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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

 

Legal Developments Worldwide

Articles contributed by Michael Kyprianou & Co. LLC

View the listing for Michael Kyprianou & Co. LLC

The Republic of Cyprus Integrated Casino Resort

August 2015 - Real Estate & Property. Legal Developments by Michael Kyprianou & Co. LLC .

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The Operations and Casino Control Legislation of 2015 was enacted by the Cyprus Parliament into Law upon its publication in the Official Gazette of the Republic on July 21st 2015. 

Arrears Management in Cyprus: Out-of-Court Restructuring of Credit Facilities

August 2015 - Finance. Legal Developments by Michael Kyprianou & Co. LLC .

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In light of the recent developments in the banking sector following the financial measures imposed, arrears management is an area which attracted particular interest as it has greatly affected natural and legal persons with credit facilities in Cyprus. 

Cyprus Banking System – The Aftermath

July 2015 - Finance. Legal Developments by Michael Kyprianou & Co. LLC .

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The Cyprus banking sector found itself on the front line in March 2013 when the Eurogroup and the Government signed an agreement for the provision of €10 billion of financial assistance to Cyprus, according to which Cyprus Popular Bank was absorbed by Bank of Cyprus, bank deposits over €100,000 in Cyprus Popular Bank and some of those in Bank of Cyprus were used for recapitalisation through a "bail-in" of uninsured deposits.  Liquidity to the Cyprus banking sector was maintained by the European Central Bank.

Cyprus Insolvency Consultants Law of 2015

July 2015 - Litigation & Dispute Resolution. Legal Developments by Michael Kyprianou & Co. LLC .

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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

July 2015 - Litigation & Dispute Resolution. Legal Developments by Michael Kyprianou & Co. LLC .

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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.

New General Property Valuations in Cyprus

June 2015 - Real Estate & Property. Legal Developments by Michael Kyprianou & Co. LLC .

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The amended Immovable Property (Tenure, Registration and Valuation) Law of 2014 (L.110(I)/2014) puts into effect the new General Valuation of Land at prices as at 1.1.13. The new valuations were conducted in four stages by the department of Land and Surveys based on the natural and legal characteristics of the property in compliance with the provisions of the Memorandum of Understanding and they will replace the Valuations so far as at 1.1.1980.     

Obtaining Cyprus Permanent Residency

June 2015 - Tax & Private Client. Legal Developments by Michael Kyprianou & Co. LLC .

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The Cyprus government has put in place a number of programmes entitling owners of property in Cyprus who are third country nationals and their families to obtain permanent residence permits on an accelerated basis provided they satisfy certain criteria.

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

March 2015 - Litigation & Dispute Resolution. Legal Developments by Michael Kyprianou & Co. LLC .

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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

March 2015 - Litigation & Dispute Resolution. Legal Developments by Michael Kyprianou & Co. LLC .

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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

March 2015 - Litigation & Dispute Resolution. Legal Developments by Michael Kyprianou & Co. LLC .

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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.

Enforcement of Cyprus Share Pledges

March 2015 - Finance. Legal Developments by Michael Kyprianou & Co. LLC .

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A security interest over shares in a Cypriot company under Cyprus law is normally established by a share pledge agreement entered into between the registered shareholder of the said shares (the “Pledgor”) and the person in whose favour the security interest is taken (the “Pledgee”). All matters related to Cyprus Share Pledges are regulated by the provisions of the Cyprus Companies Law, Cap. 113, and the Cyprus Contracts Law, Cap. 149.

Alternative Investments Funds Law 2014

March 2015 - Finance. Legal Developments by Michael Kyprianou & Co. LLC .

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Cyprus implemented in its legal system the Alternative Investment Funds Law of 2014 (the “AIF Law”) in July 2014. The AIF Law replaces and repeals the International Collective Investment Schemes Law (the “ICIS Law”), which governed the international investment funds since 1999 in Cyprus.

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

March 2015 - Litigation & Dispute Resolution. Legal Developments by Michael Kyprianou & Co. LLC .

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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.

Purchasing Immovable Property in Cyprus

February 2015 - Real Estate & Property. Legal Developments by Michael Kyprianou & Co. LLC .

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Cyprus is an  attractive destination for foreign investors, retirees and individuals or families looking for a holiday home or a new working environment. Cyprus' accession to the European Union has made the island an even more attractive candidate for the purchase of immovable property. ESME PALAS, an advocate of MICHAEL KYPRIANOU & CO. LLC, outlines the two most important legal issues the purchaser needs to be aware of when acquiring immovable property in Cyprus.

Merger of Cyprus Companies

February 2015 - Corporate & Commercial. Legal Developments by Michael Kyprianou & Co. LLC .

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The procedure by which companies are merged is governed by the Companies Law, Cap.113, sections 198-202. The law governs the restructuring procedure of a company, a procedure which includes mergers.

Cyprus Shipping and Securitization of Financing

February 2015 - Finance. Legal Developments by Michael Kyprianou & Co. LLC .

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Shipping finance forms an inevitable part of the Cyprus shipping industry with international as well as local financing institutions playing a key-role in the shipping industry development. Under Cyprus ship financing transactions, financial obligations are usually secured by providing a mortgage on the ship or a pledge on the shares of the ship-owning company.

TONIA ANTONIOU, a partner of MICHAEL KYPRIANOU & CO. LLC, examines the procedures that need to be followed.