Suspension of sale of primary residence


We would like to thank the Financial Ombudsman, Mr. Pavlos Ioannou, and the competent officials of his office, who contributed decisively to the timely and immediate response for the urgent issue of a scheduled auction of a primary residence which was to take place on Wednesday, 22 September 2021.

In particular, following our written request submitted on Friday, September 17, 2021, the Financial Ombudsman, within an apparently short period of time, successfully intervened to suspend the sale of a primary residence in accordance with the relevant legislation and the powers granted to his office.

According to the information provided and after careful review of the relevant information submitted from our side, the Financial Ombudsman decided that it was justified to proceed with the recommendation that the proposed foreclosure the Cyprus Asset Management Company Ltd (KEDIPES) be suspended.

The aim was to avoid recourse to the foreclosure process, since on their part the borrowers had already accepted the Ombudsman's plan for a proposal to settle and restructure their credit facility. Moreover, according to the contents of the above letter, the parties concerned agreed to take steps to restructure their assets.

Congratulations go to Ms. Chrysovalanto Pericleous, associate, at the office of Michael Kyprianou & Co LLC, in Paphos, who worked with zeal, dedication and professionalism achieving the best possible result for our clients.