On May 31 2011, in the Unreported Action 6598/2001 between GCC Computers Limited and European Dynamics SA, the Nicosia District Court made an absolute order for the attachment of assets in the hands of a third party. A writ of attachment - a court order to 'attach' or seize an asset - is one of the various measures that may be taken to enforce a judgment.
The district court judge noted that the attachment of assets in the hands of a third party is permitted by the Civil Procedure Rules as a means of execution of judgments and is recognised by law. Accordingly, the court reaffirmed its ex parte order requiring the third party, Cyprus Telecommunications Authority, not to "waive and/or alienate" an amount of approximately €255,000 that it was obliged to pay the judgment debtor.
For further information on this topic please contact Costas Stamatiou at Andreas Neocleous & Co LLC by telephone (+357 25 110 000), fax (+357 25 110 001) or email ([email protected]).