Property  

Cypriot property investors set for court showdown

“However I do believe that if a plaintiff is successful then banks will come to discuss ways of not going to court.”

Ms Lewis said: “Whereas the banks have been avoiding the hearing of a big collective claim in England and pushing ahead with claims in Cyprus on an individual basis, they are now realising that this avenue is just as bad if not worse.

“Losing a collective claim in England will not only mean that the loans they are demanding will never be repaid, but they may also find themselves paying for the outlay of the purchasers, such as deposits and other costs.

“[The claimants] argue that had it not been for the involvement of the banks in these developments they would have never bought these properties - and had it not been for the banks pulling the plug... these properties would have been completed and could have been re-sold.”

“Sometimes they are asking for the children to take the loan to get around this. We’ve had offers from banks, but they are not adequate and if they did get adequate offers it would be up to the clients as to accept them or not.

“However, this is a less risky solution as we don’t know how the courts and judging will go.”

donia.o’loughlin@ft.com