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ARTICLE · 12 SEPTEMBER 2018

Abuse Of Process And Res Judicata In Asset Freezing Applications

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The option holder invited the vendors to complete the transfer of the hotel, but the vendors refused and instead sold the hotel to a third party at a higher price.

CyprusLitigation, Mediation & Arbitration
Nicolas Tsardellis
Nicolas Tsardellis
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Abuse of process and res judicata were the main issues examined by the District Court of Larnaca when deciding on a recent interim application to freeze assets.1

Facts

Α company (the applicant in the case) and the owners of a hotel (the vendors) entered into an agreement giving the company – or a third party introduced by it – an option to purchase the hotel within four months at a stipulated price.

Soon after the option agreement was signed, the vendors sought to be released from their obligations under the option agreement so that they could sell the hotel to a third party at a higher price. The option holder immediately rejected the vendors' request and subsequently informed them that it was exercising the option to purchase the hotel.

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