commercial
A shareholders’ agreement is a confidential legal document between the shareholders of a company. As such the agreement it is not accessible to third parties unless disclosed. The agreement ensures that a mutual understanding exists between the shareholders’ by explicitly providing the agreed terms for the management and control of the company. Moreover, shareholders agreements…
Cyprus courts have jurisdiction to grant interim orders and injunctions over various issues, having extraterritorial effect. These include freezing orders (“Mareva Injunctions”), discovery and tracing orders (“Norwich Pharmacal Orders”), Garnishee Orders (“Chabra Orders”), search orders (“Anton Piller Orders”). Freezing Orders (Mareva Injunctions) Freezing injunctions over assets in any part of the world can be issued…
Disputes in Cyprus are mainly resolved in litigation proceedings by the courts. Provided all statutory and case law requirements are met, Cyprus courts have jurisdiction to grant interim orders and injunctions, with international effect. In particular they have jurisdiction to issue interim orders in support or in aid of: Judicial proceedings pending before Cyprus Courts;…
Cyprus is one of the fastest growing European investment fund destinations. The major attractions for investors include the island`s established expertise being an international business centre, the competitive costs, a solid network of tax treaties, the strong ties to key markets such as Russia, the CIS, and CEE, it`s close proximity to the Middle East…
Following the enactment of the Electronic Money Law of 2012 electronic money services in Cyprus may only be provided by an electronic money institution which has been granted an authorisation by the Central Bank of Cyprus. Despite the provisions of the Electronic Money Law, certain persons may provide electronic money services in Cyprus without obtaining…
The provision of payment services in the Republic of Cyprus is regulated by legislation and Directives issued by the Central Bank of Cyprus. The legislation designated the Central Bank of Cyprus as the competent authority responsible for: (a) granting of authorisation to provide payment services to companies which are registered and have their…
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…
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%.…
The Late Payments in Commercial Transactions Law, Law 123(I) of 2012, published on the 27.12.2012, repeals the previous legislation regarding late payments in commercial transactions. The purpose of this new legislation is to give legal effect to Directive 2011/07/EU of the European Parliament and of the Council of 16 February 2011 on combating late payment…
The Qatar Exchange and the Cyprus Stock Exchange signed a Memorandum of Understanding on the 6th of June 2011 . The purpose of the Memorandum of Understanding was to formalize cooperation between the two markets. The Memorandum of Understanding was signed by Mr. Andre Went, CEO of Qatar Exchange and by Mr Epaminondas Metaxas, CEO…