Aurevo Limited v Galantor Finance Limited (LCIA arbitration; Nicosia District Court Application 26F/2025)

Procedural record

1. 14 October 2026Cyprus

   14 October 2026Cyprus

   Decision of the Nicosia District Court in Application 26F/2025 dated 14 October 2026

   Nicosia District Court

   Case no.

   Application 26F/2025

   Decision summary

   The Nicosia District Court made absolute the 4 December 2025 interim order appointing Chris Iakovides as temporary receiver of Galantor Finance Limited for the limited purpose of securing its representation in the LCIA arbitration, and continued the worldwide Mareva injunction. The court rejected the respondents' objections and awarded the application costs to Morden Finance Limited.

   Participants

   Application

   Application for appointment of an interim receiver and a worldwide Mareva injunction — Granted; interim order made absolute

   Morden Finance Limited

   Representative

   Georgiadis (For: Morden Finance Limited)

   Representative

   Charalambous (For: Morden Finance Limited)

   Representative

   Kassino (For: Morden Finance Limited)

   Representative

   Georgiadis & Pelidis D.E.P.E. (For: Morden Finance Limited)

   Galantor Finance Limited

   Representative

   Kypraios (For: Galantor Finance Limited)

   Representative

   L. Papafilippou & Co D.E.P.E. (For: Galantor Finance Limited)

   Niverson Holdings Limited

   Representative

   Tsirides (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   Representative

   Kitsiou (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   Representative

   Kostas Tsirides & Co D.E.P.E. (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   Olekit Investments Limited

   Representative

   Tsirides (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   Representative

   Kitsiou (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   Representative

   Kostas Tsirides & Co D.E.P.E. (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   Lariena Investments Ltd

   Representative

   Tsirides (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   Representative

   Kitsiou (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   Representative

   Kostas Tsirides & Co D.E.P.E. (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   PJSC National Bank Trust

   Representative

   Tsirides (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   Representative

   Kitsiou (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   Representative

   Kostas Tsirides & Co D.E.P.E. (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   Mediterranean Directors Limited

   Mediterranean Secretaries Limited

   Aurevo Limited

   Representative

   Tsirides (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   Representative

   Kitsiou (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   Representative

   Kostas Tsirides & Co D.E.P.E. (For: Niverson Holdings Limited · Olekit Investments Limited · Lariena Investments Ltd · PJSC National Bank Trust · Aurevo Limited)

   Nicosia District Court

   Judge

   M. Papaioannou

   Other

   Insolvency office holder

   Chris Iakovides

   Authorities cited

   24

   • Regulation (EU) No 1215/2012
     regulation
   • Cyprus International Commercial Arbitration Law No. 101/1987
     statute
   • Arbitration Law (Cap. 4)
     statute
   • Civil Procedure Law (Cap. 6)
     statute
   • Courts of Justice Law No. 14/1960
     statute
   • Cyprus Civil Procedure Rules 2023
     procedural rule
   • Constitution of the Republic of Cyprus
     constitution
   • European Convention on Human Rights
     treaty
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     case law
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     case law
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     case law
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     case law
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     case law
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     case law
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     case law
   • Jonitexo v Adidas ((1984) 1 C.L.R. 263)
     case law
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     case law
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     case law
   • Melouskia Commercial Ltd v Chumanchenko Alisa and another ((2014) 1 A.A.D. 2110)
     case law
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     case law
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     case law
   • Nardell Coal Corporation Pty Ltd ([2003] NSWSC 860)
     case law