ARTICLE
6 February 2023

The Recognition And Enforcement Of An International Arbitral Award In Monaco

CP
CMS Pasquier Ciulla Marquet Pastor & Svara

Contributor

CMS Monaco is a leading law firm, providing local and international clients with a one-stop shop service for all their legal challenges, both in counselling and litigation. The firm was created in 2009 and is strongly anchored in the Monegasque market and well familiar with its dynamic economy. In 2017 the firm joined CMS, an organisation of independent law firms, composed of 80+ offices in 45+ countries, with over 6,000 lawyers worldwide, making it the only law firm in Monaco with such significant international reach. Today CMS Monaco is composed of 80+ professionals, including five partners (Avocats Associés Monégasques) and over 50 associates, experts in Monegasque law. The firm is structured around seven practice groups: Private Clients, Business Law, Real Estate & Construction, Employment, Banking & Finance, Tax and Criminal law. The teams regularly work together on complex cross-practice cases with high stakes for a large variety of Monegasque and international clients, such as companies of various sect
You have been granted with an international arbitral award ruling in your favor and want to enforce it in Monaco, where your debtor's assets are.
Monaco Wealth Management

You have been granted with an international arbitral award ruling in your favor and want to enforce it in Monaco, where your debtor's assets are?

The international arbitral award

In Monaco, is considered as an international arbitral award an arbitral award which has connections with foreign jurisdictions such as the place of the seat of the arbitral tribunal, the applicable law to the arbitration procedure, the applicable law to the merits of the litigation, the domicile of the parties, the international nature of the commercial relationship etc.

On the other hand, if an arbitral award is rendered by an arbitral tribunal in Monaco and has main connections with Monaco (domicile of the parties in Monaco, commercial relationship in Monaco...), it will be considered as a domestic award.

International arbitral awards are subject to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 10 June 1958). Monaco ratified this Convention and declared on the basis of reciprocity that it will apply the Convention to the recognition and enforcement of awards made only on the territory of another contracting State. It also declared that it would apply the Convention only to commercial relationships.

The recognition and enforcement's procedure of arbitral awards in Monaco

The recognition and enforcement's procedure of arbitral awards is the same for international and domestic awards:

  • Within 3 days from the date the award has been rendered or later if it is not possible, one of the arbitrators shall file to the General clerk of the First Instance Court the duly authenticated original award. The clerk will save this original and provide the arbitrator with a duly certified copy thereof.
  • The claimant shall therefore file to the clerk of the First Instance Court's President anapplication for enforcement with the duly certified copy thereof and also, for international awards, an original agreement of the arbitration clause or a duly certified copy thereof.

An enforcement order to recover assets in Monaco

If the recognition and enforcement order is granted by the First Instance Court's President, the arbitral award will be enforceable in Monaco.

This recognition and enforcement order can be appealed, opposed, or objected. The party against whom the order ruled, can claim that the recognition and enforcement of the award may be refused on the grounds of the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

As soon as the order is definitive, the order will be enforceable and may be executed to recover any assets of the debtor in Monaco.

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.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More