DEFAULT JUDGMENT OF APPROXIMATELY €15 MILLION SET ASIDE

In proceedings before the Larnaca District Court, the firm successfully represented defendants in an application to set aside a default judgment issued in their absence, concerning claims exceeding €15 million arising from alleged loan facilities and related security arrangements. The defendants were represented by Antonis Georgiou, Partner, who advanced the application on the basis that the failure to enter an appearance was properly explained and that the material before the Court disclosed a serious prima facie defence. The application raised specific issues relating, inter alia, to the calculation of interest, alleged overcharging, and the validity of the amounts claimed. The Court accepted that the defendants acted promptly upon becoming aware of the judgment and had not demonstrated indifference or disregard for the judicial process. It further held that the evidence disclosed an arguable defence sufficient to justify reopening the proceedings. The default judgment was accordingly set aside, allowing the case to proceed on its merits.