President Christodoulides acts on legislative proposals regarding foreclosures and insolvency

President Nikos Christodoulides has returned nine out of ten recent legislative proposals approved by the Cypriot Parliament regarding foreclosures, the insolvency framework, and guarantors. Based on recommendations from the Legal Service, the President referred five proposals back to Parliament for reconsideration due to technical errors, retroactivity issues, and constitutional incompatibilities. Additionally, he referred four other proposals directly to the Supreme Court, citing clearly unconstitutional provisions. The legislation originated from various political parties, with some sources criticizing the parliamentary process as legally flawed. Meanwhile, the President approved two government-backed bills, including a mechanism for debt verification by the Financial Commissioner and a provision preventing the sale of properties below 50% of their market value. The presidential decisions were issued at the final deadline following a 15-day review period.