Marina Hadjisoteriou, Partner and Head of the Limassol Dispute Resolution, had the privilege to join a panel set up by the IBA Asset Recovery Committee, aptly moderated by Tatiana Markel (Baker & Hostetler LLP, New York) to discuss the following topic:

“The Key to Successful Recovery — Injunctive Relief and Precautionary Measures in Cross-Border Cases”.  With assets that are acquired in, or which find their way to, jurisdictions all across the globe, multi-jurisdictional asset recovery cases present unique legal and practical coordination challenges. From preservation of an asset to recovery, injunctive relief and precautionary measures are key to many successful cross-border asset recovery cases.

Marina joined distinguished panellists from multiple jurisdictions for this dynamic session, including Alipak Banerjee (Nishith Desai Associates, New Delhi), Paul Kennedy (Campbells, Cayman Islands) and Laure-Hélène Gaicio (BSP, Luxembourg).

In her presentation, Marina outlined that the long-awaited new Cyprus Civil Procedure Rules (new CPR) have been in force since 1 September 2023 and they have in essence replaced the old Civil Procedure Rules which were in force since the 1950s.

The new CPR have specific provisions enabling parties to obtain freestanding interim measures (‘Black Swan type injunctions’) even before the substantive proceedings are commenced and also after the issue of judgment (Part 25.2).

Section 32 of the Courts Law, 14/1960 was also amended in November 2023 to be in line with the new CPR, so that there is no doubt as to what orders the Cypriot courts can now issue.

Part 25.1 of the new CPR expressly lists the numerous types of orders that the Cyprus Courts may now issue (which looks very similar to the UK Civil Procedure Rules, Part 25.1). Such orders are, amongst others:

• an order for the appointment of a receiver;
• an order directing a party to disclose the location of property or of any assets and provide information in relation to such property/assets which are or may be the subject of an application for a freezing injunction;
• an order for disclosure of documents or inspection of property before a claim has been filed;
• an order in certain proceedings for disclosure of documents or inspection of property against a non-party;
• an order directing a party to prepare and file accounts relating to the dispute.

The availability of freestanding injunctions is a game changer for legal practitioners in Cyprus who are now equipped with all the necessary weaponry to successfully go after international fraudsters and recover assets in multijurisdictional cases – making the Cyprus jurisdiction an asset recovery haven.

In her presentation Marina presented an image created using AI, showing how the Cyprus Courts can freeze any type of asset. Click here to view the image.