Justice Minister Ionas Nicolaou and Members of the Supreme Court in efforts to modernize the Cyprus justice system, decided to set up a Commercial Court. The need for modernization became essential as cases of commercial nature that were submitted at the district courts steadily increased.
The new Commercial court will be set up in early 2018 and will have jurisdiction over claims arising from contracts, company disputes, the purchase or sale of goods, the exploitation of oil or gas, the purchase or exchange of shares, intellectual property and insurance affairs. However it will adjudicate only cases which the claim exceeds €5 million. The court will have a separate structure and will operate outside the District Courts. There will be a “fast track” procedure, which can be completed at first instance up to 18 months. It will also have two seats, one in Limassol and one in Nicosia.
The Ministry of Justice is preparing the bill and the aim is to be submitted to the House of the Representatives after the summer.
Mr. Nicolaou expects the new Court to be successful and stated that “In this way we will be able to attract additional investments, entrepreneurs and companies interested in registering or operating in Cyprus from abroad.”
The establishment of the Commercial Court will have a positive impact on the dispensation of justice and will provide a speedier resolution to commercial cases.
Author Michaella Pillakouri, Lawyer
Fine Life Limassol LTD,
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