The insolvency framework approved is essentially a fast-track procedure for bankruptcy and foreclosures
Statement by Stefanos Stephanou, AKEL C.C. Spokesperson
AKEL C.C. Press Office, 6th October 2016, Nicosia
AKEL supports and calls on the people to participate in the mobilization organized by the Movement against Foreclosures this afternoon outside the Finance Ministry.
For AKEL the protection of primary family homes, small business premises and agricultural plots is a top priority. Both during the discussion of the legislation on foreclosures and the debate on the insolvency framework, AKEL submitted proposals and amendments for their effective protection in a targeted manner. More specifically, AKEL’s proposals aimed at protecting the primary family home and small business premises with regards loans valued up to 350, 000 euros.
Unfortunately, the decisions approved by both the government and the majority in the House of Representatives led to the adoption of laws that do not protect either primary family homes, small business premises and agricultural plots, but neither do they protect the borrowers and their guarantors. The sole responsibility for this situation lies with the government and the parties that did not protect citizens and society. The insolvency framework that has been passed is essentially a fast-track procedure for bankruptcy and foreclosures.
AKEL declares that it will continue to seek the promotion of proposals and adoption of legislation to protect small borrowers.
