In a recent Appellate case, which was handled by our office, on behalf of the successful party, the Appellate Court dismissed the appeal of a party – (which had intervened in an Originating Application for Enforcement of an LCIA Arbitral Award, in order to apply to set aside extensive chabra freezing orders and a receivership obtained by our Client) – against the decision of the 1st Instant Court to dismiss the Appellant’s application to set aside the ex parte chabra injunctions and receivership on, inter alia, the ground that such a party had a valid and legally enforceable pledge, over the shares of a Cypriot company, which were the subject of the chabra injunction and receivership.
The Appellate Court, inter alia, decided that the 1st Instant Court applied correctly the test, which was established and developed in English case law, starting with the leading case TS.B. PRIVATE BANK INTERNATIONAL S.A. -V- CHABRA & ANOTHER, namely that “there is good reason to suppose”, that the defendant/debtor, exercises substantial control over the assets, whose the freezing was requested.
For further information on this topic please contact
Mr. Soteris Pittas( spittas@pittaslegal.com ) and Mrs. Anna Lamprou( alamprou@pittaslegal.com ) at SOTERIS PITTAS & CO LLC,
by telephone (+357 25 028460) or by fax (+357 25 028461)
The content of this article is intended to provide a general guide to the subject matter. Specialist advise should be sought about your specific circumstances.
