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Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Stricter supervision in relation to the Scheme for Naturalisation of Investors in Cyprus by Exceptio

Recently there were a lot of publications within the European Union expressing concerns about the allegedly very high number of Cypriot passports being given to foreign investors the last few years. The Council of Ministers has decided on 9th January 2018 with the decision with number 84.069, to impose a stricter supervision of all the parties involved in the Scheme for the naturalisation of non-Cypriot investors in Cyprus by exception.

THE CYPRUS BANKING CRISIS General Court of the European Union Judgments in Cases T-680/13 & T-786/14

On 13 July 2018 the General Court of the European Union ("the Court") issued its judgments on the cases T-680/13 and T-786/14 whereby the claims for compensation based on non-contractual liability launched by several individuals and companies in relation to the Cypriot banking sector claiming damages from the European Union have been rejected.

Cyprus: Changes To The Inheritance Process Under European Succession Regulation 650/2012

The growing importance of cross border successions within the European Union and the difficulties and complications resulting from the diversity of succession and private international law rules relating to succession, prompted the European Commission to examine the possibility of introducing a Regulation that would facilitate and streamline cross border successions.

A fight against corruption by the proposed introduction of Criminal Record Certificates for Companie

Due to existing problems with regards to companies competing for the undertaking of public projects, on the 28th September 2015 the Cabinet decided to give an end to the scandals involving the squander of millions of public money by approving an amendment Bill, which would add to the conditions for public tenders, the requirement of providing a Criminal Record Certificate for legal entities. Until today, this was not required due to gaps and loopholes in the existing Law. Provided this Bill will be passed into Law by its publication at the Official Gazette of Cyprus, companies applying for public tender will be asked to produce a certificate that would show they have a clean criminal record.

The new features under the Recast Regulation 1215/2012

The significance of the EU Regulation 44/2001 is well known as its rules determine both the jurisdiction of courts in the EU in civil and commercial disputes and the conditions for the recognition and the enforcement of their judgments in other EU member States.

CYPRUS

In a recent decision of the District Court of Nicosia, it has been held that Cyprus Courts have jurisdiction to adjudicate on applications for enforcement of foreign judgments and foreign arbitral Awards, even if both the judgment creditor and judgment debtor reside outside Cyprus.

Cyprus: jurisdiction of Cyprus courts to recognise and enforce foreign judgments and foreign arbitra

In a recent decision of the District Court of Nicosia, it has been held that Cyprus Courts have jurisdiction to adjudicate on applications for enforcement of foreign judgments and foreign arbitral Awards, even if both the judgment creditor and judgment debtor reside outside Cyprus.

Worldwide Freezing and Tracing of Assets through Cyprus Courts

Cyprus courts have jurisdiction to issue interim orders relating to the worldwide freezing or tracing of assets, whether in the context of main proceedings or in aid of foreign litigation or arbitration proceedings.

ICLG:International Arbitration Cyprus 2016

The only requirement under the main laws applicable to arbitration (see below) is that the arbitration agreement has to be a written agreement to submit present or future disputes to arbitration and, under common law principles, this agreement has to be clear and certain. Read more...

THE RIGHT OF PREFERENTIAL LIEN ON LOAN AGREEMENTS

It is commonly accepted that our modern society requires us to possess a relevant knowledge on bank accounts and loan agreements.  However, how feasible is it for an average person to understand the dangers of a ‘simple' loan agreement?  The legal system of a democratic country ensures the equal treatment between parties and provides support where it is essential. Specifically, it is vital to emphasise a hidden term contained within loan agreements by which the banks maintain a very powerful right against innocent debtors. This right is namely preferential lien.

Enforcement of Arbitration Awards in Cyprus – recent developments

Constantine Lambrianides

The global financial crisis of 2008 has generated a substantive amount of financial disputes between multinational and international entities. A much favoured method of resolving such disputes is through Arbitration proceedings. The merits of Arbitration are not going to be explored in this article. Suffice it to mention that cost, speed and privacy are the main reasons why parties opt for arbitration as a preferable mode of dispute resolution.

