Commercial Litigation in Cyprus
Commercial Litigation in CyprusUpdated on Thursday 28th April 2016
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Foreigners with business activities in Cyprus who have been involved in various cases of commercial litigation can receive assistance on the legal issues that they may encounter from our team of lawyers in Cyprus. Commercial litigation is dealt with in accordance with the national legislation, but following the country’s accession to the European Union (EU), the national law is governed by the EU’s directives. As a general rule, arbitration is the most popular alternative dispute resolution, to which parties involved can appeal to outside the Cypriot courts.
Litigation in Cyprus
Bringing claims to a Cypriot court is done in accordance with the local legislation. An important aspect of a claim brought to a court refers to a limitation period, which is prescribed by the Limitation of Actionable Rights Law that establishes limitations period for litigious cases for both civil and commercial disputes.
In litigation cases related to the breach of contracts, the limitation period was established at six years. However, contracts signed in several domains have a smaller limitation period, of only three years.
Litigation services, offered by Cypriot lawyers
Our team of Cypriot attorneys can offer legal advice or legal representation on a wide area of litigation services related to the commercial law.
Commercial litigation in Cyprus can refer to the following:
• disputes arising between shareholders;
• the breach of a contract, regardless of its kind; in this sense, our lawyers can offer advice for a sale contract or for disputes arising in the relationship with the company’s employees;
• disputes arising between local and foreign companies;
• unfair competition;
• intellectual property;
• business fraud;
• consumer protection disputes.
In the situation in which the value of the claim is above EUR 500,000, litigation cases are dealt with in a district court which has jurisdiction over the case. It is important to know that, at the moment, the alternative dispute resolutions are not very common means of solving a case, but amongst these, arbitration is one of the most representative. As a general rule, litigation is the standard way of dealing with commercial disputes in Cyprus.
If you need further information on the commercial litigation procedures available in Cyprus, please contact our team of Cypriot lawyers, who can offer you legal representation in front of the court.