Corporate Litigation And Interim Orders In Cyprus
- Author Michael Chambers
- Published July 13, 2016
- Word count 529
In this article, we will focus on presenting interim orders and injunctions in Cyprus courts. Specifically, under Section 32 of the Courts of Justice Law (14/1960), Cyprus Courts have the judicial power to issue interim orders, "in all cases in which it appears to the court just or convenient so to do", provided that the following conditions are satisfied by the Applicant/Plaintiff:
• It appears that the Applicant/ Plaintiff has a probability to obtain a favourable judgement;
• A serious issue arises to be tried at the hearing;
• It is difficult or impossible, if the interim order is not issued, to do complete justice at a later stage;
Cyprus Courts can grant international interim orders:
An important fact that needs to be taken into consideration is that the Cyprus Courts have an established judicial power to issue international interim orders, only if one the following conditions is satisfied:
• The Respondents are subject to the in personam jurisdiction of Cyprus Courts.
• The assets to be blocked are located within the jurisdiction of the Cyprus Courts.
Types of Interim Order that can be issued by Cyprus Courts:
- Freezing injunctions (Mareva)
Freezing injunctions can be issued for assets, including movable (deposits, funds, shares, goods, etc.) and/or immovable property, situated in Cyprus or abroad. Regarding assets situated outside Cyprus, the respondents should be residents of the Republic of Cyprus and also they must be subject to the jurisdiction of Cyprus Courts.
- Injunctions preventing the certain acts or events
Cyprus Courts can issue orders to prevent certain acts or events, for instance, the implementation of corporate decisions, the convention of Shareholders Meetings of Cyprus companies, the convention of Annual General Meetings of companies, etc.
- Discovery and Tracing orders (Norwich Pharmacal)
In the context of such applications, Cyprus Courts can issue orders for:
• Disclosure an oath by a respondent of the location and value of his/her assets;
• Disclosure of information and documents concerning assets deprived or stolen from the Applicant/Plaintiff in order to enable the victim of fraud to trace his/her assets, to identify the wrongdoer and pursue legal proceedings against the real tortfeasor.
The discovery order can be issued against banks and professionals regardless of banking secrecy or professional privilege etc.
- Chabra Orders (Garnishee)
The "Chabra" freezing orders are injunctions issued by Cyprus Courts against a defendant other than the main defendant, where there are reasonable grounds to believe that a co-defendant is in a procession or control of assets to which the principal defendant is beneficially entitled.
- Search Orders (Anton Piller)
Cyprus Courts can issue interim orders requiring a party to admit another party to premises for the purpose of preserving evidence or property which is or may turn into the subject matter of the main proceedings.
The Anton Piller orders can be requested by a Party to:
a. discover and preserve evidence against the defendant which is in the procession of the defendant and it is likely to be concealed or destroyed;
b. identify and get evidence against others who have been involved with the main tortfeasor in the tortuous activities;
c. prevent the defendant from warning others to destroy or conceal evidence;
d. reveal further harm to the Applicant/Plaintiff;
Michael Chambers and Co. LLC is a full service Cyprus law firm offering a wide spectrum of expertise in an impressive variety of legal disciplines. Our philosophy is simple: you give us the facts and we will give you the law, based upon which we will undertake your instructions in an efficient and cost-effective manner. For more information: www.cypruslawfirm.comArticle source: http://articlebiz.com
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