Parliament suspends foreclosure bill implementation

The House of Representatives has suspended until January 30, 2015 the implementation of the controversial bill on foreclosures of mortgaged property.

Only ruling DISY MPs voted against the postponement.

The suspension of the law was decided to give the government time to submit pending bills on insolvency framework. As part of Cyprus’ €10 billion bailout, the insolvency framework comprising six bills was scheduled to be put into force in January 1 next year to set up a safety net to protect vulnerable groups from foreclosure of mortgaged property.

Source: InCyprus