We are pleased to share a new article by our Partner – Head of International Disputes, Marina Hadjisoteriou, examining an important judgment of the Supreme Court of Cyprus concerning the enforcement of foreign arbitral awards and their use in winding-up proceedings.

In her article, Marina analyses the Supreme Court’s judgment in Re Rostex Enterprises Limited, that held that a foreign arbitral award must first be recognised and registered in Cyprus before it can be relied upon to establish creditor status for the purposes of initiating winding-up proceedings under Section 212(a) of the Companies Law, Cap. 113.

The case arose from an LCIA arbitral award obtained by a creditor following an alleged default under a loan agreement. When the debtor failed to comply with a statutory demand based on the award, winding-up proceedings were commenced. However, both the first instance court and the Supreme Court ultimately concluded that, in the absence of prior recognition and registration of the foreign arbitral award in Cyprus, the creditor could not rely on the award to pursue the winding-up petition.

The article explores the Court’s reasoning and the practical implications for parties seeking to enforce foreign arbitral awards in Cyprus. It also highlights the importance of adopting a carefully structured enforcement strategy when dealing with cross-border disputes and international arbitration awards.

This judgment serves as an important reminder that while foreign arbitral awards are generally enforceable in Cyprus, the procedural steps required for recognition and registration remain critical and cannot be bypassed when pursuing insolvency remedies.

📄 To read Marina’s full analysis, please click on the button below to download the article.

Our International Disputes team regularly advises clients on international arbitration, cross-border enforcement, asset recovery and insolvency-related matters and remains available to assist with complex multi-jurisdictional disputes and enforcement strategies.