{"id":52752,"date":"2025-10-20T11:35:28","date_gmt":"2025-10-20T11:35:28","guid":{"rendered":"https:\/\/my.legal500.com\/developments\/?post_type=press_releases&#038;p=52752"},"modified":"2025-10-20T11:35:35","modified_gmt":"2025-10-20T11:35:35","slug":"economou-co-llc-secures-eur-16m-liquidation-order","status":"publish","type":"press_releases","link":"https:\/\/my.legal500.com\/developments\/press-releases\/economou-co-llc-secures-eur-16m-liquidation-order\/","title":{"rendered":"Economou &amp; Co LLC Secures EUR 16M Liquidation Order"},"content":{"rendered":"<p>We are pleased to announce that\u00a0<strong>Economou &amp; Co LLC<\/strong>\u00a0has successfully represented a leading company in obtaining a\u00a0<strong>liquidation order<\/strong>\u00a0against its debtor, involving a debt in excess of\u00a0<strong>EUR 16 million<\/strong>.<\/p>\n<p>The debt that formed the basis of the liquidation petition was based on an arbitral award issued by the London Court of International Arbitration (LCIA).<\/p>\n<p>According with the relevant case law of the Supreme Court of Cyprus, as established in\u00a0<a href=\"https:\/\/www.cylaw.org\/cgi-bin\/open.pl?file=apofaseis\/aad\/meros_1\/2014\/rep\/2014_1_0427.htm&amp;qstring=besuno\"><strong>INTERPARTEMENTAL CONCERN OAO URALMETROM v. BESUNO (2014) 1 AAD 427<\/strong><\/a>\u00a0and more recently reaffirmed in\u00a0<a href=\"https:\/\/www.cylaw.org\/cgi-bin\/open.pl?file=supreme\/2024\/202401-116-15PolEf.html&amp;qstring=rostex\"><strong>ONEMIX GROUP MANAGEMENT LTD v. ROSTEX ENTERPRISES LTD (Civil Appeal 116\/2015, 31\/01\/2024)<\/strong><\/a>, a\u00a0<strong>foreign arbitral award or judgment that has not been recognised in Cyprus cannot serve as the basis for filing a liquidation petition<\/strong>.<\/p>\n<p>This above principle was recently confirmed by the English Court of Appeal in\u00a0<a href=\"https:\/\/www.bailii.org\/ew\/cases\/EWCA\/Civ\/2025\/62.html\"><strong>SERVIS TERMINAL LLC v. DRELLE (2025) EWCA Civ 62<\/strong><\/a>, where it was held that a foreign judgment which has not been recognised and enforced in England cannot be used as the basis for any bankruptcy or winding-up petition, even where the debt is liquidated and undisputed.<\/p>\n<p>Accordingly, prior to initiating the liquidation proceedings, the LCIA arbitral award was recognised in Cyprus as if it were a domestic court judgment.<\/p>\n<p><strong>Implications of the Liquidation Order<\/strong><\/p>\n<p>This case demonstrates the importance of first securing the recognition and enforcement of foreign arbitral awards before initiating liquidation proceedings in Cyprus.<\/p>\n<p>This outcome reinforces Cyprus\u2019s status as a reliable jurisdiction for international enforcement and underlines Economou &amp; Co LLC\u2019s expertise in cross-border insolvency and enforcement proceedings.<\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-52752","press_releases","type-press_releases","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/press_releases\/52752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/press_releases"}],"about":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/types\/press_releases"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/developments\/wp-json\/wp\/v2\/media?parent=52752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}