The Limassol district court issued five debt relief orders, the first out of a total of 40 cases filed last, following the modernisation of the insolvency legislation, the Cyprus News Agency reported on Friday, citing Giorgos Karotsakis, the head of the Insolvency Service.
The five orders concern debt of up to €25,000, the Cyprus News Agency reported citing Karotsakis.
The Insolvency Service received 673 applications for debt relief, which seem to satisfy the criteria, and intends to file to the courts all applications by October, Karotsakis said.
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