CYPRUS Law and Practice Contributed by: George Middleton, Christoforos Iosif and Chrystalla Hadjigeorgiou, Chryssafinis & Polyviou LLC
Chryssafinis & Polyviou LLC 37 Metochiou Street Agios Andreas CY-1101
Nicosia Cyprus
Tel: +357 22 361000 Fax: +357 22 678011 Email: chryssafinis.polyviou@cplaw.com.cy Web: www.cplaw.com.cy
1. Identifying Assets in the Jurisdiction 1.1 Options to Identify Another Party’s Asset Position There are different options to identify another party’s asset position, which differ according to the type of assets. However, a party to a litigation can identify assets through disclosure orders that are available both as a standalone procedure ( Norwich Pharmacal ) and when applying for a freezing order. Real Estate Assets Typically, a claimant (plaintiff) can conduct a search at the Land Registry Office only once they have secured a court judgment against the other party. However, there is a notable exception to this rule: banking insti - tutions can conduct such searches without first secur - ing a court judgment. Shares General searches can be conducted by the general public regarding companies at the Registrar of Com - panies’ website. However, searches that reveal reg - istered shareholders can be conducted through the Registrar’s website at a (small) fee. Both general and specific searches are conducted online without the need of first securing a court judgment. It should be noted that searches can only be con - ducted on a company-by-company basis and cannot be conducted on specific persons/shareholders, and searches do not reveal the ultimate beneficial owners of companies.
Monies Deposited in Banks Banks will not reveal any amounts deposited with them unless ordered to do so by the court. This is usually done after a court judgment is issued. 2. Domestic Judgments 2.1 Types of Domestic Judgments The different types of domestic judgments are as fol - lows: • final judgment in default of appearance; • final judgment in default of defence; • interim judgments (freezing orders, prohibitory orders, etc); • final judgment for a specific amount; • final judgment for specific performance; • final declaratory judgment; and • final judgment for damages (tort, contract and vio - lation of constitutional/other rights). 2.2 Enforcement of Domestic Judgments There are various ways to enforce a domestic judg - ment, the most commonly employed of which are outlined here. Writ of Movables This is carried out via a court bailiff, who attempts to collect the judgment debtor’s movable assets. Registering a Charge (Memo) on Property This is carried out at the Land Registry Office and essentially constitutes a charge on the debtor’s prop -
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