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25 July, 2024
 
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Groundbreaking court to tackle first home foreclosures

Government's bold move paves the way for specialized jurisdiction

Panayiotis Rougalas

Panayiotis Rougalas

The groundwork for the establishment of a specialized jurisdiction court, which will exclusively handle issues related to the foreclosure of primary residences, will be laid on Thursday.

During the discussions of the Finance Committee regarding legislative proposals concerning the framework of foreclosure, George Pantelis, the Director General of the Ministry of Finance, stated that the government's proposal for the creation of a specialized jurisdiction court to address foreclosure matters concerning primary residences is expected to receive approval from the Council of Ministers on Thursday, June 15.

The Ministry of Finance had previously announced its intention to introduce a bill that would establish dedicated courts for resolving financial disputes and foreclosure cases.

This decision is part of a comprehensive effort to tackle non-performing loans, along with other measures such as the ESTI Scheme and the Rent versus Installment Scheme. Regarding the latter, Pantelis mentioned that they have already submitted some final responses to the European Commission.

"We are currently in the final stages of implementing this plan," he noted.

[This article was translated from its Greek original]

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Cyprus  |  economy  |  banks

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