Commission supports reform of Cyprus' insolvency framework

On 24 October 2019, the European Commission participated in an event to mark the successful completion of a project on the new framework for insolvency practitioners in Cyprus. Since 2018, the European Commission has been providing technical support through the Structural Reform Support Programme (SRSP) to support the implementation of an action plan to tackle impediments in the Cypriot insolvency sector. As a result of these efforts, the Ministry of Energy, Commerce and Industry announced the creation of a new Insolvency Department under the Ministry, that will start operations in January 2020. The new department is expected to improve the efficiency and effectiveness of the insolvency framework in Cyprus. The SRSP offers tailor-made expertise to all EU countries for the implementation of growth-enhancing reforms. The support is based on demand and is tailor-made for the beneficiary Member State