Bitonic Ltd v Bank of Moscow-Bank Joint Stock Company (Supreme Court of Cyprus Civil Appeal 117/2018)

Procedural record

1. 27 March 2018Cyprus

   27 March 2018Cyprus

   Winding-up order concerning Bitonic Ltd dated 27 March 2018

   Decision summary

   The Cyprus court issued a winding-up order against Bitonic Ltd after it failed to pay the registered judgment debt following Bank of Moscow's statutory demand.

   Participants

   Bitonic Ltd

   Bank of Moscow-Bank Joint Stock Company, formerly Joint Stock Commercial Bank "Bank of Moscow" (Open Joint-Stock Company)

   3 years, 11 months and 17 days later · 1450 days

2. 16 March 2022Cyprus

   16 March 2022Cyprus

   Decision in Civil Appeal 146/16 concerning Bitonic Ltd

   Supreme Court of Cyprus

   Case no.

   Civil Appeal 146/16

   Decision summary

   The Supreme Court of Cyprus upheld registration of the foreign judgment against Bitonic Ltd, confirming the judgment debt for enforcement in Cyprus.

   Participants

   Bitonic Ltd

   Bank of Moscow-Bank Joint Stock Company, formerly Joint Stock Commercial Bank "Bank of Moscow" (Open Joint-Stock Company)

   Supreme Court of Cyprus

3. 16 March 2022Cyprus

   16 March 2022Cyprus

   Decision of the Supreme Court of Cyprus in Civil Appeal 117/2018 dated 16 March 2022

   Supreme Court of Cyprus

   Case no.

   Civil Appeal 117/2018

   Decision summary

   The Supreme Court of Cyprus dismissed Bitonic Ltd's appeal against the winding-up order. It held that challenges to the arbitral award and its registration could not be reopened, rejected the challenges to the statutory demand and insolvency finding, and awarded €2,500 plus VAT in costs to Bank of Moscow.

   Participants

   Bitonic Ltd

   Representative

   K. Kliridis (For: Bitonic Ltd)

   Representative

   Foivos, Christos Kliridis & Associates LLC (For: Bitonic Ltd)

   Bank of Moscow-Bank Joint Stock Company, formerly Joint Stock Commercial Bank "Bank of Moscow" (Open Joint-Stock Company)

   Representative

   Chr. Nikolaou (For: Bank of Moscow-Bank Joint Stock Company, formerly Joint Stock Commercial Bank "Bank of Moscow" (Open Joint-Stock Company))

   Representative

   E. Christofi (For: Bank of Moscow-Bank Joint Stock Company, formerly Joint Stock Commercial Bank "Bank of Moscow" (Open Joint-Stock Company))

   Representative

   P. Pavlou & Associates LLC (For: Bank of Moscow-Bank Joint Stock Company, formerly Joint Stock Commercial Bank "Bank of Moscow" (Open Joint-Stock Company))

   Supreme Court of Cyprus

   Judge

   A. Liatsos

   Judge

   T. Psara-Miltiadou

   Judge

   D. Sokratous

   Authorities cited

   27

   • Cyprus Companies Law, Cap. 113 (Cap. 113)
     statute
   • Cyprus Stamp Duty Law, Law 19/63 (Law 19/63)
     statute
   • Official Languages of the Republic Law, Law 67/88 (Law 67/88)
     statute
   • Uralmetprom Interdepartmental Concern OAO Uralmetprom application concerning Besuno Ltd ((2014) 1(A) C.L.R. 427)
     case-law
   • Odyssea v Police ((1999) 2 C.L.R. 490)
     case-law
   • Themistokleous v Republic (Criminal Appeal 176/18, 11 January 2019, ECLI:CY:AD:2019:B4)
     case-law
   • Kostoulou and Co Ltd v Republic (Civil Appeal 98/19, 1 February 2021)
     case-law
   • Pavlou v Efthymiou (Civil Appeal 33/2014, 23 June 2021, ECLI:CY:AD:2021:A269)
     case-law
   • FIDELITAS SHIPPING CO. LTD. v V/O EXPORTCHLEB ([1966] 1 Q.B. 630)
     case-law
   • Michael v Skoutella ((2008) 1B C.L.R. 1125)
     case-law
   • Charalambous v Charalambous ((2008) 1B C.L.R. 1298)
     case-law
   • Kyriakou and others v Redundancy Fund ((1993) 1 C.L.R. 1020)
     case-law
   • Maximos Court Ltd v Pieri and others ((2001) 1(B) C.L.R. 875)
     case-law
   • In re ABP Holdings Ltd and others (No. 2) ((1996) 1(A) C.L.R. 629)
     case-law
   • Pan-Aman Hotels Limited v Commissioner of Value Added Tax ((2002) 1Γ C.L.R. 1796)
     case-law
   • Holy Metropolis of Limassol v Chr. P. Michaelides (Estates) Ltd ((2002) 1 C.L.R. 43)
     case-law
   • J. Z. Classic Music Pro Ltd v Alkadia Music Land Ltd ((2002) 1B C.L.R. 1151)
     case-law
   • F.H.K. Hotels Holdings Ltd v A.S. Air Control Ltd ((1999) 1 C.L.R. 2159)
     case-law
   • Dimitris Avxentiou & Son (Agricultural Machinery) Ltd v Hellenic Bank Public Company Ltd ((2014) 1Γ C.L.R. 2534)
     case-law
   • G.I.P. Construction Ltd v Director of Social Insurance ((1991) 1 C.L.R. 15)
     case-law
   • M. Mouletaris Machinery Co. Ltd v Zinonos ((2001) 1Γ C.L.R. 1649)
     case-law
   • Andreas Georgiades and Son Ltd v Alpha Bank Cyprus Ltd (Civil Appeal 177/2011, 15 May 2017, ECLI:CY:AD:2017:A176)
     case-law
   • Russell on Arbitration, 21st edition (21st ed., p. 315)
     academic
   • Gary B. Born, International Commercial Arbitration, 2nd edition (Kluwer Law International, 2014, pp. 3739-3744)
     academic
   • Margaret L. Moses, The Principles and Practice of International Commercial Arbitration, 2nd edition (2nd ed., p. 198)
     academic
   • McPherson's Law of Company Liquidation (p. 127)
     academic
   • Pennington, Company Law, 3rd edition (3rd ed., pp. 674-675)
     academic
4. Date not availableArbitration

   Date not availableArbitration

   Arbitral Award concerning Bitonic Ltd and Bank of Moscow-Bank Joint Stock Company

   Participants

   Bitonic Ltd

   Bank of Moscow-Bank Joint Stock Company, formerly Joint Stock Commercial Bank "Bank of Moscow" (Open Joint-Stock Company)

5. Date not availableCyprus

   Date not availableCyprus

   Registration decision in General Application 424/15

   Cyprus court

   Case no.

   General Application 424/15

   Decision summary

   The Cyprus court registered the foreign judgment in favour of Bank of Moscow against Bitonic Ltd, creating an enforceable judgment debt in Cyprus.

   Participants

   Bank of Moscow-Bank Joint Stock Company, formerly Joint Stock Commercial Bank "Bank of Moscow" (Open Joint-Stock Company)

   Bitonic Ltd

   Cyprus court