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…
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…
US Noble Energy reported discovering between 141 billion to 226 billion cubic metres in Cyprus’s first attempt to find natural resources offshore in December 2011. Noble`s find was after being granted the country`s first offshore exploration license. As part of the second offshore exploration licensing round, launched by the Cypriot government in 2012, Italy`s ENI…
In the case of Jivraj v Hashwani [1], the U.K. Court of Appeal held that an arbitration agreement which provided that only persons of a certain religious belief could act as arbitrator was void because arbitrators fall within the scope of English anti-discrimination employment legislation in relation to religion and belief (the Employment Equality (Religion…
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…
As of the 01.03.2011 the duration of the validity cheques issued has been reduced from the current 6 months to 3 months as of the date of the issue of the cheque. This decision affects cheques issued as of the 01.03.2011 and applies equally to government issued cheques following the 01.08.2011. The decision was taken…
Insolvency: Liquidation of a Cyprus Company The legislation and procedure relating to winding up of legal entities is set out in the Companies Law, Cap.113 (the “Law”). Under section 203 of the Law the two main types of winding up procedure are voluntary liquidation and liquidation by the court. A. Voluntary Liquidation A Cyprus company…
In the case of Jivraj v Hashwani ([2010( EWCA Civ 712), the U.K. Court of Appeal held that an arbitration agreement which provided that only persons of a certain religious belief could act as arbitrator was held to be void. The court held that arbitrators fall within the scope of English anti-discrimination employment legislation in…
On the 5th of August 2009 the Council of Ministers approved draft legislation relating to Payment Services. It is expected that the legislation will be passed by the House of Representatives during the forthcoming months. The legislation will be enacted for the purposes of harmonisation of Cyprus law with the provisions of Directive 2007/64/EC of…
If you need to protect your hard gained reputation against defamatory comments or actions which infringe your rights to privacy we are able to provide assistance. We will provide swift and clear advice and explain the options available to you. We will advice on the appropriate course of action based upon your objectives, whether that…