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…
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.
Despite the popularity of gambling in Cyprus, government authorities have historically restricted gambling on the island. However, after much deliberation as to which model should be applied in developing this new industry, the government yesterday (18.07.2013) decided that it would issue a single license for the creation of an integrated casino resort. The Cyprus government…
An individual`s or a company’s reputation is gained through hard work and usually well deserved. It should not therefore be lost as a result of defamatory content published on the internet. Today, as a result of the internet and it`s nature, an article, a blog comment, a forum comment, or a twitter comment can spread…
The possible participation of the ENI S.p.A. in the construction of a Liquified Natural Gas (LNG) terminal in Cyprus was among the issues discussed today at the meeting between the President of the Republic, Mr Nicos Anastasiades, and a delegation from ENI, led by its CEO Paolo Scaroni. The Minister of Energy, Commerce, Industry and…