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The Republic of Cyprus is a Contracting party to New York
Convention.
Since December 1980 the Republic of Cyprus, has been a
contracting party to the New York Convention, on the recognition,
registration and enforcement of foreign arbitral awards.
("the New York Convention")
The only reservations, made by the Republic of Cyprus, for the
application of the New York Convention are:
That Cyprus will apply the Convention on the basis of
reciprocity, to the recognition and enforcement of awards made,
only in the territory of another contracting state; and
That Cyprus will apply the Convention only to differences
arising out of legal relationships, whether contractual, or not,
which are considered as commercial, under its national law.
Requirements for registration and enforcement:
The applicant shall file an application to register and enforce
his arbitral award, supported by an affidavit, attaching as
EXHIBITS, the documents expressly stated in Article IV, of the
Convention.
Article IV is set up to facilitate enforcement by requiring a
minimum of conditions to be fulfilled, by the party, seeking
enforcement of a convention award. That party, shall supply the
duly authenticated original award, or a duly certified copy
thereof, and the original arbitration agreement, or a duly
certified copy thereof.
An authentication of a document, is the formality by which, the
signature thereon, is attested to be genuine.
The certification of a copy, is the formality by which, a copy
is attested to be the true copy of the original.
The second paragraph of Article IV, provides that a party
seeking enforcement, has to produce a translation of the arbitral
award, and the arbitration agreement, if they are not made on the
official language of the Country, where enforcement of the award is
sought.
Translation of arbitral awards, and arbitration agreements for
the purposes of Article IV of the Convention, shall be made by the
official governmental body of the Republic of Cyprus, which is the
Press and Information Office (P.I.O).
PRO-ENFORCEMENT BIAS OF CYPRUS COURTS
The Conventions' seven enumerated defenses, are applied
narrowly by the Cyprus courts, and the burden of proof, remains
very much with the party opposing enforcement.
In general, Cypriot courts have resisted allowing defenses
beyond those specified in Article V, although arguments based on
procedural considerations, have met with some success.
CAN INTERIM RELIEF BE GRANTED IN THE CONTEXT OF AN ENFORCEMENT
APPLICATION?
Cyprus courts have jurisdiction to grant interim relief, in the
context of an application for registration and enforcement of a
foreign arbitral award, pursuant to the provisions of the New York
Convention.
Such Interim relief includes inter alia:
Freezing orders, blocking assets held by the
judgment debtor;
Chambra injunctions, blocking assets
beneficially owned by judgment debtor, but held into the name of
third parties;
Discovery or Norwich Pharmakal orders,
ordering third parties (Banks, Service providers etc) to disclose
information and documents in order to assist the Claimant, to prove
and plead his case, to trace assets, to identify other wrongdoers
etc;
Gagging orders, blocking a third party (i.e.
Bank, Service provider) not to alert the defendant, about the
commencement of the legal proceedings by the Claimant;
Appointment of an interim receiver to assist
in the preservation of the assets blocked by an injunction;
and
Appointment of a receiver by way of equitable
execution, in order to assist in the execution of the
judgment, against the assets, which are beneficially owned by the
judgment debtor.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The registration and enforcement of a Russian judgment in the Republic of Cyprus is regulated by the provisions of the Bilateral Agreement, between Cyprus and the Russian Federation (Law 172/86) ("the Treaty").
Within the GGC region, the regulation of insurance intermediaries, and particularly their handling of client money, has been relatively light.
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