Successful recovery of €9 million through garnishee proceedings in Cyprus

Exploring Offshore Litigation · Oct 13, 2025 · 1m

Harneys secured a significant recovery of approximately €9 million for our client through garnishee (attachment of debt) proceedings against two major banks in Cyprus. Under Cyprus law, a payment order in garnishee proceedings can be issued when: the claimant is a judgment creditor and can demonstrate that the judgment debt remains unsatisfied; there is a creditor-debtor relationship between the judgment debtor and the garnishee; and the Court exercises its discretion in favour of the claimant. A complicating factor in this case was that, out of the €9 million, substantial sums were held in…