CYPRUS: APPOINTMENT OF RECEIVER IN AID OF EQUITABLE EXECUTION OF CYPRUS JUDGMENT
In a recent case handled by our firm, we succeeded acting on behalf of a Claimant to obtain a judgment against a defendant for a debt which was owed to the Claimant, as well as an order appointing an equitable receiver over assets which were beneficially owned by the debtor, but held into the name of a third party.
The judgment debtor was a beneficiary of a contract of purchase of an immovable property which was deposited with the competent land register for the purposes of specific performance, but the legal title was kept to the name of the Seller.
Without the appointment of a receiver over the above asset, the judgment issued against the Defendant/debtor and in favour of the Claimant, could not be legally executed, because legal execution can be effected only against assets legally registered and owned by debtor.
Relying on relevant English case law, we succeeded to persuade the Court to appoint an equitable receiver to assist in the execution of the judgment issued against the Defendant debtor, concerning the immovable property which was beneficially owned by him, but was legally registered and held by the third party (i.e. the Seller).
Through the appointment of a receiver in aid of the equitable execution of judgment, all the legal obstacles and difficulties in the enforcement and execution of judgments (i.e. Court and arbitral), can be by-passed in all cases where assets are beneficially owned by the Judgment debtor, but are legally held by and registered into the name of a third party.
For further information on this topic please contact
Mr. Antonis Alexopoulos (aalexopoulos@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.
