The owner filed an action against the bank and the Director of the Land Registry, claiming the cancellation of the forced sale and an order for the re-registration of the property into his name, as well as other alternative claims.
The Supreme Court examined the aspects of the case and held that the owner was aware of both the procedure for the consolidation of his two properties and the forced sale.
The process of applying for a forced sale
order of the Ellesmere Port refinery through the High Court is already under way.
The long delays were mainly due to the procedures followed by the Land Registry, the only body authorised to carry out forced sales of mortgaged property in Cyprus.
On average, forced sales in Cyprus could take up to ten years and in some cases 15, the Bank Association said.
: the rights of tenants, creditors and tax authorities if the TIC is forced to sell its property by a bankruptcy trustee, by the IRS as holder of a lien against a tenant for unpaid taxes, or by a tenant seeking to partition the property.
They don't know whether the sales price was the result of a forced sale
or was actually fair market value.
Manninen's proposal was made as a suggested solution for the shortage of housing in the greater Helsinki area, but Gestrin has said that forced sales
is an old-fashioned way of getting construction projects going.