18/08/2015 12:36
Cyprus Insolvency Service has received its first applications for debt relief orders, Giorgos Karotsakis, head of the Service, told CNA.
Karotsakis said the Service has received four applications, which can be considered as a significant number given that the scheme has been published on August 7.
He noted however that he expects that many more such applications will be submitted soon, noting that private insolvency practitioners notified the Service that they are preparing applications for this scheme.
As part of the personal insolvency laws, individuals with assets below €1,000 and monthly income below €2,000 may apply to the court via the government insolvency service for an “order for debt relief” of up to €25,000.
With regard to the personal repayment schemes, Karotsakis said the Service received two applications as two borrowers have authorised two insolvency practitioners to draft a personal repayment plan.
Karotsakis said the Service has received four applications, which can be considered as a significant number given that the scheme has been published on August 7.
He noted however that he expects that many more such applications will be submitted soon, noting that private insolvency practitioners notified the Service that they are preparing applications for this scheme.
As part of the personal insolvency laws, individuals with assets below €1,000 and monthly income below €2,000 may apply to the court via the government insolvency service for an “order for debt relief” of up to €25,000.
With regard to the personal repayment schemes, Karotsakis said the Service received two applications as two borrowers have authorised two insolvency practitioners to draft a personal repayment plan.