Insider Economy Bills on foreclosures, unfair contract clauses before the Supreme Court

Bills on foreclosures, unfair contract clauses before the Supreme Court

The government is getting ready to refer the newly-approved bills on foreclosures and on unfair bank clauses in business contracts carried out by small businesses to the Supreme Court, according to informed sources.

In fact, Attorney General Costas Clerides yesterday met with both Finance Minister Harris Georgiades and Central Bank of Cyprus Governor Constantinos Herodotou to inform them that the specific bills are in contradiction with the Republic’s constitution.

And that he will advise President Nicos Anastasiades to refer the specific laws to the Supreme Court, one source also said.

The President has 15 days from the date of receiving the laws to either sign or refer them. Thus, the hot potato will be in the hands of the top court but both crucial bills approved by the House plenum last Friday are not going to be enforced for a long time.

And this means that the foreclosures bill approved last year, basically speeding the process, will be valid until the court’s decision. As for the unfair clauses bill, it again won’t change anything for small businesses – at least for some time.

The foreclosures bill to be referred was drafted by opposition centre Diko and voted in with the support of ruling Disy as a compromise solution. It followed the referral by the President to the House of the originally amended bill basically slowing down the foreclosures process.

The new bill allows the island’s Financial Commissioner to decide whether the bank has followed or violated the Central Bank’s directive on restructurings.

And if the Commissioner finds any breach of the code by the Bank, then the  borrower would have the right to appeal to the court which will issue a same-day decree suspending the foreclosure of his/her mortgaged residence or business premises.

 

Read more:

 

https://in-cyprus.com/smes-to-also-be-protected-from-bank-clauses/

 

 

 

 

Previous articleAtlantica Mare Village Ayia Napa
Next articlePentalia

Top Stories

Police chasing suspects in Paphos

Members of the Anti-Narcotics Unit who were watching some suspects for drug trafficking, according to first information, chased a suspicious vehicle which tried to...

71-year-old dead in accident

During an accident that took place this morning in the district of Nicosia, 71-year-old Andreas Alexandrou from Kato Moni of Nicosia District lost his...

Rain and hail in Lympia and Xylotympou (PHOTOS)

Rain and hail were seen in various areas of Cyprus. Social media users published photos from Lympia and Xylotympou. (philenews)

Afternoon lessons in Limassol postponed

The Limassol Municipality announced that the scheduled for 19 October beginning of the Limassol Municipality Open School lessons will be postponed until further notice....

Nippon Foundations makes big donation to Cyprus

One of the most known cultural foundations of Japan, the Nippon Foundation, made a big donation of books to Cyprus. The books were donated...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...