The necessity of a well-functioning insolvency framework pointed out the Director of CITR Cyprus, Irina Misca, during her speech at this year’s Cyprus Banking Forum. In the presence of senior executives from the financial services sector around the island, Misca presented in detail the most important tools for an organic reduction of corporate NPLs, as well as the new European Commission Directive, that puts forward modern and streamlined insolvency rules that will facilitate restructuring, give businesses a second chance and improve the efficiency of restructuring, insolvency and debt discharge procedures.
Misca: The Removal of NPLS from Bank’s Balance Sheet Does Not Equal to Their Removal from The Economy
