Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 02 MAY 2024

Market Intelligence Thought Leadership Award Winner

Black Swan Free-Standing Orders Available In Cyprus

Michael Kyprianou & Co. LLC
Michael Kyprianou & Co. LLC
Contributor
Explore more from Michael Kyprianou & Co. LLC

‘Black Swan' freestanding injunctions in aid of foreign substantive proceedings, have been available in the BVI since 2010, making the BVI a very appealing jurisdiction for claimants seeking to safeguard their interests.

CyprusLitigation, Mediation & Arbitration
Marina Hadjisoteriou
Marina Hadjisoteriou
Author LinkedIn connections

Introduction

'Black Swan' freestanding injunctions in aid of foreign substantive proceedings, have been available in the BVI since 2010, making the BVI a very appealing jurisdiction for claimants seeking to safeguard their interests. However, in May 2020 the Eastern Caribbean Court of Appeal in Broad Idea International Limited v Convoy Collateral Limited BVIHCMAP2019/0026, directly overruled Black Swan. Then, legislation conferring jurisdiction to the BVI Courts to issue freestanding injuctive relief was enacted in January 2021. Finally, in October 2021 the Privy Council issued a groundbreaking judgment (Broad Idea International Ltd v Convoy Collateral Ltd v Convoy Collateral Ltd v Cho Kwai Chee [2021] UKPC 24) restoring the Black Swan jurisdiction and giving hope to many common law jurisdictions such as Cyprus, that local Courts would follow suit.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Jurisdiction In Cross-border Litigation: Insights From A Recent Cyprus Court Decision

It is not uncommon for high-value commercial disputes to give rise to jurisdictional issues, particularly where they involve multiple defendants domiciled in different jurisdictions or where one or more parties have entered into agreements containing jurisdiction clauses. The reason is straightforward: if the Court determines that it lacks jurisdiction to hear the matter, the proceedings may effectively come to an end at the outset. Accordingly, the issue of jurisdiction must be determined by the Court as a preliminary matter and at the earliest stage of proceedings.
CyprusLitigation, Mediation & Arbitration
Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
Article

The Preliminary Reference Procedure Before The CJEU: Cyprus Jurisprudence

The mechanism of the preliminary reference stands as one of the cornerstones of European Union law. It establishes a channel of judicial cooperation between the national courts of Member States and the Court of Justice of the European Union ("CJEU"), ensuring the uniform interpretation and application of EU law across all Member States. Understanding this mechanism, and in particular the conditions under which a Cypriot court may invoke it, is of considerable practical importance for any party appearing in proceedings that raise a question of EU law.
CyprusLitigation, Mediation & Arbitration
Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
Article

Landmark Judgment in Civil Appeal 31/2017: Cyprus' Duty to Investigate the Fate of Missing Persons under the ECHR

The Supreme Court of Cyprus has issued a landmark ruling establishing that the state's obligation to investigate missing persons from the 1974 Turkish invasion is triggered automatically by disappearance under suspicious circumstances, regardless of whether remains have been located. The judgment clarifies that humanitarian efforts through the Committee on Missing Persons do not substitute for the required criminal investigation, and that neither political considerations nor practical difficulties justify f
CyprusLitigation, Mediation & Arbitration
George Z. Georgiou & Associates LLC
George Z. Georgiou & Associates LLC
Article

Restrictions Imposed On Short-Term Property Rentals In Greece – What Are The Points That Prospective Investors In Greek Property Should Take Into Account

Greece has introduced significant restrictions on short-term property rentals, particularly affecting properties in central Athens municipal districts. Understanding the registration requirements, administrative penalties, and recent regulatory changes is crucial for anyone considering investment in Greek real estate for short-term rental purposes.
GreeceReal Estate and Construction
Michael Kyprianou & Co. LLC
Michael Kyprianou & Co. LLC
Article

When Artificial Intelligence Creates The Brand – The New Era Of Trademarks

Artificial intelligence has revolutionized brand creation, enabling businesses to generate names, logos, and slogans within minutes. However, speed and convenience don't guarantee legal protection, raising critical questions about trademark ownership, registration eligibility, and the protection of AI-generated brands in an era where technology outpaces traditional intellectual property frameworks.
CyprusIntellectual Property
Michael Kyprianou & Co. LLC
Michael Kyprianou & Co. LLC
Article

Cyprus Tax Department Strengthens Due Diligence Requirements Under DAC2/CRS

The Cyprus Tax Department has issued new guidance strengthening due diligence requirements for financial institutions under DAC2/CRS, specifically targeting potential misuse of Citizenship by Investment and Residence by Investment schemes. Financial institutions must now implement enhanced verification procedures to ensure accurate reporting of account holders' tax residency, with immediate application to new clients and a six-month compliance window for existing accounts.
CyprusTax
Michael Kyprianou & Co. LLC
Michael Kyprianou & Co. LLC