articles | 15 January 2015

Cabinet adopts fourth bill of insolvency framework

The Council of Ministers recently adopted the fourth bill of the insolvency framework.

In statements after today's Cabinet meeting, Deputy Government Spokesman Victoras Papadopoulos said the bill provides those who are facing bankruptcy to be given a second chance to reactivate their ailing business.

Papadopoulos said that the fifth and last bill of the insolvency framework has been drafted and is being examined by the Troika, Cyprus’ international lenders (EC, ECB and IMF).

Source: CNA

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