The Dispute Resolution Review

Cyprus became an independent and sovereign republic on 16 August 1960. Before that it was a British colony and many features of the British legal system have remained embedded in the judicial system of Cyprus. pdf Read more...

Entire Agreement Clauses – Importance and incorporation

This article aims to provide guidance in relation to the implementation of an Entire Agreement clause when negotiating a contract, and outline what must always be taken into consideration in order to effectively incorporate this type of clauses into a contractual agreement.

Evaluation in Mediation

Proponents of the purist approach to mediation argue that evaluative mediation is not mediation at all. In 1996, Professor Riskin produced a grid (“Riskin’s Grid”), in an attempt to encompass within it the various dispute resolution methods commonly referred to as mediation. The Grid gave rise to a controversy amongst writers because it included evaluative mediation. This article explores the limits of mediation by considering the extent to which evaluation can be used in mediation without deviating from the basic principles upon which mediation developed. Evaluation in Mediation "Read more..."

ARBITRATION IN CYPRUS – CASE LAW DEVELOPMENTS

I shall attempt to present a few recent court decisions on three different topics of arbitration practice. I will start with arbitral process. Second, I will present the first Cypriot Court ruling on arbitrator liability. The third topic is mandatory arbitration. For this, I will discuss a judgment of a Maltese Court which I believe to be relevant in jurisdictions with systems of mandatory arbitration. ARBITRATION IN CYPRUS – CASE LAW DEVELOPMENTS

International Arbitration - Cyprus 2016

With the emergence of Cyprus as a thriving international business centre and as the preferred place of establishment of many companies of foreign interests, Cyprus has seen a large increase in the use of arbitration as a commercial dispute resolution mechanism.

Cyprus Insolvency Consultants Law of 2015

The House of Representatives has passed on the 18th of April 2014 the new Insolvency Framework as part of the Country's undertakings towards the international providers of financial  support to Cyprus and as part of the metamorphosis of the Insolvency Regime in Cyprus. The relevant legislation forming the Insolvency Framework came into force on May 7th, 2015, the day of its publication in the Official Gazette of the Republic of Cyprus [five laws and a set of regulations].     

Mediation in Cyprus – A flexible and confidential procedure

Mediation is a flexible and confidential procedure which helps the parties to find their common ground and work towards resolving their dispute by agreement. As a form of Alternative Dispute Resolution mediation is becoming increasingly popular.

The Dispute Resolution Review - Cyprus Chapter

Cyprus became an independent and sovereign republic on 16 August 1960. Before that it was a British colony and many features of the British have remained embedded in the judicial system and in other facets of the function of the Cyprus State.

pdf Read More... 

Interim injunctions in Cyprus for the freezing of assets and disclosure of documents and information

The availability of interim relief is often crucial in ensuring satisfaction of any final court judgment or arbitral award. An interim injunction can ensure that property is not alienated while a case is still pending. In other cases it can level the playing field if one party (or even non-party) is restricting access to information material to the case. The ability to apply for interim relief is a vital tool for any legal jurisdiction. Cyprus is no exception. Due to its popularity as a centre for company incorporation, its legal system must also cater for the large number of companies registered on the island. Its legal regime on injunctions must be an effective one.

Community Trademark Conversion Procedure

A Community Trademark (CTM) is a trademark and/or a trademark application which has been filed via the Office for Harmonization in the Internal MarketOHIM in order to be granted protection and have effect in the whole of the European Union.

Patients' Rights in Cyprus

In Cyprus,patients enjoy various rights under the Safeguarding and Protection of Patients' Rights Act of 2004,which is in force since April 2005. This Act establishes the rights of patients regarding health care, as well as the control mechanism for securing these rights.

