In times of financial difficulty, the Personal Insolvency (Personal Repayment Plans and Debt Relief Order) Law of 2015 in Cyprus provides a structured way for debtors to manage their debts while protecting their principal residence. This law is designed to balance the interests of both debtors and creditors as it provides opportunities for the parties to mutually agree to a Personal Repayment Plan (PRP) or alternatively, for the imposition of a PRP to a creditor, by Court Order.
However, what happens when creditors seek to cancel these repayment plans?
A recent article authored by Athina Evagorou, Associate at Elias Neocleous & Co LLC, and published on the Phileleftheros, explores the detailed procedures, criteria, and potential challenges involved in the cancellation of Personal Repayment Plans when they have been imposed by the Court.
The full article in Greek can be found on Phileleftheros here.
For more information, please feel free to contact Athina Evagorou.
