Debt relief order applications available

Another part of the new insolvency framework, called “Personal repayment schemes and debt relief order”, concerning applications to have debts of up to 25 thousand euro written off, comes into effect as of Friday.

Head of the Insolvency Department Yiorgos Karotsakis told Cyprus News Agency that the application form for the citizens to request a debt relief order is now available on the website of the Department of Registrar of Companies and Official Receiver.

“The citizens can exploit this right given to them by the law at a later stage also and there is no reason to hurry,” Karotsakis noted.

He added that they have prepared an information guide for the citizens to know how to fill in the application form and whether they are eligible or not.

He also said that all the information can be found in print at the offices of the Insolvency Department.

Thirty out of forty-five insolvency practitioners will cooperate with the Department to help the citizens to fill in applications for debt relief orders, Karotsakis said.

A list of the insolvency practitioners and their contact details is on the website of the Department he added.