, such as a fee to monitor loan transaction history, insurance, added interest rates and other hidden charges, will take place at a plenary session of the Cypriot parliament next week.

Action against crocodile park threatened

Residents living in Psematismenos and other areas close to the proposed crocodile park planned to close roads and take other measures to prevent the construction of the park at a meeting last Tuesday.

Aristo acquittal appealed

An appeal against the court decision to clear Theodoros Aristodemou, the founder of Aristo Developers and former chairman of the Bank of Cyprus, has been filed at the Supreme Court by the state.

Property transfer fee reduction

A 50 per cent reduction in the Property Transfer Fees is being considered by government to help clear the Title Deed backlog as part of the changes designed to rationalise property taxation.

Police call for Aristodimou’s arrest

Police have called for the arrest of Theodoros Aristodimou, founder and managing director of Aristo Developers and former Chairman of the Board of Directors of the Bank of Cyprus, and his wife.

Mortgage-to-rent scheme will be selective

Strict criteria will be applied to a mortgage-to-rent scheme currently being investigated as a means to enable those unable to maintain their mortgage repayments to remain in their homes rather than face its repossession.

Mortgage-to-rent scheme study

The Cyprus government has instructed the Cyprus Land Development Corporation (CLDC) to study the mortgage-to-rent scheme employed in Ireland to help those having trouble maintaining their mortgage repayments.

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