CYPRUS Law and Practice Contributed by: George Middleton, Christoforos Iosif and Chrystalla Hadjigeorgiou, Chryssafinis & Polyviou LLC
• judgment creditors may also consider applying for the liquidation of companies where the relevant judgment or award registered relates to legal enti - ties registered in Cyprus. 4.5 Costs and Time Taken to Enforce Arbitral Awards The costs involved typically mirror the costs of enforc - ing a judicial award and/or decision. Enforcement of both domestic and foreign arbitral awards requires the payment of legal fees, stamp duty and service expenses and the amounts will depend on whether the procedure will be challenged/defended. In cases where the enforcement of the award is permitted, there are also costs in enforcing against the defend - ant’s assets. The timeframe depends on whether the applicant also files for an interim freezing injunction (in which case the interim order application will usually be adjudicated first); however, generally it can take between six and 12 months for the application to be fully adjudicated. 4.6 Challenging Enforcement of Arbitral Awards Cyprus courts can refuse the recognition and registra - tion of an international arbitral award only on the basis of the grounds stipulated in Article V of the New York Convention, as transposed in Law 84/1979, and Arti - cle 36 of Law 101/87, which are the following:
• incapacity of the parties or invalidity of the arbitra - tion agreement; • failure to give proper notice of the appointment of the arbitrator or of the arbitration proceedings to the party against whom the award is made or that a party was otherwise unable to present their case; • the award deals with a difference not contemplated by or not falling within the terms of the submission to arbitration or it contains decisions on matters beyond the scope of the submission to arbitration; • the composition of the arbitral authority or the arbitral procedure was not in accordance with the parties’ agreement, or failing such agreement, was not in accordance with the law of the country where the arbitration took place; • the award has not yet become binding on the par - ties or has been set aside or suspended by a com - petent authority of the country in which, or under the law of which, that award was made; • the subject matter of the dispute is not capable of settlement by arbitration under the law of the forum (Cyprus in this regard); or • the recognition or enforcement of the award is con - trary to the public order of the forum (Cyprus).
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