Following its judgment in the case Re Besuno Ltd (2014)
1(Α) CLR 427, the Supreme Court of Cyprus has ruled that, in
order to proceed with winding up proceedings against a judgment
debtor, the proper registration of an arbitral award in Cyprus is a
sine qua non procedure.
Background
Pursuant to section 212(a) of the Cyprus Company Law (CAP 113),
a company shall be deemed to be unable to pay its debts if
"a creditor, by assignment or otherwise, to whom the
company is indebted in a sum exceeding five thousand euros
(€5.000) then due has served on the company, by leaving it at
the registered office of the company, a demand under his hand
requiring the company to pay the sum so due and the company has for
three weeks thereafter neglected to pay the sum or to secure or
compound for it to the reasonable satisfaction of the
creditor".
