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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.

Parliament approves casino bill

Legislation passed by a majority Cyprus MPs at the plenary session of parliament earlier today paves the way to the operation of a casino resort in Cyprus after many months of discussion.

Foreclosures legislation effective from Friday

The Cyprus parliament has passed the regulations controlling property foreclosures; the law will come into effect tomorrow, smoothing the path for the resumption of bailout loan payments.

Optimism over insolvency framework

The last of the five bills comprising the insolvency framework was approved by the Cyprus cabinet on Friday and government spokesman Nicos Christodoulides is optimistic that Parliament will endorse the framework.

Cabinet gives the nod to fourth insolvency bill

Yesterday the Cyprus Council Ministers (Cabinet) approved the fourth of five bills comprising the insolvency framework designed to update and amend the personal and corporate bankruptcy laws.

Cyprus bailout tranche approved

Last evening Eurozone finance ministers approved the release of a €350 million bailout tranche to Cyprus as the country had amended laws on foreclosures and forced sales of mortgaged property as agreed in the MoU.

Foreclosures bill passed

The controversial foreclosures bill, a pre-condition of Cyprus receiving the next tranche of its bailout from the Troika, was passed by 47 votes at an extraordinary session of Parliament earlier today.

Immovable Property Tax reductions

Owners of property in Cyprus valued below €200,000 will be exempted from paying Immovable Property Tax under a bill approved by the Council of Ministers yesterday according to a government spokesman.

IMF approves €84 million loan tranche

he Executive Board of International Monetary Fund (IMF) has confirmed Cyprus is on track with the conditions of its bailout programme, enabling the immediate disbursement of €84 million.

Primary residence protection up to €350,000

The Cabinet has approved primary residence protection legislation designed safeguard the homes of low-income families and small and medium sized enterprises facing economic hardship.

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