The District Court of Nicosia, exercising its bankruptcy jurisdiction, issued a judgment on 12 January 2026 in Bankruptcy Application No. 14/2019, granting an application by the Bankruptcy Administrator for the annulment and deletion of a deposited sale agreement relating to two apartments in Nicosia. The Court held that the transaction constituted a fraudulent disposition under section 46(1) of the Bankruptcy Law, Cap. 5, finding that it was not carried out in good faith or for genuine consideration and that it prejudiced the rights of creditors.
The Court ordered the deletion of the sale agreement from the Land Registry and awarded costs against both the bankrupt and the alleged purchaser, jointly and severally. The case was successfully argued by Antonis Georgiou, Partner at Phoebus, Christos Clerides & Associates LLC, acting for the Bankruptcy Administrator.
