CYPRUS: Insolvency vote pushed to after Easter

The vote on the insolvencies bill, the final part of the framework to conclude the foreclosures legislation, has now been pushed to after the Easter break as the House Finance and Interior Committees said they did not have time to properly review the bills in order to put them to a vote at the plenary on Thursday.

An extraordinary session will be held on April 16.
The latest delay, after opposition parties first raised obstacles last September and continued to postpone the implementation of the parallel foreclosures bills, is now due to “grey points” over the constitutionality of the bills, as well the different interpretations of guarantors that parties want to absolve of any responsibility of the mortgage holder is declared insolvent.
The House Finance and Interior Committees will meet on Easter Monday (April 13) to discuss the parties’ various amendments, with parliament expected to vote on the foreclosures package before the Eurogroup meeting on April 23.
With the ruling DISY’s 20 votes and former coalition partners DIKO’s eight, not enough to pass the bills, single-seat EVROKO leader Demetris Syllouris wants the foreclosures to determine that if the property is less than 80% of the initial value then guarantors should be exempted. If the value is more than 80%, then the guarantor should undertake to repay the balance without becoming insolvent.