Cyprus - Attachment of Assets
Xenios L. Xenopoulos, Xenios L. Xenopoulos Law Office
Originally from Attachment of Assets
1. What is the general nature and effect of judicial measures available for plaintiffs to obtain provisional relief affecting property of debtors to obtain security for judgments to be obtained (“attachments”)? Freezing property in place? Placing it in the custody of a third party, such as a court official, sheriff or marshall?
Generally a Court’s Judgment can be executed by the following ways:
(a) Writ of movables
(b) Memo on or sale of immovable property
(c) Sequestration of immovable property
(d) Attachment of property
(e) Examination of judgment debtor and order to pay by installments
The main Law governing the attachment of property is the Part 7 of the Civil Procedure Law, Cap.6. Attachment of Property can take place usually where the debtor has no movable property or immovable property.
Nevertheless he may be beneficially interested in any money in the hands of other persons, not parties necessarily to the proceedings. For example the judgment debtor may have a credit balance with a bank or he may be entitled under a judgment in his favor to the payment of a sum of money. In such cases the judgment creditor may apply to the Court for the issue of a writ of attachment of this property in the hands of the third person.
When the writ is issued it is served on that person who is directed to appear before the Court and from the time of the service all such property becomes a security which he holds for the satisfaction of the claim of the judgment creditor. A special procedure is laid down in the Law that has to be followed is such matters and for the right of opposition to such a writ.