Judgment concerning whether the debt became due and payable from Guarantors and whether the Bank has the right to file a claim against them
21 February 2023
In a Judgment dated 13 January 2023 Harris Kyriakides representing a reputable credit acquisition company (the Plaintiff) successfully obtained a judgment against Defendants 2, 3, 4, 5 and 6 (the Guarantors) in a claim relating to credit facilities. In relation to Defendants 1, 7, 8 and 9, a judgment in agreement was obtained against them on 2.12.2022 and their counterclaim was retrieved without costs.
Read MoreUnfair terms in consumer contracts: national procedural principles, Ex officio control of unfair contract terms.
29 November 2022
The legislation was prompted by a decision of the Court of Justice of the European Union (CJEU), which allows the district courts to examine cases of unfair terms in their own initiative. This ruling was issued following requests by EU Member States for an interpretation of the EU Directive 93/13 and whether national procedural principles may limit the powers of the national courts when assessing contractual terms which can potentially be unfair.[1] More specifically, the issue that was examined was the following: are principles of national law that do not allow the assessment at the enforcement stage, including the enforcing court of its own motion, because of the existence of prior national judicial decisions, compatible with Directive 93/13?
Read MoreCyprus suspends foreclosure processes until 31 January 2023
16 November 2022
Pursuant to an amendment to the Transfer and Mortgage of Property Law (the TMP Law), on 10 November 2022, the Cyprus Parliament introduced a suspension to foreclosure processes until 31 January 2023. The amending legislation amends section 62 of the TMP Law and stipulates that the application of the provisions of Part VIA of the Transfer and Mortgage of Property Law regarding the sale of mortgaged properties is temporarily suspended until 31st of January 2023.
Read MoreRecent judgment of the ECJ on Consumers’ Rights and Protections for Foreign Currency Loans
25 October 2022
On 8 September 2022, under the European Union’s (EU) Unfair Contract Terms Directive, it was held that the application of national case law was forbidden, as replacing an unfair term with a supplementary national provision would likely expose the consumer to harsher circumstances.
Read MoreSuspension of the foreclosure process until 31/10/2022
19 July 2022
The Transfer and Mortgage of Property (Amended) (No. 4) Law of 2022 (the Bill) was adopted in Parliament on 14.07.2022 in order to reinstate the targeted suspension of the foreclosure process until the 31st October 2022. The reason behind the suspension of the process of sale of mortgaged properties is due to the ongoing and intensifying impact of Ukrainian war, as well as the COVID-19 pandemic, have induced on both the economic and social effects.
Read MoreProposed amendments in law to tackle the framework of non-performing loans in Cyprus
15 July 2022
In the past years, the significant and uncontrollable issue of non-performing loans, alternatively referred to as ‘red loans’, has seen a rise in both private loans and household loans.In comparison with other European Countries, Cyprus holds the highest-ranking of non-performing loans following Greece.
Read MoreThe Purchase and Sale of Credit Facilities and Related Matters (Amended) Law of 2021
29 April 2022
The amended Bill of The Purchase and Sale of Credit Facilities and Related Matters (Amended) Law of 2021 (“the Bill”) was drafted, in order to establish the creation of a framework and supervision of credit facility acquiring companies.
Read MoreResidual powers of directors of a company under receivership and responsibility for assurance in relation to costs
01 February 2022
In a recent decision issued in the context of an application for interim orders (the application), handled by our law firm, the court came up to very important findings regarding the residual powers of the directors of a company in receivership.
Read MoreLoan agreements in Greek signed by people who do not understand the language- how do the courts approach the issue?
16 December 2021
This article focuses on the approach followed by the courts in Cyprus in instances where borrowers allege that they did not know the Greek language, and thus were not able to understand the terms of the loan agreement.
Read MoreForeign exchange risks in cases of foreign currency lending
02 December 2021
The Larnaca District Court issued a decision in lawsuit no. 589/13, in which amongst others, the Court dealt with allegations of the existence of abusive clauses in the disputed loan agreement as it involved a loan in Swiss Francs.
Read MoreProposal for amending article 44ΙΗ(γ) of the Law of Transfer and Mortgage of Immovable Property 1965-2001
29 November 2021
A legislative proposal was submitted to the Parliament to lengthen the statutory deadline which protects trapped buyers.
Read MoreProposal for amending article 44ΙΗ(γ) of the Law of Transfer and Mortgage of Immovable Property 1965-2001
29 November 2021
A legislative proposal was submitted to the Parliament to lengthen the statutory deadline which protects trapped buyers as provided under the provisions of Part VIB of the Law of Transfer and Mortgage of Immovable Property 1965-2001.[1]
Read MoreRevised EBA Guidelines on Major Incident Reporting
27 July 2021
On 10 June 2021 the European Banking Authority (EBA) published its revised Guidelines on major incident reporting under the Payment Service Directive (PSD2).
