11.9 C
Nicosia
Tuesday, February 27, 2024

Suspension of the sale of the guarantor's property upon the recommendation of the Financial Commissioner

Must read

Suspension of the sale of the guarantor's property upon the recommendation of the Financial Commissioner

Suspension of another sale of a mortgage real estate guarantor, was arranged on Tuesday, 22/6/2021, by the Office of the Financial Commissioner, after cooperation with the managers of KEDIPES Ltd, whose management proceeded to the adoption of the relevant proposal of the Finance Commissioner.

In today's Information Note the Financial Commissioner states that he received on Friday 18/6/2021, from his Office a letter from a Law Office, acting on behalf of the guarantor, according to which the person in question is a mortgage guarantor on a credit facility that retains in KEDIPES his brother (first debtor).

He adds that, in the context of securing the obligations of the first debtor to the Company, it is, among other things, a mortgaged plot of land, owned by the guarantor.

In the same letter, according to Mr. Ioannou, it is mentioned that the first borrower has already submitted a complete proposal to the company, for full settlement and payment of his obligations and also that a buyer has been found, who is willing to pay the amount of the reserved price.

However, he states that while the first debtor was waiting for the final decision of the Company on his proposal, it proceeded to set a sale date for 22/6/2021.

The Commissioner states that “acting, once again, outside the framework of the Establishment and Operation of the Unified Body for Out-of-Court Settlement of Financial Disputes of the Law of 2010, considered it right to intervene, taking into account the possibility of rational resolution of the pending recourse to the sale procedure “.

He adds that “the loss of the property in question would undoubtedly adversely affect the relationship between the first debtor and the guarantor, as well as the ability of both to operate effectively in the financial situation”.

According to Mr. Ioannou, on 22/06/2021, the company sent an e-mail to his Office, informing him that it accepts the above proposal, stating that “we inform you that Altamira is proceeding with a procedure of temporary suspension of the auction with order of the Court and is in contact with the clients in order to complete the evaluation of their proposal “.

The Financial Commissioner expresses the need to utilize the Code of Conduct for the Handling of Borrowers in financial difficulties, which is contained in the relevant CBC Directive.

“As I have said many times, this is an extremely effective tool for the out-of-court settlement of Non-performing Loans, given that both parties (Bank and borrower) approach the relevant process in good faith and with the objective of fair and reasonable settlement of the existing debt. “, he underlines in his Note.

Mr. Ioannou addresses “for the umpteenth time an appeal to our fellow citizens to act in a timely manner, utilizing the existing legal system and institutions for effective protection of their interests”, while thanking the General Directorate of KEDIPES Ltd, for the adoption of his suggestion, as well as the members of her Office, who collaborated during the three days of the Holy Spirit, as she states, in order to succeed in the attempt to suspend the sale under discussion.

Source: KYPE

Signatures fell for National Roads III – worth 276 million euros the project

UK tour operators: Disappointment with… (non) enlargement of green list

Source: politis.com.cy

- Advertisement -AliExpress WW

More articles

- Advertisement -AliExpress WW

Latest article