In Depth: The Law On Charging Orders Of 1992 (31 (Ι)/1992)

The issuance of a Charging Order constitutes an execution method when followed by an Order for Sale of the charged asset, as provided by the Law on Charging Orders of 1992 (31 (Ι)/1992) (the 'Law'). Below, we examine the main provisions of the Law in an attempt to clarify its application and spirit.

Article 3 of the Law states that, following a judgment or order of the Court, the person called to pay the debt (the 'Judgment Debtor') to another person (the 'Judgement Creditor'), is entitled, for the purpose of enforcing the judgment, to apply to the Court for the issuance of a Charging Order over the interest of the judgment debtor in assets which are covered by the Law with the purpose of securing payment of the amount owed. The amount charged is the amount which the Creditor is owed under the terms of the judgment, plus accrued interest and costs.