New mechanisms are to be introduced to speed up the sale by auction of debtors' possessions, Justice Minister Carm Mifsud Bonnici told Parliament on Tuesday.

Winding up the debate on the Various Laws (Civil Matters) (Amendment) Bill in second reading, he said the increased deterrent of official executive letters had made itself felt because in 47 per cent of cases debtors had paid their dues in time.

Information of these sales by auction was also given in national newspapers so that belongings were sold at a fair price as more people showed interest.

Dr Mifsud Bonnici said a lot of interest had been shown in the amendment on the creditors' concourse.

He had had a lot of reactions to this amendment. The ranking order established that the first to be paid were those employees who had wages due to them. National insurance contributions, income tax and VAT payments would be next in line.

Another amendment on forfeitable deposits gave more control to financial institutions.

The Bill also removed many discrepancies in various laws relating to companies' shares and assets. In the legal system, he said, there was as yet not enough awareness of the new mechanisms which were being introduced.

The Bill fine-tuned the Rent Reform Bill and three other civil laws.

It was unanimously approved.