Admin | Theodorou Law Firm

Cyprus Competition Law Update: EU Commission Press release – Legislation to facilitate damage claims by victims of antitrust violations

Competition, European Union LawBy Admin June 12, 2013

European Commission Press release Brussels, 11 June 2013 Antitrust: Commission proposes legislation to facilitate damage claims by victims of antitrust violations The European Commission has adopted a proposal for a Directive on how citizens and companies can claim damages when they are victims of infringements of the EU antitrust rules, such as cartels and abuses…

Cyprus Competition Law Update: EU Commission proposals on damage claims related to violation of competition laws

Competition, European Union LawBy Admin June 12, 2013

On the 11th of June 2013, the European Commission published a proposal for a Directive facilitating claims for damages in national courts by victims of infringements of EU competition law. Violations of infringements of EU competition law include anti-competitive agreements between competitors, such as a price-fixing cartel, and abuses by individual companies of their dominance in…

Insolvency & Restructuring – Voluntary Liquidation of a Cyprus Company

Insolvency & RestructuringBy Admin June 11, 2013

Under Cyprus law a company can be voluntary liquidated by its shareholders. It is a precondition for a voluntary liquidation of a company by its shareholders that its directors must first issue a statutory declaration of solvency. This statutory declaration declares that the company is able to pay its debts in full within 12 months…

Litigation Law Update: Cyprus Supreme Court decision on haircut of BOC and Laiki clients

Banking, LitigationBy Admin June 7, 2013

The Supreme Court of Cyprus issued a ruling today (Friday, 7/6/2013) on the 55 administrative recourse filed by bank depositors against decrees imposing the resolution of Popular Bank, which is being wound down, and Bank of Cyprus, where large depositors have been forced to forfeit savings for equity stakes in the bank. The Supreme Court…

Tax Law Update: Cyprus Double Taxation Agreements – June 2013

News, Tax LawBy Admin June 6, 2013

Cyprus has concluded numerous Double Tax Agreements whilst certain other agreements are pending enforcement. The main purpose of these treaties is the avoidance of double taxation on income earned in any of these countries. Under these agreements, a credit is usually allowed against the tax levied by the country in which the taxpayer resides for…

Tax Update: Ratification by Ukraine of new Double Tax Treaty with Cyprus expected soon

News, Tax LawBy Admin May 21, 2013

On 8.11.2012 the Government of Ukraine and the Government of the Republic of Cyprus signed a new convention for the avoidance of double taxation (the “Convention”). The draft of the Convention was approved by the Cabinet of Ministers of Ukraine in November 2012 and on 16.05.2013 a draft law was submitted for ratification by the…

Cyprus Property Law Update: Amedment to Immovable Property Tax – New Tax levies

Property, Tax LawBy Admin May 2, 2013

Following the amendment of the Immovable Property Tax Law (No. 24/1980) on the 30.04.2013 by Law 33/2013 , all owners of property in Cyprus are now liable to pay an annual tax to the Inland Revenue based on their aggregate property holdings as of the 1st of January each year, on the basis of the…

Client Update: Legal actions against Bank of Cyprus & Laiki Bank (“Popular Bank”)

Commercial, Litigation, NewsBy Admin April 24, 2013

On the 23.04.2013 the Supreme Court of Cyprus began reviewing the first administrative recourses filed against the decree issued on the 29.03.2013. The decree implemented the Eurogroup’s decision to wind down Laiki Bank and impose massive losses (“haircuts”) on all deposits in excess of €100.000 at both Laiki and the Bank of Cyprus. The recourses…

News: Tax Changes approved by House of Representatives

News, Tax LawBy Admin April 19, 2013

As part of the agreement concluded with the European Stability Mechanism and the International Monetary Fund for financial assistance, the Cypriot House of Representatives approved a number of tax law amendments on the 18th of April 2013. The numerous advantages which Cyprus holding have over competing jurisdictions, such as the tax free flow of dividends…

Client Update: The Eurogroup decision concerning the Cyprus banking system

Banking, Commercial, NewsBy Admin March 29, 2013

The following unprecedented decision was taken by Eurogroup in dealing with the recapitalisation of the two largest banks in Cyprus: 1. For Bank of Cyprus, all credit balances greater than the guaranteed threshold of €100.000, will be converted into shares to the extent required for the bank to reach a Tier 1 capital of 9%.…

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