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Contributed by Soteris Pittas of SOTERIS PITTAS & CO LLC

December 28th, 2009

By a recent decision of a Cyprus First Instance Court, a winding up petition lodged by a holder of an international arbitral award, was dismissed on the ground that:

(a) The holder of such an arbitral award shall register same in Cyprus as per the provisions of the New Year Convention before proceeding to enforce same.

(b) Such an arbitral award, before its recognition and enforcement in Cyprus  as per the provisions of the New York Convention, cannot be used as a basis for the lodgement of a winding up petition against the Respondent Company for failure to pay the sum awarded.

(c) Such an arbitral award, does not amount to an undisputed or liquidated claim within the meaning of Section 212 (a) of the Cyprus Companies Laws and it cannot be a basis for the lodgement of a winding up petition against the Respondent Company.


For further information on this topic please contact Mr. Soteris Pittas at SOTERIS PITTAS & CO LLC, by telephone (+357 25 028460) or by fax (+357 25 028461) or by e-mail (spittas@pittaslegal.com).
 

The statements contained in this publication are not legal opinions and readers should not act on the basis of such statements without first consulting a lawyer.