Establishment of Commercial and Maritime Dispute Courts in Cyprus
On 27th October 2021, the Justice Committee of the House of Representatives of the Republic of Cyprus began examining two bills for the establishment of Commercial and Maritime Dispute Courts in Cyprus.
The Minister of Justice and Public Order Stefi Drakou stated that “the Commercial court and the Maritime Court will have jurisdiction to hear and decide in the first instance on any commercial dispute and maritime case and their establishment is necessary for the speedy adjudication of these disputes. The Commercial dispute Court will hear claims exceeding €2 million and the Maritime Court will deal with all cases currently under the jurisdiction of other courts. The bills will contribute to Cyprus’ long term economic development.”
There is a possibility that the two Courts will operate in the English language.
According to the Ministry of Justice, the two bills are backed by all stakeholders such as the Supreme Court, Cyprus Bar Association, the financial community and employers’ associations.
The bills are expected to speed up legal procedures which will strengthen the competitiveness of Cyprus and boost Cyprus’ prospects as an attractive investment destination.
From our side, we welcome and look forward for these new and exciting developments.
For further information and clarifications please contact us via email at info@zambartaslegal.com or via telephone +357 22262108