Cyprus Popular Bank Public Co Ltd v Vgenopoulos & Ors [2016] EWHC 1442 (QB) (22 June 2016)

Cyprus Popular Bank Public Co Ltd v Vgenopoulos & Ors [2016] EWHC 1442 (QB) (22 June 2016)

A registered foreign worldwide freezing order under Article 38 of the Judgments Regulation does not become fully effective and enforceable in England and Wales until the expiry of the appeal period or determination of any appeal under Article 47.3. During this period, 'measures of enforcement'—which include service or notification of the order to third parties—are prohibited, and only protective measures as permitted by the law of the enforcing state may be taken.

Citation
[2016] EWHC 1442
Parties
Claimant: Cyprus Popular Bank Public Co. Ltd. (acting by its Special Administrator Mr Chris Pavlou); Defendant: Andreas Vgenopoulos; Defendant: Efthimios Bouloutas; Defendant: Kyriacos Mageiras; Defendant: Marfin Investment Group Holdings S.A.
Jurisdiction
England and Wales
Judgment Date
22 June 2016
Procedural Posture
Application for Declaratory Relief and Variation of Registration Order / Post Registration, Pending Appeal
Outcome
Declaratory relief granted in favour of Defendants; Claimant prohibited from enforcing the Cypriot Freezing Order pending appeal determination.
Legal Topics
Enforcement of Foreign Judgments, Freezing Orders, Interpretation of Judgments Regulation (ec) No. 44/2001, Protective Measures, Measures of Enforcement
Civil Procedure Private International Law Banking Law Enforcement of Foreign Judgments Freezing Orders Interpretation of Judgments Regulation (ec) No. 44/2001 Protective Measures Measures of Enforcement

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Parties

Cyprus Popular Bank Public Co. Ltd. (acting by its Special Administrator Mr Chris Pavlou)

Claimant

Andreas Vgenopoulos

Defendant

Efthimios Bouloutas

Defendant

Kyriacos Mageiras

Defendant

Marfin Investment Group Holdings S.A.

Defendant

Procedural Posture

Application for Declaratory Relief and Variation of Registration Order / Post Registration, Pending Appeal

Legal Issues

  1. 1 Whether a registered foreign worldwide freezing order is immediately effective and enforceable in England and Wales or only after expiry/determination of appeal period under Article 47.3 of the Judgments Regulation
  2. 2 Whether 'measures of enforcement' under Article 47.3 include service/notification of the freezing order to third parties or are limited to court-involved processes

Ratio Decidendi

A registered foreign worldwide freezing order under Article 38 of the Judgments Regulation does not become fully effective and enforceable in England and Wales until the expiry of the appeal period or determination of any appeal under Article 47.3. During this period, 'measures of enforcement'—which include service or notification of the order to third parties—are prohibited, and only protective measures as permitted by the law of the enforcing state may be taken.

Court Disposition

Declaratory relief granted in favour of Defendants; Claimant prohibited from enforcing the Cypriot Freezing Order pending appeal determination.

Orders

  • It is declared that the Cypriot Freezing Order is not fully effective and enforceable in England and Wales until determination of the Defendants' appeal against the Registration Order.
  • It is declared that service or notification of the Cypriot Freezing Order to third parties constitutes a 'measure of enforcement' and is prohibited pending determination of the appeal.