We are pleased to announce that our Litigation Associate, Myria Pornari, successfully obtained an ex parte Worldwide Freezing Order before the District Court of Nicosia against legal entities in relation to a multimillion-value claim.
A Worldwide Freezing Order, historically known as a Mareva injunction, is one of the most powerful interim remedies available in cross-border litigation. It restrains defendants from dissipating, concealing, transferring, or otherwise dealing with assets located anywhere in the world, thereby preserving the status quo pending the determination of the substantive proceedings. Its fundamental purpose is to ensure that any future judgment or arbitral award is not rendered ineffective by the disappearance or dissipation of assets.
Following a detailed examination of the evidence presented, the President of the District Court of Nicosia was satisfied that all the legal requirements for the granting of such extraordinary relief had been met. The Court consequently issued the requested freezing orders on an ex parte basis, recognizing the urgency of the matter and the risk that the assets in question could otherwise be dissipated. The underlying proceedings concern serious allegations of a sophisticated and coordinated fraud scheme, as well as conspiracy involving both corporate and individual defendants across multiple jurisdictions. In the light of the nature of the allegations and the evidence placed before it, the Court considered it appropriate to grant immediate interim protection in order to preserve the assets pending the determination of the substantive claims and to safeguard the effectiveness of any future judgment.
This outcome highlights the effectiveness of the Cypriot courts in providing robust interim protection in complex, high-value, and international disputes. It also demonstrates Cyprus’ continued role as a leading jurisdiction for obtaining urgent injunctive relief in support of both domestic and cross-border litigation.
This significant achievement, reflects our diligence, strategic thinking, and expertise in complex cross – border litigation disputes and interim relief proceedings. Securing a Worldwide Freezing Order of this scale in a case involving allegations of international fraud and conspiracy demonstrates both the high level of advocacy required and our firm’s unwavering commitment to protecting our clients’ interests through decisive and effective legal action across multiple jurisdictions.
