Order to attend local court re assets

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Rodtomsa
Posts: 3
Joined: 02 Dec 2015 14:07

Order to attend local court re assets

Post by Rodtomsa »

Hi all, I am new to site, and at the end of my tether. Bought a villa in 2006 in Ayai Thekla, with my brother in law, he went bankrupt in 2009, payments became impossible, especially after late charges and rates increased to 14%. Bank refused to negotiate new reasonable rates, so offer them the villa back, still sat empty, engaged uk solicitor, who has since closed down
Had judgement made in Cyprus, transferred to uk in 2013. Recently ordered to attend court to examine my assets
Solicitor in uk did nothing, reported to ombudsman who found in my favour, but unable to help with Cyprus. Spoken to numerous uk lawyers re above issues including negligence by solicitor, but funds for that in itself are huge. Where do I go next, can anyone point me in the right direction
Nigel Howarth
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Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
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Re: Order to attend local court re assets

Post by Nigel Howarth »

Hi Rodtomsa and welcome to the forum.

Your next step should be to instruct a solicitor to advise and represent you at court.

I expect what has happened is that once you stopped making loan repayments the bank issued a writ or a termination notice that action wasn't defended in Cyprus.

The court awarded judgement to the bank - and I expect that included the recovery of the property plus an amount of money being the difference in the valuation of the property and the balance of the outstanding loan plus costs.

The bank applied for and obtained an EU Enforcement Order enabling the judgement of the Cypriot court to be enforced in the UK.

So you and presumably your brother-in-law are now at the stage where the court is trying to deceide how the debt to the bank can be repaid.

Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
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Rodtomsa
Posts: 3
Joined: 02 Dec 2015 14:07

Re: Order to attend local court re assets

Post by Rodtomsa »

Thanks Nigel, mostly spot on, but they never deducted the value of the villa, that's just sat in decay. It's the full amount plus interest.
We are in this position because, after we fell slightly in arrears, they made any recovery untenable because of the massive charges and interest rates they put on the mortgage, complicated by the fact my brother in law went bankrupt and just walked away
It seems the bank were in touch with my solicitor, who did nothing, and has since closed down
Nigel Howarth
Site Admin
Posts: 2534
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Order to attend local court re assets

Post by Nigel Howarth »

Hi Rodtomsa

I know that hindsight is a wonderful thing but you should have defended the writ/termination notice via your Cyprus lawyer.

I think the only thing you can do now is try to limit any damage - hence my advice to appoint a solicitor to advise and represent you.

Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
Rodtomsa
Posts: 3
Joined: 02 Dec 2015 14:07

Re: Order to attend local court re assets

Post by Rodtomsa »

Hi Nigel, just to let you and the forum know where I am, and what advice I have been given by UK solicitors independently.
All have suggested going back to a Cypriot lawyer to challenge the original judgement, and to then explore the possibilities of taking action against my last UK solicitor for negligence.
I have contacted George Pittjadis who has said he will examine the case papers, and will later decide if he has a case to set aside or cancel the judgement. His cost is 6000 euros and a further 2000 euros if he is successful, although I have not yet been asked to forward him the money, just paperwork at this time.
When I attended court recently in the UK regarding my assets and finances, I was informed The Bank would now decide how they wish to progress, and would then have to apply to the court, and I would then have an opportunity to contest this, and have my day in court.
Do you know of anyone else to have done this and any results
Something your forum should be aware of is that although my mortgage was only initially 120k Cypriot pounds, then became under 200k euros when they exchanged, was inflated to 256k euros when I got into arrears, plus interest is now worth between 500 and 600k euros.
Absolute nonsense and very frightening
Nigel Howarth
Site Admin
Posts: 2534
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
Contact:

Re: Order to attend local court re assets

Post by Nigel Howarth »

Hi Rodtomsa

I haven't heard of anyone who has applied to have the judgement against them set aside or cancelled.

I wish you every success.

Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news
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