Asset Tracing And Recovery Orders, Freezing Orders And Orders In Support Of Arbitration Or EU Proceedings

Cyprus courts have an established power to issue interim orders and injunctive relief with an international effect, provided that the following conditions are met:

• a serious issue exists, that is to be tried in the main proceedings
• it appears that the applicant has a probability to obtain a favourable judgment in the main proceedings
• there is a substantial risk that, if the interim order is not granted, it will be difficult or impossible for Justice to be served at a later stage; and
• the balance of convenience is in favour of the applicant.

Ex party injunctive relief is available, where urgency can be established.

Additional requirements may apply depending on the precise interim relief sought.  Such relief is in most cases accompanied by an order for the provision of a guarantee by the applicant, to secure any losses the respondent may suffer where the order is reversed at a later stage.