Paphos Lecture

[avanapa]

I remember reading that there was a lecture to be held in Paphos related to the "deeds issue" in early December. I have heard or read nothing since and wondered if anything significant had been gleaned from the lecture.
On another subject. I am puzzled by the recent press comments from the government stating how it is pointless for the opposition parties in Cyprus to delay the foreclosure bills currently making their way to the statute books because there is no "foreclosure procedure legislation" in place at the moment and so no repossessions can take place till its in place anyhow. I find this puzzling as according to the Land Registry the land on which SNK properties are built, was foreclosed on and is currently up for sale on the website of the liquidator.
I wondered if you could maybe elaborate on which "foreclosure procedure legislation" they are referring to. I can only imagine they mean legislation referring to the selling procedure but wondered if you had a view on it.

[Nigel Howarth]

Hi Chris,

You can download the lecture in .pdf format from Paphos Title Deeds Lecture. It gives an overview of legislative changes that have taken place. But sadly, none of those attending the lecture would benefit significantly from those changes.

From the analysis that Andreas carried out on the completed questionnaires around 80% of respondents had mortgages and memos preventing the transfer of title, another 12% had planning issues, 7% where the developer had gone into liquidation.

The foreclosure legislation is not the same as insolvency - SNK and some other developers are insolvent and the court has appointed a liquidator. The foreclosure reforms (when when they eventually arrives) should be designed to provide:

- Modernized bankruptcy process
- Streamlined processes for non-viable individuals
- Repayment scheme for viable individuals
- Effective restructuring procedure for companies
- Modernised and effective liquidation process for companies
- Regulation of insolvency practitioners

I have heard, although I cannot confirm, that there have only been 3 foreclosures in Cyprus.

Regards,

[avanapa]

Thank you. That's interesting.