Minister of Justice, Mr. Ionas Nicolaou and Members of Supreme Court had decided for the Commercial Court to be set up and become operational from the beginning of 2018.
It shall have jurisdiction over matters including claims arising from contracts or disputes between companies, the purchase or sale of goods, the exploitation of oil or gas, the purchase or exchange of shares, intellectual property and insurance affairs.
It shall apply to cases the scale of which shall exceed EURO 5,000.000.
Seat Seat shall be in Limassol and Nicosia with consultations with Supreme Court. Commercial Court will have separate structure and will operate outside District Court.
It shall be fast track procedure to be completed up until 18 months at first instance.
Speed and efficiency.
Attract additional investment, companies etc.