Following the implementation of Directive 2005/56/EC (Cross-border Mergers Directive) into local law by Law 2 of 186(I) of 2007, Cyprus Companies Law, Cap. 113 now provides the framework for cross-border mergers of limited liabilities companies, where at least one of the merging limited liability companies is a Cyprus company or where the limited liability company resulting from the cross-border merger is a Cyprus company.
A Cyprus company limited by shares or guarantee and having a share capital, may, if so authorized by its articles of association, increase its authorised share capital (Section 60 of the Companies Law, Cap 113).
A Cyprus company limited by shares or guarantee and having a share capital, may, if so authorized by its articles of association, reduce its share capital (Section 64 of the Companies Law, Cap 113). In order for a Cyprus company to reduce its share capital: (a) a special resolution must be passed in general meeting…
Section 64 of the Companies Law (Cap 113) provides that a Cyprus company limited by shares or guarantee and having a share capital, may, if so authorized by its articles of association, reduce its share capital. The reduction of share capital may, in certain circumstances, be used to: (a) return capital to the shareholders that…
Cyprus Companies Law, Cap 113 implemented Directive 2005/56/EC on cross-border mergers of limited liability companies (Cross-border Mergers Directive). Cyprus company provides the framework for cross-border mergers to occur between companies in Cyprus and companies from other EEA states.
Mergers result in the transfer of the assets and liabilities of one company to another and the dissolution of the first company without it going into liquidation. A merger between Cyprus companies is defined by section 30 of the Income Tax Law (Law 118(I)/2002).
The ECJ decided that a worker must be able to carry over and accumulate rights to paid annual leave when an employer does not put that worker in a position in which he is able to exercise his right to paid annual leave.
Strike-off procedure – A Cyprus Company may be struck off the Register either by a request of the directors or shareholders or involuntarily by the Registrar of Companies.
The provisions of the Termination of Employment Law (Law N.24/1967) were amended on the 25.07.2016. The amendment relates to the notice given by employers to terminate the employment of workers absent due to incapacity. Following the amendment to the law, if an employee is absent from work for a period of up to 12 months due…
The European Court of Justice (“ECJ”) in Federación de Servicios Provados del sindicto Comisiones obreras (CC.OO.) v. Tyco Integrated Security SL, Tyco Integrated Fire & Security Corporation Servicios SA held that, “when workers…do not have a fixed or habitual place of work, the time spent by those workers travelling each day between their homes and…