THE INSOLVENCY Service has managed to secure fifty six debt release orders (DRO) for debtors who were unable to repay dues of up to twenty five thousand Euro, as a result of the economic crisis.
So far 1,019 applications have been submitted from citizens who request a debt write-off, head of the Insolvency Service Costas Karotsakis has told the CNA.
Consequently, fifty six families without income or important assets that could be used to repay their debt, have been rid of unsecured debts of up to twenty five thousand Euro, both them and their guarantors Karotsakis noted.
As a result of the efforts, he said, the World Bank in its Doing Business report currently ranks Cyprus 16th in resolving insolvencies; Cyprus ranks 9th among EU member sta…
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