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 foreign worldwide freezing order registered 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 against registration. During this period, 'measures of enforcement'—including service or notification of the order to third parties—are prohibited, except for protective measures ordered by the court. The Claimant cannot use registration as a shortcut to immediate enforcement or to bind third parties without following the domestic process for protective measures.

Citation
[2016] EWHC 1442 (QB)
Parties
Claimant: Cyprus Popular Bank Public Co. Ltd. (acting by its Special Administrator Mr Chris Pavlou from Nicosia); 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 Clarification/variation of Registration and Enforcement of Foreign Freezing Order / Post Registration, Pending Appeal
Outcome
Application granted in part; declaration made that the Cypriot Freezing Order is not fully effective or enforceable until determination of the appeal against registration, and that service/notification to third parties constitutes a measure of enforcement prohibited during the appeal period.
Legal Topics
Enforcement of Foreign Judgments, Freezing Orders, Interpretation of Judgments Regulation (ec) No. 44/2001, Protective Measures, Appeal Rights in Enforcement Proceedings
Civil Procedure Private International Law Banking Law Enforcement of Foreign Judgments Freezing Orders Interpretation of Judgments Regulation (ec) No. 44/2001 Protective Measures Appeal Rights in Enforcement Proceedings

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Parties

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

Claimant

Andreas Vgenopoulos

Defendant

Efthimios Bouloutas

Defendant

Kyriacos Mageiras

Defendant

Marfin Investment Group Holdings S.A.

Defendant

Procedural Posture

Application for Clarification/variation of Registration and Enforcement of Foreign Freezing Order / Post Registration, Pending Appeal

Legal Issues

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

Ratio Decidendi

A foreign worldwide freezing order registered 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 against registration. During this period, 'measures of enforcement'—including service or notification of the order to third parties—are prohibited, except for protective measures ordered by the court. The Claimant cannot use registration as a shortcut to immediate enforcement or to bind third parties without following the domestic process for protective measures.

Court Disposition

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

Orders

  • Declaration that the Cypriot Freezing Order is not currently fully effective and enforceable in England and Wales.
  • Declaration that service or notification of the Cypriot Freezing Order to third parties constitutes a measure of enforcement and is prohibited until determination of the appeal or expiry of the appeal period, except for protective measures ordered by the court.