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Improving the efficiency and effectiveness of the Insolvency Service of Cyprus

From EPSA - European Public Sector Award

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The mission of the Structural Reform Support Service of the European Commission is to provide technical support for the preparation and implementation of growth-enhancing administrative and structural reforms by mobilising EU funds and technical expertise. The Republic of Cyprus has requested support from the Commission for special measures under urgency within the meaning of Article 13(6) of the under Regulation (EU) 2017/825 on the establishment of the Structural Reform Support Programme ("SRSP Regulation").


The limited use and implementation of the Insolvency Framework in combination with the lengthy court procedures, they don’t expedite to the quick completion of bankruptcy and liquidation in order to ensure that the creditors will get their dividends and be able to return these dividends back to society, in the form of loans.


Cyprus is in the process of undertaking a number of measures to eliminate remaining major impediments to the workout of non-performing loans in Cyprus. The improvement of the efficiency and effectiveness of the operation of the Insolvency Service of Cyprus is amongst the measures that Cyprus intends to undertake. In June 2018, during the process of restructuring of the Cooperative Banks, the Government of Cyprus undertook a commitment towards the European Commission, to take certain actions within specific deadlines, which will allow the efficient workout of non-performing loans.


One of these commitments is to ensure that by June 19th, 2019, Cyprus will take measures to improve the efficiency and effectiveness of the operation of the Insolvency Service of Cyprus. This will include redesigning the organisation structure to reallocate responsibilities along core and support functions.


Against this background, Cyprus Republic, through the Ministry of Energy, Commerce and Industry, has submitted a request to the SRSS for technical support in order to reorganise the structure of the ISC and improve its operations. In line with the requirement of the SRSP Regulation, the execution of the support measures should be completed within six (6) months.


The project started in November 2018 aiming to deliver of the following:


(i) A proposal for a new organisational structure of the Service;


(ii) A replacement plan between ISC personnel to eliminate single points of failure and safeguard business continuity; and


(iii) A manual for the standardisation and modernisation of the core operations of the Service.


Therefore, the measures taken, aimed to empower the Insolvency Service to implement the procedures of the legal framework in an effective and efficient way, so that any economic and social consequences will be avoided.


Award info
Award category: new solutions to complex challenges - a public sector citizen-centric, sustainable and fit for the future - european or national level
Award type: submission
Award year: 2019
Project type
Sector: Public administration, modernisation, institutional affairs, reform
Type of activity:
Keywords: Efficiency and Effectiveness of the Insolvency Service of Cyprus, Organizational Retructuring, Standardization and Modernization pf Procedures, Replacement and Succession plan
Short English description: Cyprus is in the process of undertaking a number of measures to eliminate remaining major impediments to the workout of non-performing loans in Cyprus. The improvement of the efficiency and effectiveness of the operation of the Insolvency Service of Cyprus is amongst the measures that Cyprus intends to undertake. In June 2018, during the process of restructuring of the Cooperative Banks, the Government of Cyprus undertook a commitment towards the European Commission, to take certain actions within specific deadlines, which will allow the efficient workout of non-performing loans.
Further information
Organisation: Ministry of Energy, Commerce and Industry
Other applicants:
Homepage:
Level of government: national level
Size of organisation: >100
Number of people involved: 6-10
Country: Cyprus
EU membership: EU member
Language code: en
Start date:
End date:


Improving the efficiency and effectiveness of the Insolvency Service of Cyprus (35.16215236546811, 33.36615443229675)
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