A proposed bill establishing a Commercial Court and an Admiralty Court in Cyprus will soon go before the House plenum for approval, Philenews reported on Thursday.
Another proposed bill providing for an amendment to the Constitutions so that the use of the English language is allowed during hearings at the two new courts is under review.
These developments will constitute significant progress in the much-needed reform of the island’s judicial system.
Debate on these two issues before the House Legal Committee is ongoing with objections initially raised by some MPs.
However, it was concluded that the establishment and operation of both courts will help Cyprus to become a place for resolving international financial disputes.
At the same time, district courts will be confronted with less cases and, thus, faster decisions will be taken.
The bills provide for five new judges to be hired for both courts.