The provisions of the EU Regulation setting up the new European Account Preservation Orders (Regulation No. 655/2014) will come into force on 18 January 2017. Under the new changes, creditors domiciled in participating EU Member States (which incorporates all Member States except for the UK and Denmark) will have the capacity to apply to freeze funds in a debtor's bank account in any other participating Member State using a single application form.
Read full articleThere are prospects for further development of tourism in Cyprus, Finance Minister Harris Georgiades said recently, recognising the decisive role of the tourism industry in the recovery of the economy, and pointing out that the effort to improve the quality of the product should continue.
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