Mareva Injunction - Freezing Order In Cyprus

The Mareva Injunction is an injunction that freezes assets and restricts the owner of the assets from dealing with or removing the assets before a judgment against the owner has been made. The idea is to ensure that if the plaintiff is entitled to relief, justice will be served.

The Mareva principle stems from the decision made in the case of Mareva CompaniaNaviera S.A v International Bulkcarriers S.A (The Mareva) C.A June 23, 1975 where Lord Denning stated: "...the principle applies to a creditor who has a right to be aid the debit owing to him, even before he has established his right by getting judgment for it. If it appears that the debt is due and owing – and there is a danger that the debtor may dispose of his assets so as to defeat it before judgment. The Court has jurisdiction in a proper case to grant an interlocutory judgment so as to prevent him disposing of those assets".