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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

The new data protection Regulation: How does it affect you?

After years of preparation and debate, the European Union Regulation on the Protection of Natural Persons with regard to the Processing of Personal Data and on the Free Movement of such Data (“General ...

Practice Area(s) Data Protection

Dispute Resolution Cyprus Chapter 2017 for GTDT

Our firm has contributed the Cyprus Dispute Resolution Chapter for Getting the Deal Through. The Cyprus Chapter is available at: https://gettingthedealthrough.com/area/9/dispute-resolution-2017 Reproduced ...

Practice Area(s) Dispute Resolution

Attractive provisions of the Cyprus tax regime and the new Domicile Concept

Cyprus is considered as an important destination for foreign investors primarily because of its attractive tax regime. Further below we set out some important provisions of the local tax regime together ...

Practice Area(s) Private Client

Asset Recovery: Cyprus Chapter for Getting the Deal Through

Our firm has contributed the Cyprus Chapter for Getting the Deal Through to Asset Recovery. The Cyprus Chapter is available at: https://gettingthedealthrough.com/area/53/jurisdiction/74/asset-recovery-cyprus/. ...

Practice Area(s) Dispute Resolution

Getting the Deal Through: Cyprus Chapter for Dispute Resolution

Our firm has contributed the Cyprus Chapter for Getting the Deal Through to Dispute Resolution. The Cyprus Chapter is available at: https://gettingthedealthrough.com/area/9/dispute-resolution/. The ...

Practice Area(s) Dispute Resolution

New Regulations on the Naturalisation of Investors in Cyprus by Investment Scheme

The Scheme for Naturalisation of Investors in Cyprus by Exception has been amended with the decision of the Council of Ministers dated 13th of September 2016. The changes brought by the new scheme are ...

Practice Area(s) Private Client

New Leasing Law 72(I)/2016

The new legislation on the leasing, N.72 (I) / 2016, which came into force on 28.04.2016, aims to regulate the provision of leasing services to the public, as well as the supervision of the leasing services ...

Practice Area(s) Real Estate

Amending law on partnerships limited by shares

Law 144(I)/2015, which came into force last year, amended Cyprus partnership law (Cap. 116) by introducing partnerships limited by shares. A partnership limited by shares is, in essence, a hybrid between ...

Practice Area(s) Corporate and M&A

FBME's depositors guarantee process & delays

On the 9th of April 2016, the Central Bank of Cyprus (hereinafter “CBC”) through an official announcement (hereinafter the “Announcement”) activated, to the relief of FBME’s Bank Ltd – Cyprus Branch ...

Practice Area(s) Banking and Finance

Cyprus Litigation Chapter for ICLG

Our firm has contributed the Cyprus Chapter for the International Comparative Legal Guide to: Litigation & Dispute Resolution; published by Global Legal Group Ltd, London for the year 2016.

Practice Area(s) Dispute Resolution

Financial Ombudsman

The Financial Ombudsman is an independent service empowered to settle disputes between financial institutions and their customers. The ombudsman’s office is designed to serve as an independent authority ...

Practice Area(s) Banking and Finance

Landmark decision on the “haircut” of bank deposits

The Limassol District Court rules that the “haircut” of banking deposits in Laiki Bank and Bank of Cyprus in March 2013, may not have been implemented correctly and grants interim injunctions to preserve ...

Practice Area(s) Banking and Finance,  Dispute Resolution

Protection of "enclaved" buyers

The New Foreclosure Law, which permits the commencement of the procedure for the foreclosure of immovable properties, affects not only the registered owners of immovable properties but also the buyers ...

Practice Area(s) Real Estate

Cyprus Data Protection Chapter

Our firm has contributed the Cyprus Chapter for the International Comparative Legal Guide to: Data Protection, published by Global Legal Group Ltd, London for the year 2015.

Practice Area(s) Data Protection

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