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Thursday, December 7, 2023

Parliament: Bankruptcy law amended to facilitate clipped depositors

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Parliament amended the Bankruptcy Law to give the court the power in justified cases to order the differentiation of the debt verification process, so that they are faster, simpler and more efficient.

The law is expected to assist the liquidation of economic entities, where there is a large number of creditors or a small amount of debt to creditors, as is the case with the liquidation of Laiki Bank.

The relevant bill was submitted by AKEL MPs Irini Charalambidou and DIKO Chrysis Pantelidis. at the request of the official consignee or the administrator, in the case of natural persons, or the liquidator, in the case of insolvent companies.

Ms. Charalambidou stated that the effort is to simplify the procedures in favor of the 14,000 depositors of 2013.

Mr. Pantelidis said that this is a modernization of the legislation and I hope there is no need to be implemented in the future to such an extent and degree.

ELAM MP Sotiris Ioannou expressed the hope that the legislation will be properly used by those in charge and that there will be the necessary political will for solve the problem and prevent similar phenomena in the future.

Stavros Papadouris, Member of Parliament for the Ecology Movement Citizens' Cooperation, referred to the need to operate the relevant platform that accepts applications for the Solidarity Fund for severed depositors 9 years later.

EDEK MP Elias Myrianthous said that unfortunately the bankruptcy legislation is outdated and needs a radical restructuring.

The President of DIKO Nikolas Papadopoulos said that no one has been held accountable for the haircut for 9 years and some people are having a party on the assets of the haircut.

MP Zacharias Koulias said that the DISY MP Haris Georgiadis said that housewives paid for the criminal mistakes of some who left the banks. banks in the snorkel and that no one has paid so far. He said that the specific law is the least that can be done here that things have reached today.

AKEL MP George Loukaidis said that some people still pass laws in favor of banks in burden on borrowers and depositors by invoking the risks involved. He reminded that commitments had been made for the cut depositors as a whole and they ended up as a pointless joke.

Source: KYPE

Source: politis.com.cy

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