Mediation in Cyprus
Although approximately 90% of the actions filed in the Cyprus courts are resolved without a trial, there are still long delays in hearing cases. Mediation aims to reduce the the time taken to resolve disputes and the costs of access to justice. The process was introduced into the Cyprus legal system with national legislation enacted […]
Revision of the maximum permissible interest rate under article 314A of the Criminal Code
In 2011 the Criminal Code was amended by the addition of a new article 314A, which makes it a criminal offence, punishable by up to 5 years’imprisonment, a fine of up to EUR30,000 or both, for lenders to charge interest at excessive rates. The maximum permissible rate of interest, known as the reference rate, is […]
