CATEGORY: CYPRUS LEGAL SYSTEM
Our Litigation Team, representing a reputable and high-end Cyprus Company with foreign interests, has been successful in an interim order before the District Court of Limassol, which was issued on an ex-parte basis and became absolute on 10/03/2020.
Earlier in September 2018 and after filing an application for the issuance of an interim freezing order (so called “Mareva Injunction”) on behalf of our Clients, the Court issued a temporary freezing order of the opponents’ bank accounts for a specific amount, without hearing the opponents since the Court examined our position and ruled that the matter was indeed urgent.
On 10/03/2020 and following the examination by the District Court of Limassol of both the Application and Opposition accompanied by sworn affidavits and along with all presented exhibits, the latter delivered its judgement and ruled in favor of our Clients that the ex-parte interim order was to become absolute. In essence, the said Freezing Order prohibits the Defendants from alienating, transfer or withdraw specific amounts from any bank accounts that they hold in their names, in any Bank Institutions established in Cyprus. The said Freezing Order shall remain in force until the very end of the litigation procedure between our Clients and the Defendants, securing in that way the interests of our Clients.
Our Litigation Team was represented by our Partner and Head of the Litigation Department, Mr Andreas M. Damianou.
For further information on this matter please feel free to contact our firm.
Author: Andreas M. Damianou