Beyond Black Swan

Since the issue of the Black Swan Judgment [1], most legal practitioners dealing with international asset recovery in Cyprus, hoped that the jurisdiction recognised by the BVI Courts to issue interim orders and in particular freezing injunctions in cases where there were assets within the jurisdiction of the BVI, would eventually "fly" over to Cyprus. The hope was that such power would be recognized/established via case Law. After all, there was no reason in principle to assume that the intention of the Cyprus legislator was to provide a «safe haven» for debt dodgers and render «immune» any party who chose to have assets in Cyprus, against claims, interim measures or execution. More than a few Lawyers (including our Firm) did attempt to convince First Instance Judges that it was time for Cyprus Courts to follow suit, albeit with mixed results.