Read MoreProject Enforcement Atlas - Cyprus civil procedures on enforcement of private judgments – Cyprus Report
05 July 2021
The EU Enforcement Atlas Project is a project funded by the European Commission and initiated by the Centre of European Constitutional Law (Athens, Greece) and the European Union International of the Judicial Officers (UIHJ), aiming to provide information on enforcement procedures in the EU member states.
Read MoreLaw on the Issuance of Government Guarantees
10 June 2021
Due to the prolonged effects of the pandemic on the economy, it was considered that the present conditions require the promotion of the measure of granting loans with government guarantees.
Read MoreExecution of judgments after the lapse of material time
03 June 2021
The judgement creditor, as defined under Order 40 r. 8 of the Civil Procedure Rules, who claims to be entitled to execution of a Court judgement may, even after ten (10) years have lapsed from the date of issuance of the Court judgement.
Read MoreThe Supreme Court clarifies legal questions that may arise in the context of banking litigation
01 June 2021
In its recent case law xxx Eustratiou and Alpha Bank Limited, Appeal No. 314/2013, dated 20/04/2021 the Supreme Court provided guidance on different legal questions that may arise in the context of a banking case through the Defence of the Defendant.
Read MoreSuspension of foreclosures involving primary residences or businesses premises or agricultural fields until end of July 2021
26 May 2021
The Transfer and Mortgage of Property Law (Amending) Law of 2021 (Ν. 98(I)/2021) (the Law) was published in the government Gazette on 07.05.2021 in an effort to provide financial assistance and relief to borrowers who have been significantly affected by the COVID-19 pandemic and consequently, are unable to comply with their repayment obligations.
Read MoreNew Directive on Taxation of Proceeds from Foreclosed Property
25 February 2021
Newly published Directive 09/2021 sets out the Tax Department’s process of determination of whether foreclosed property proceeds are taxed as Income or Capital Gains.
Read MoreThe Quincecare Duty: A narrower scope of Application
24 February 2021
The Quincecare duty is applied in United Kingdom since case Barclays Bank plc v Quincecare [1992] 4 All ER 363, issued back in 1992.
Read MoreCircular no. C417 on Crypto-Asset Investment: Our Verdict
10 February 2021
CySEC has published circular C417, which is addressed to Cyprus Investment Firms, and contains guidance on investment in crypto-assets.
Read MoreThe issuance of a charging order and an order for sale of the charged asset
08 February 2021
The issuance of a charging order comprises an alternative means of enforcement which is accompanied by an order for sale of the charged asset under the Law on Charging Orders of 1992 (31 (Ι)/1992) (the Charging Order Law).
Read MoreBill on the Issuance of Government Guarantees
03 February 2021
Due to the prolonged effects of the pandemic on the economy, it was considered that the present conditions require the promotion of the measure of granting loans with government guarantees.
Read MoreMoratorium on loan repayments
19 January 2021
As the second phase of the pandemic started to affect our country and the implementation of additional measures by the Cypriot Government to end it, the need for a new moratorium to protect certain categories of debtors arose.
Read MoreSuspension of foreclosures involving primary residences or businesses dwellings until end of March 2021
18 January 2021
On 17.12.2020, the Parliament adopted the amendment of the Transfer and Mortgage of Property.
Read MoreHarris Kyriakides contributes to Commercial Law Review
16 July 2020
Our Associate Mr Christos Stroppos contributed to the Commercial Law Review as a co-author of a brief overview on the legal framework regulating the provision of electronic money services in the Republic of Cyprus.
Read MoreAmendment of the Finance Leasing Law
15 June 2020
On 05/06/2020, the Parliament adopted the amendment of the Finance Leasing Law of 2016 (72(I)/2016) (the "Law") with 29 votes in favor, 14 against and 2 abstentions.
Read MoreAmendments to the Transfer and Mortgage of Property Law N.9/65
05 June 2020
On 02/08/2019, the Parliament has passed the Transfer and Mortgage of Property (Amending) (No. 4) Law of 2019, however, the President of the Republic of Cyprus has referred the law to the Supreme Court to determine its compatibility with Constitution.
Read MoreRetrospective submission of a contract of sale
02 June 2020
On 8 May, 2020, the Supreme Court of Cyprus delivered its much-awaited judgement in the context of the appeal 68/19 (Appeal), granting leave for the submission of an application for the issuance of a Certiorari, a prerogative writ.
Read More Amendments to the legislation for “Trapped buyers”
04 February 2020
The House of Representatives of the Republic of Cyprus has amended the Transfer and Mortgage of Property Law of 1965 (9/65) (the Law) in 2015, through the introduction of Part VIB of the Law, seeking to protect “Trapped buyers”.
Read MoreDistrict Court clarifies the status of charge/memo on real estate entered prior to the stay of a judgment debt
18 February 2019
Read MoreReduction of the cheques validity period duration
09 July 2018
Read MoreCyprus regulates the legal framework on increase of interest rates and default interest rates
07 January 2016
Read MoreInterest from judgments issued by Cyprus Courts set at 4%
12 January 2015
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