Beware of your limitation periods!
A new Cypriot law on limitation periods was enacted on 1st July 2012. Limitation periods impose time limits upon which a party must bring a claim or give notice to a claim to the other party. A client will need to discuss these issues with their lawyer in order to determine whether or not the limitation period has expired. If your limitation period has expired, you will be prohibited from commencing a claim against an alleged wrongdoer.
For many years, the Cyprus Limitations Law has been extended and postponed by a succession of laws, each temporary extending the suspension. However, on 1st July 2012, the Cyprus Parliament enacted a new law with respect to limitation periods in which to bring a claim against another party. In accordance with the new law, the limitation period varies according to the nature of your claim. Important points to consider and key limitation periods are generally as follows:
• Simple contracts: six years;
• For secured loans, e.g. mortgages or charges: twelve years;
• Negligence and nuisance claims: three years;
• Will validity and other succession law issues: eight years;
• Defamation: one year;
• For all issues and claims not provided for in the law: ten years.
The above is merely a short summary of certain parts of the new Cyprus Limitations Law. There are important exceptions to the above and you should not take any legal steps until you have obtained advice from a Cypriot lawyer.
Please feel free to contact us if you have any questions or queries.