ARTICLE · 10 FEBRUARY 2017

Divestments And Insolvency

Michael Kyprianou & Co. LLC

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Michael Kyprianou & Co. LLC

The purpose of this legislation is the sale of the mortgaged asset without the intervention of any governmental department and the new procedure is conducted exclusively by the mortgagee.

CyprusInsolvency/Bankruptcy/Re-Structuring

Michael Kyprianou & Co LLC

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The purpose of this legislation is the sale of the mortgaged asset without the intervention of any governmental department and the new procedure is conducted exclusively by the mortgagee. The existing procedure for the sale of the mortgaged asset through the Department of Land and Surveys remains in place. The mortgagee has the choice to sell the property by auction or through a direct sale. If an application had been submitted to the Department of Land and Surveys for the sale of the mortgaged asset from a mortgagee, the latter has to withdraw it before initiating the new procedure.

The Procedure

The Procedure before the commencement of the sale of the mortgaged property

The sale procedure of a mortgaged property can commence when the mortgaged debt is made payable and due and is overdue for a period not less than 120 days. The mortgagee can proceed to start the procedure by serving a written notice to the mortgagor and to any interested party, accompanied by a

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Divestments And Insolvency

The Procedure

The Procedure before the commencement of the sale of the mortgaged property

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