AGP Corporate Litigation Team, headed by Angelos Paphitis, succeeded before the District Court of Limassol on the 5th of June 2015.
A Derivative action has been submitted by the Plaintiff – a 50% shareholder of a Cyprus holding company – for the purpose of protecting and preserving the assets of a Cyprus company, those being 4 Cyprus subsidiaries and 27 foreign subsidiaries.
Interim Orders – Prohibitory Injunctions and Appointment of an Interim Receiver/Manager
Together with the above Derivative action an interim petition has been submitted ex-parte (i.e. without notice to the defendants) whereby the Plaintiff has requested interim orders of the court as follows:
- An interim receiver/manager to be appointed in order to secure and protect the group’s assets, and
- All Defendants to the actions and/or their directors and representatives are prohibited from taking any decisions that will affect the current status quo of the entire group.
Upon presenting the case before the President Judge of the Limassol District Court, AGP has succeeded and the Judge has issued the above requested interim orders in favor of the Plaintiff. It should be stated that while interim orders (freezing/prohibitory injunctions) are quite frequently being issued ex-parte (i.e. without notice), interim orders for the Appointment of a Receiver/Manager are rarely being issued, for considered being a “draconian” measure, and in general such orders are not issued ex-parte (i.e. the courts tend to request service of such petitions to the Defendants giving them a right to object). AGP lawyers’ result in getting such a rare order ex-parte is considered to be great success which makes the AGP Group proud of our corporate litigation team.