On The hope that the consolidated bill for the creation of a commercial court and admiralty court will be completed at the next meeting of the Legal Affairs Committee was expressed by Justice Minister Stefi Drakou.
After attending the committee meeting, she said the bill would deal with serious commercial disputes that the economy needs and that is consistent with Cyprus' desire to be an economic centre. Regarding the admiralty court, she said that it is necessary since Cypriot shipping is third in the world and it should function to administer justice in maritime disputes. On the commercial court he said there was consensus, while on the admiralty court he expressed hope that the bill would be completed in the next session.
The Chairman of the Committee, DISY MP Nikos Tornaritis said that they are on a very good track thanks to the direct intervention of the Minister who incorporated the wishes of the Committee in the revised text, while there was also consultation with the Bar Association and other bodies. He also noted that the creation of a commercial court is an imperative for a modern state.
AKEL MP Aristos Damianou said that the Republic of Cyprus should seize the opportunities to create the conditions for sustainable development and an attractive environment for investment and business. He added that AKEL's suggestions had been adopted in the revised bill.
DIKO MP Christiana Erotokritou said that the creation of a commercial court and a maritime court were necessary for the development of Cyprus' economy. She expressed the view that the commercial court should offer the advantages offered by other jurisdictions so that Cyprus can offer its own comparative advantages such as lower costs. He also said that the court should give the option and the right to use the English language to give an advantage to the litigants that Cyprus is trying to attract.
EDEK MP Kostis Efastathiou referred to the reform of the judiciary that the key thing is for the citizen to have free, cheap access and speedy administration of justice.
Source: KYPE
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