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ARTICLE · 29 MARCH 2021

Norwich Pharmacal Orders And Bank Secrecy

Harris Kyriakides
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Norwich Pharmacal Orders (NPOs) are sought when claimants are aware that a wrongdoing has occurred but (i) the identity of the wrongdoer is unknown to them or (ii)

CyprusFinance and Banking
Chara Palekythriti
Chara Palekythriti

Norwich Pharmacal Orders (NPOs) are sought when claimants are aware that a wrongdoing has occurred but (i) the identity of the wrongdoer is unknown to them or (ii) the identity of the wrongdoer is known to them, but more information is needed to be able to file a claim. In this context, the courts issue NPOs to oblige third parties to disclose such information. This article discusses recent cases regarding the issuance of NPOs against banks.

The conditions for obtaining an NPO

The courts have equitable jurisdiction to issue NPOs and NPOs are considered a flexible remedy. In the recent case of Avila Management Services Ltd v Frantisek Stepanek ?.?. (2012) 1 ??D 1403, the court clarified that the conditions for obtaining an NPO are the following:

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