In July 2021, the joint project REFORM/SC2021/019 concerning "Support for the Digitisation of Insolvency Case Management in Cyprus", was launched with the Insolvency Department of the Ministry of Energy, Trade and Industry and the Supreme Court as beneficiaries. In January 2023, the relevant report was completed and delivered by the contractor.
The project was funded by the European Commission's Directorate General for Reform, which awarded KPMG Cyprus the contract to carry out the Study.
The objectives of the Project are to document the specifications for the development of a system that will ensure full automation of the Department's procedures and interface with the courts where this is not achieved through e-justice. The project is fully aligned with the European Directive 2019/1023 which provides for the digitalization of procedures related to insolvency cases, their efficient and fast processing, the specialization of judicial and administrative authorities and the optimization of internal procedures and organizational structures to serve citizens.
The contribution of the Supreme Court and the other Courts to the Project was particularly important, as the insolvency framework primarily involves judicial procedures and the automation and digitisation of the functions of the Insolvency Department is inextricably linked to the functions of the courts.
It is noted that the forthcoming introduction of e-justice in the Courts will greatly facilitate the digitization of insolvency cases in the part that concerns them and therefore the Judicial Service, on its part, does not need further digitization, while on the contrary, the Insolvency Department will still need to carry out work towards the implementation of the experts' recommendations.
The project is part of the Cyprus Recovery and Resilience Plan for the period 2021-2026 and the next stage is the call for tenders by the Insolvency Department for the selection of a contractor, with a timeframe for the completion of the project in 2025.
(MX/IC)
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