Minister of Justice, Mr. Ionas Nicolaou and Members of Supreme Court had decided for the Commercial Court to be set up and become operational from the beginning of 2018.
Jurisdictional matters
It shall have jurisdiction over matters including claims arising from contracts or disputes between companies, the purchase or sale of goods, the exploitation of oil or gas, the purchase or exchange of shares, intellectual property and insurance affairs.
It shall apply to cases the scale of which shall exceed EURO 5,000.000.
Seat
Seat shall be in Limassol and Nicosia with consultations with Supreme Court. Commercial Court will have separate structure and will operate outside District Court.
Procedure
It shall be fast track procedure to be completed up until 18 months at first instance.
Purpose
Speed and efficiency.
Attract additional investment, companies etc.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
