Answer ... Once the declaration of enforceability has been granted, the foreign judgment is executed as a Cypriot court judgment by all available methods of execution, which include the following:
- writ of fieri facias;
- garnishee proceedings;
- appointment of equitable receiver to assist in the equitable execution;
- charging order;
- registration of a charge (ie, memo) over immovable property;
- order of committal;
- order of sequestration; and
- delivery of a statutory demand to the judgment debtor (if the judgment debtor is a Cypriot company) under Section 212(a) of the Companies Law CAP 113 for payment of the liquidated and undisputed sum under the foreign judgment within 21 days and, in the event of failure to comply, service of a winding up petition on the judgment debtor (ie, because it is deemed insolvent).
Answer ... As a general principle, enforcement under Cyprus law can be effected only against the interests and assets of the judgment debtor. However, the Cypriot courts do have jurisdiction to issue a so-called Chabra injunction to block and freeze assets that are legally held by, or registered in the name of, third parties where there is “good reason to suppose” that they are beneficially owned or substantially controlled by the judgment debtor. The Cypriot courts have the power to appoint a receiver to assist in the equitable execution of judgments over assets which are beneficially owned or substantially controlled by the judgment debtor and are legally held by a third party.