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.