Imagine operating a company, only to find without any warning that the company’s bank accounts have been blocked. The immediate consequence is one of acute disruption and uncertainty. You learn that a winding-up petition has been filed against the company, triggering restrictions that effectively prevent it from carrying out ordinary financial transactions. At that point, a pressing question arises: how is the business expected to continue operating under such constraints?
In times of financial difficulty, the Personal Insolvency (Personal Repayment Plans and Debt Relief Order) Law of 2015 in Cyprus provides a structured way for debtors to manage their debts while protecting their principal residence. This law is designed to balance the interests of both debtors and creditors.
However, what happens when creditors seek to cancel these repayment plans?
In a recent judgment, the Nicosia District Court decided that an affidavit was inadmissible due to the fact that the jurat was not in one of Cyprus's two official languages (ie, Greek or Turkish).(1)
Under the Civil Procedure Law,(1) a judgment creditor has the right to make any immovable property in which his or her judgment debtor is beneficially interested – and which is registered with the Department of Lands and Surveys in the debtor's name – security for payment of the judgment debt.