Cyprus Popular Bank Public Co Ltd v Vgenopoulos & Ors

Cyprus Popular Bank Public Co Ltd v Vgenopoulos & Ors

The Cypriot Freezing Order did not become fully effective and enforceable upon registration in England and Wales; it will only become so upon determination of the Defendants' appeal against the Registration Order. Service or notification of the freezing order to third parties constitutes a 'measure of enforcement' and is prohibited until the order is fully enforceable.

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
Civil (enforcement of Foreign Judgment) / Application for Clarification/variation of Registration and Enforcement of Foreign Freezing Order
Outcome
Application granted in part; declaration made clarifying that the Cypriot Freezing Order is not fully effective and enforceable until determination of the appeal, and that service/notification to third parties is a measure of enforcement prohibited until then.
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

Civil (enforcement of Foreign Judgment) / Application for Clarification/variation of Registration and Enforcement of Foreign Freezing Order

Legal Issues

  1. 1 Whether a worldwide freezing order registered under Article 38 of the Judgments Regulation becomes immediately effective and enforceable or only after the appeal period or determination of any appeal.
  2. 2 Whether 'measures of enforcement' under Article 47.3 of the Judgments Regulation includes service/notification of the freezing order to third parties or is limited to court-involved processes.

Ratio Decidendi

The Cypriot Freezing Order did not become fully effective and enforceable upon registration in England and Wales; it will only become so upon determination of the Defendants' appeal against the Registration Order. Service or notification of the freezing order to third parties constitutes a 'measure of enforcement' and is prohibited until the order is fully enforceable.

Court Disposition

Application granted in part; declaration made clarifying that the Cypriot Freezing Order is not fully effective and enforceable until determination of the appeal, and that service/notification to third parties is a measure of enforcement prohibited until then.