CYPRUS Law and Practice Contributed by: George Middleton, Christoforos Iosif and Chrystalla Hadjigeorgiou, Chryssafinis & Polyviou LLC
Registering a Charge (Memo) on Property This is also a speedy and cost-effective measure that can be registered for a small fee as soon as the judg - ment is issued. Application to Sell the Property This can be filed for a small fee as soon as a memo is registered. However, in practice it takes a very long time (if ever) for these applications to be processed and acted upon by the Land Registry Office. Winding-Up Petition This is often the most effective measure against com - panies, especially if the company in question is opera - tional and wishes to remain so but refuses to settle the judgment debt. The cost depends on whether the winding-up petition will be challenged by the debtor or any other inter - ested party. Third-Party Debt Order (Garnishee Order) This is also an effective measure in cases where the successful claimant has knowledge or reasonable suspicion of a third party that owes or is about to transfer a monetary amount to the debtor. This meas - ure is often pursued against banks or tenants of the debtor. The usual practice is for the judgment creditor to secure an ex parte order preventing the third-party debtor of the judgment debtor from paying the judg - ment debtor directly and an inter partes application for an order against the third party to effect the payment directly to the judgment creditor. Timing depends on whether the application will be contested by the judg - ment debtor or third party.
erties. If the asset is sold by the debtor, the proceeds will first be allocated to satisfy the value of the charge (memo), assuming, of course, there are no previous encumbrances/charges on the property. Application for an Order to Sell the Property This is again processed through the Land Registry Office, which can initiate the sale of the property through an auction. This can be pursued when a pre - viously registered encumbrance is registered on the property. In practice, this is very rarely successful. Winding-Up Petition Though not strictly an enforcement method, in cases where the debtor is a company, the successful claim - ant can initiate the winding-up of the company after demanding the judgment amount with the service of a statutory demand. It must be noted that winding-up applications can only be filed if the judgment amount is greater than EUR5,000. Third-Party Debt Order (Garnishee Order) This is an order pursued against a third party that owes or is about to transfer a monetary amount to the debtor. This order, if successful, circumvents the debtor entirely and collects the monies from the third party directly. Moreover, the procedure of the above-mentioned enforcing methods is now governed and provided for by the New Rules of Civil Procedure, specifically by Parts 47–53. 2.3 Costs and Time Taken to Enforce Domestic Judgments What follows are the typical costs involved and the duration it takes to enforce a judgment based on dif - ferent enforcement measures. Writ of Movables This is a speedy and cost-effective enforcement measure. However, it is important to note that the practical execution of these writs often proves to be challenging.
2.4 Post-Judgment Procedures for Determining Defendants’ Assets
The judgment creditor may apply in court for the finan - cial examination of the judgment debtor, and this pro - cedure may include an order against the judgment debtor to file an affidavit listing all movable or immov - able assets they may own.
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