The establishment of the Commercial Court and Admiralty Court and the modernization of the justice system.
In the context of modernization of the justice system and with the aim of faster and more efficient resolution of disputes, the Parliament passed on 12/05/2022 Law (108/2019) on the establishment and operation of the Commercial Court and the Admiralty Court.
The Law establishes two new courts of first instance, namely the Commercial Court and the Admiralty Court. The aim of this reform is to ensure the speedy administration of justice in these two areas but also in general, since the caseload of the District Courts will decrease.
The establishment of the two new courts will strengthen the competitiveness of Cyprus in terms of providing services and attracting foreign investment, thus contributing to the economic development of the island. Having this international aspect in mind, the Law provides for the possibility of conducting the proceedings before the Commercial Court and the Admiralty Court in English.
The Commercial Court will be comprised of five judges with experience in commercial matters.
It will examine cases involving “commercial disputes” relating to claims over €2.000.000 including those arising out of
Additionally, irrespective of the amount in dispute, the Commercial Court will have jurisdiction to hear all matters relating to competition law, intellectual property, and arbitration.
Claims related to personal injury and banking are excluded.
The Admiralty Court will be comprised of two judges with experience in relevant matters, and it will have exclusive jurisdiction to hear admiralty claims.
Admiralty claims include claims relating to a vessel (which includes an aircraft), such as claims relating to the following:
The enactment of this Law constitutes a great step into making Cyprus more competitive in the international markets, but also making the justice system faster and more efficient.
The date on which the two new Courts will be ready to function will be published by the Supreme Court. From that date any commercial cases which are pending before other Courts, may be transferred to the Commercial Court at the option of the parties. Pending admiralty cases shall be automatically transferred to the Admiralty Court.
By Ioanna Georgiadi