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Retention of Title Clauses: Securing Payment in Contracts of Sale

The seller has at his disposal a useful protective device which, notwithstanding the buyer’s inability/refusal to pay, or insolvency, will enable him to retrieve his goods and afford him priority over ...

Practice Area(s) Real Estate,  Private Client

Challenging past transactions in liquidation: fraudulent preference

An effective weapon in a liquidator's and creditor's arsenal to ensure the fair and equal treatment of all creditors of a failing company is the ability to challenge past transactions that sought to favour ...

Practice Area(s) Restructuring and Insolvency ,  Dispute Resolution

Bankers' Rights of Appropriation, Lien and Combination

Banks have a number of legal mechanisms at their disposal with a view to safeguarding their interests in circumstances where they are owed money by defaulting customers who are unlikely to take steps ...

Practice Area(s) Banking and Finance

Legal framework on voluntary liquidation – an overview

Chapter 113(III) of the Companies Law is the main legal framework which regulates the voluntary liquidation procedure in Cyprus. There are two ways in which voluntary liquidation can be triggered.

Practice Area(s) Restructuring and Insolvency

Removal of Directors: Mechanisms and Implications

A company may, for a variety of reasons, choose to remove a director from office. In this respect, due consideration should be given to what statutory or constitutional devices are available for the purposes ...

Practice Area(s) Dispute Resolution,  Corporate and M&A

Insolvency and restructuring from a Covid-19 perspective

The Covid-19 pandemic created an unprecedented situation for the lives and livelihoods of people from every socioeconomic background. In response to the pandemic, Cyprus introduced a series of humanitarian ...

Practice Area(s) Restructuring and Insolvency

Examinership: A shield for businesses to cope with Covid-19

A relatively less-known procedure, the examinership framework, may hold the key to the survival of corporations faced with the financial consequences of the Covid-19 outbreak.

Practice Area(s) Restructuring and Insolvency

A UK and European perspective on the regulation of cryptoassets: Cyprus chapter

A.G. Erotocritou LLC has been invited by Burges Salmon to contribute the Cyprus chapter to a comprehensive paper in relation to the regulation of cryptoassets. 

Practice Area(s) Financial Services and Products

Locus standi in Petitions for Oppression on the Minority

The District Court of Limassol has ruled that a minority shareholder may pursue an oppression of minority petition, irrespective of whether the underlying company had a positive value for distribution ...

Practice Area(s) Dispute Resolution

Prosecuting white-collar crime through private prosecution: the benefits, the limits and the possibility of pursuing parallel civil proceedings

The right to pursue a private criminal prosecution is an effective and frequently used weapon in the arsenal for combatting white-collar crime in Cyprus.

Practice Area(s) Private Client,  Dispute Resolution

Dawn Raids: Unannounced visits to corporations by authorities

Recent surprise inspections conducted by the European Commission at the premises of companies active in the grocery sector in France have brought back the spotlight on the growing powers of competition ...

Practice Area(s) Corporate and M&A,  Private Client,  Data Protection

Cross-border recognition of insolvency proceedings

Insolvency proceedings can be recognised in Cyprus through the EU Recast Insolvency Regulation (2015/848) or under the principles of common law.  

Practice Area(s) Restructuring and Insolvency ,  Dispute Resolution

Derivative Actions in Perspective

A derivative action is an aggrieved minority shareholder’s right of action which essentially derives from the company, and is ordinarily available to members who may seek protection in circumstances which ...

Practice Area(s) Private Client,  Corporate and M&A,  Dispute Resolution

Amendments to the naturalization by investment scheme in Cyprus

As of the 15th of May 2019, applications for naturalization through investment will need to meet certain criteria (in addition to the ones currently in force), in accordance with the recent decision of ...

Practice Area(s) Real Estate,  Private Client,  Corporate and M&A

Quist close trust: An equitable safety net for lenders

In addition to instituting a common law claim for a repudiatory breach of the underlying loan agreement, where the moneys advanced are applied by the borrower for a purpose other than that contemplated ...

Practice Area(s) Private Client,  Corporate and M&A,  Banking and Finance,  Dispute Resolution

Schemes of Arrangement and Recent Changes

Cyprus has reduced the threshold for approving Schemes of Arrangement to simple majority, making them an attractive alternative to court sanctioned debt restructurings.    

Practice Area(s) Corporate and M&A,  Banking and Finance,  Dispute Resolution

Fraudulent Trading: Characteristics and deficiencies

In tandem with the legal position under English  law, albeit with certain structural variations which will be addressed in this article, fraudulent trading in Cyprus is both a civil and criminal concept ...

Practice Area(s) Corporate and M&A,  Dispute Resolution,  Banking and Finance

Performance Bonds

In the context of construction contracts, a performance bond may be described as a species of security which offers an effective legal and financial safeguard in the form of a guarantee which, at the ...

Practice Area(s) Private Client,  Banking and Finance

Interrelationship between Articles, Shareholders Agreements and the Companies Law

Whilst it is of crucial importance that a company’s Articles of Association (AA) and Shareholders’ Agreement (SHA) should be such as to ensure that their respective provisions are compatible, it would ...

Practice Area(s) Corporate and M&A

Non-Assignment Clauses and their Implications for Loan Agreements

The essence of this article is to afford due consideration to the legal ramifications of an assignment of rights (insofar as it relates to loan agreements), effected by an “original” lender to an “incoming” ...

Practice Area(s) Banking and Finance

Entire Agreement Clauses: Call for Caution

The purpose of an entire agreement clause (EAC) is to convey in an unequivocal manner that the written contract in which it is incorporated, solely encompasses what has been agreed between the parties, ...

Practice Area(s) Real Estate,  Private Client,  Dispute Resolution,  Corporate and M&A,  Banking and Finance

Franchising: the Cyprus landscape

It is common knowledge that the franchise concept has come a long way from its inception in the mid nineteenth century after Isaac Singer, the inventor of the sewing machine, conceived what was then perceived ...

Practice Area(s) Corporate and M&A

MiFID II - Cyprus paves the way for the “Legal Identifier”

The revised EU Markets in Financial Instruments Directive, 2014/65/EU (MiFID II), within the context of the associated legislative provisions of the EU Markets in Financial Instruments Regulation No. ...

Practice Area(s) Banking and Finance

Cyprus tax residency rules amended

In July 2017, the Cyprus Parliament approved a legislative proposal amending Section 2 of the Income Tax Law (ITL) and introducing an additional provision for determining Cyprus tax residency for individuals. ...

Practice Area(s) Private Client

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