Litigation: Enforcement of foreign judgments obtained in Cyprus (The Brussels Regulation I)

If you have obtained a judgment or court order, you will want to enforce it in a jurisdiction where the judgment debtor has assets or is located in order to receive whatever the court has granted. EC Regulation 44/2001 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters (known as the “Brussels Regulation”)  lays…

Cyprus Company Law Update: Significant amendments to Cyprus Companies Law (Law 4 of 2015)

Amending Law 4 of 2015 introduced important innovations to Cyprus Companies Law (Cap. 113) (the “Law”).  These innovations are aimed at simplifying processes and increasing competitiveness. The amendments came into effect from the 19th of June 2015. Following the amendments, it is  now possible for a  company to be incorporated as a general commercial company…

Insights: Cyprus Company Law – Shareholders Agreements

1.    Introduction The questions below are intended to help shareholders identify and, if relevant, negotiate certain (indicative only) matters regarding regulation of a Cyprus company. The questions are aimed at providing a starting point for discussions between the owners regarding the establishment of a management structure of a Cyprus company. Note that not all the…

Insights: Cyprus Company Law – Protecting Minority/Oppressed Shareholders rights

1.    Introduction Cyprus Company Law is based on the principle of the majority rule. Consequently Cyprus courts will not generally interfere in the internal management of companies. However, in cases where shareholders become oppressed by the controlling or majority shareholders or even the board of a Company, minority or oppressed shareholders can seek redress and…

Bankruptcy & Insolvency Update: The new Insolvency Framework for Cyprus

The Cyprus parliament approved a new insolvency framework aimed at streamlining and modernising the existing system and promoting a rescue culture. The legislation includes the enactment of entirely new legislation and amendments to existing legislation and relates to the   insolvency of both natural and legal persons. The new Insolvency framework The new insolvency framework comprises…

Cyprus Company Law: Shareholders’ Agreements / Shareholders disputes in Cyprus

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 Company Law: Ancillary relief / interim orders

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…