An electronic auction of a primary residence was recently blocked at the last minute by a Limassol court order since not even the compensation that would have been granted could compensate for the term ‘family housing’.
This is what Philenews reports, adding that the district court had decided all conditions of the relevant Law were met for the issuance of a temporary order to suspend the electronic auction planned by yet another credit acquiring company.
The importance of this case is the interpretation of one of the conditions of the relevant Law regarding the need to issue the requested decree for the reason that it is difficult or impossible to grant full justice in the future.
The position of the defendant company that it is solvent and can compensate the applicants in case of success of their lawsuit, as satisfaction means monetary compensation, was rejected by the court.
It said in its decision: “The concept of full justice is not identical to the restoration of material damage only but it is much broader.
“Therefore, the status of the mortgaged property which, according to the undisputed position of the applicants, is their only residence is subject to the control of the third criterion.”