The Civil Legal System in Cyprus: The Amendment of Order 30 of the Civil Procedure Rules and its Imp

Although not verbatim embodied in the Civil Procedure Rules of Cyprus, the overriding objective of enabling the court to deal with cases justly and at proportionate cost (Civil Procedure Rules of England and Wales, Part 1.1, implementing the Jackson Reforms on 1/4/2013) is a founding doctrine of the civil legal system. The parties in a litigation dispute are required to help the court to further this principle under the guidance of the Civil Procedure Rules, a procedural code towards its advancement.

New Limitation of Actions Law – July 2012

New Limitation of Actions Law - July 2012

 

Limitation of Action

It is common amongst common law jurisdictions to have laws that prescribe the maximum time after an event that legal proceedings based on that event may be instigated. This is called a statute of limitation of actions.

In Cyprus, the limitation of actions is governed by the Limitation of Actions Law, Chapter 15 of the Laws of Cyprus (the "Cap.15"). However, Cap.15 has been effectively suspended due to the political events of the 1960s and the effects of the 1974 Turkish invasion (the "Suspension Laws"). A series of amendments repeals and extensions to the Suspension Laws muddled the waters and created uncertainty. On May 31, 2012, the House of Representatives enacted the Limitation of Actionable Rights Law of 2012, L.66(I)/2012 (the "Amendments") modernising the law in relation to the limitation of actions. Subject to what is stated in paragraph (VI) below, the Amendments are effective as of July 01, 2012 and, among other, abolish Cap.15.

Progress being made at Bank of Cyprus

Progress being made at Bank of Cyprus

 

Finally, after a long and tense meeting on Tuesday, the 10th of September, a new board of directors was elected for the Bank of Cyprus. The shareholders meeting in which depositors and steak holders were represented, voted in a new board reflecting the composition of the Bank's clients as well as a representation of the former Laiki Bank depositors ("Legacy Laiki").

 


JURISDICTION OF CYPRUS COURTS TO ISSUE INTERIM INJUNCTIONS IN SUPPORT OF CLAIMS IN CYPRUS OR OVERSEA

Cyprus Courts, have jurisdiction to issue any interim order, in all cases, in which it appears to the Court, just and convenient to do so, provided that the following conditions are satisfied by the applicant/plaintiff:

Recognition and Enforcement of Foreign Judgments and Foreign Arbitral Awards in Cyprus

This article deals with the process of recognition and enforcement of foreign judgments and foreign arbitral awards in Cyprus. The article firstly, focuses on the enforcement of foreign judgments under the provisions of the Regulation (EC) No. 44/2001 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters and Regulation (EC) No. 805/2004 creating a European Enforcement Order for uncontested claims.

District Court Upholds Shareholder's Right to Petition for Winding-Up

In two recent cases the Limassol District Court has held that the statutory right of a shareholder to petition for the winding-up of the company in which it is a member cannot be excluded and/or waived by shareholders' agreement.

Read more...

Power of Cypriot Courts to Issue Discovery and Disclosure Orders

The Supreme Court recently recognized and established the jurisdiction of the Cypriot courts to issue discovery and disclosure orders - known as Norwich Pharmacal and Bankers Trust orders.Read more...

Injunctions with Extraterritorial Effect

Before the accession of Cyprus to the European Union, the Cypriot courts did not have jurisdiction to issue injunctions with extraterritorial effect. This principle was established by the Supreme Court in the Pastella Case.

Use of Anti-suit Injunctions

A Cypriot first-instance court has recently issued an anti-suit injunction preventing a Cypriot company from continuing a legal action filed against a foreign company before the Kazakhstan courts.Read More...

Extending the reach of Mareva Injuction. The Worldwide effect.Cyprus case law development.

    Thinking in concrete terms the positive end of any litigation relates to the assets and the potential enforcement of the judgment being obtained. Nevertheless, there is always the risk that the defendant will remove his assets from the court’s jurisdiction, thus defeating the creditor of his claims. No court should allow the defendant to create such a situation which undermines the efficacy of the judicial process. Most common law litigants are aware nowadays of the effectiveness and success of Mareva injuctions. This type of order was the answering measure of the courts in England to this hide and seeks game.

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