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District Court of Limassol Rules that Fraudulent Disposal of Assets of a Ukrainian Company Cannot be Trumped by the "Exclusive Jurisdiction¿ of Article 22 of the Brussels Regulation |
May 29, 2012
The District Court of Limassol considered if it had jurisdiction to determine a dispute in relation to fraudulent disposal of assets of a Ukrainian Company where the fraudulent scheme involved a number of Cyprus individuals and companies. The Defendants applied for the dismissal of the action in that the disposal of the assets was made after the same were approved by the general meeting of the Ukrainian Company, and the matter was an internal corporate dispute, as the Plaintiff Company was also a shareholder of the Ukrainian Company, and thus Article 22(2) of the Brussels Regulation applied and required the District Court of Limassol to decline jurisdiction.
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