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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 Soteris Pittas & Co L.L.C

View the listing for Soteris Pittas & Co L.L.C

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

April 2017 - Litigation & Dispute Resolution. Legal Developments by Soteris Pittas & Co L.L.C.

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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

April 2017 - Litigation & Dispute Resolution. Legal Developments by Soteris Pittas & Co L.L.C.

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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.

LIS ALIBI PENDENS UNDER THE COUNCIL REGULATION (EC) NO 44/2001 ON JURISDICTIONAND THE RECOGNITION AN

April 2017 - Corporate & Commercial. Legal Developments by Soteris Pittas & Co L.L.C.

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Lis Alibi pendens is Latin for "suit pending elsewhere". Both Articles 27 and 28 of the EU Regulation 44/2001 regulate the existence of lis alibi pendens and related judicial actions. In particular it is a doctrine that regulates the jurisdictional relationship of courts hearing concurrent proceedings involving the same or related causes of action between the same parties pending in the courts of different Member States.

The new features under the Recast Regulation 1215/2012

April 2017 - Litigation & Dispute Resolution. Legal Developments by Soteris Pittas & Co L.L.C.

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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

December 2016 - Litigation & Dispute Resolution. Legal Developments by Soteris Pittas & Co L.L.C.

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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: ARBITRATION – ANTI-SUIT INJUNCTION ISSUED BY ARBITRATORS

December 2016 - EU & Competition. Legal Developments by Soteris Pittas & Co L.L.C.

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The European Court of Justice (‘ECJ’) in the Gazprom Case (2015) held that anti-suit injunctions issued by arbitral tribunals in relation to the pursuit of Court proceedings within the EU, are not incompatible with the Brussels Regulation. The ECJ held that the BrusselsRegulation does not prevent a Court in an EU Member State from recognizing and enforcing an award containing such an anti-suit injunction, either pursuant to national law, or the New York Convention.

Cyprus: Worldwide freezing orders

December 2016 - Finance. Legal Developments by Soteris Pittas & Co L.L.C.

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In the English case of Derby& Co v Weldon (No3 and 4) (1990) Ch 65, the Court of Appeal held unequivocally that a court can order a defendant’s assets to be frozen even if they are situated outside of the jurisdiction. However what is vital to be established in such circumstances is:

DUTY TO DISCLOSE AT EX PARTE HEARINGS EXTENDS ALSO TO RELEVANT LAW AND APPLICABLE LEGAL PRINCIPLES

December 2016 - Corporate & Commercial. Legal Developments by Soteris Pittas & Co L.L.C.

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In a recent decision of the Cypriot Court of Appeal in COMMERZBANK –V- ADEONA, it has been inter alia held that the duty of an applicant to disclose at an ex parte hearing of an application, extends to the relevant law and applicable legal principles to the case.

THE DUTY OF DISCLOSURE AT AN EX PARTE HEARING EXTENDS ALSO TO WITHOUT PREJUDICE CORRESPONDENCE

December 2016 - Corporate & Commercial. Legal Developments by Soteris Pittas & Co L.L.C.

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In a recent decision of the Cypriot Court of Appeal in COMMERZBANK –V- ADEONA, it has been inter alia held that the duty of disclosure of an applicant to an ex parte application, extends also to the without prejudice correspondence of the relevant parties.

CYPRUS : WARRANT OF SEARCH ISSUED AGAINST A LAWYER CANCELLED DUE TO VIOLATION OF LEGAL PROFESSIONAL

November 2016 - Tax & Private Client. Legal Developments by Soteris Pittas & Co L.L.C.

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In the recent case RE: ANTONAKIS ANDREOU & CO LLC, a Supreme Court Judge, in Certiorari proceedings, cancelled a warrant issued against a lawyer and his law firm, for the search of the lawyer’s premises, on the ground that the law firm withheld certain important documents, relating to the alleged commission of serious crimes, by a client of the law firm.

CYPRUS: English Court Guidance on Anti-suit Injunctions

November 2016 - Corporate & Commercial. Legal Developments by Soteris Pittas & Co L.L.C.

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In a recent decision of the English Commercial Court in ESSAR SHIPPING LTD –v- BANK OF CHINA LTD (2015) it has been held that an applicant to an anti-suit injunction shall act promptly and not sleep on his rights.

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

November 2016 - Litigation & Dispute Resolution. Legal Developments by Soteris Pittas & Co L.L.C.

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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: OWUSU -V- JACKSON AND THE END OF THE DOCTRINE OF FORUM NON CONVENIENS

May 2014 - EU & Competition. Legal Developments by Soteris Pittas & Co L.L.C.

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Having being a British Colony, Cyprus has adopted the Anglo-Saxon legal system, which is based on the Common Law.
 
 
One of the English legal doctrines, adopted by Cypriot Courts, is the doctrine of forum non conveniens, which gives them a discretionary power to stay proceedings, brought before Cyprus Courts, in favour of the courts of another jurisdiction, which they consider the more natural forum, for the trial of the action.
 
The legal principles regulating the exercise of such discretionary power were set out by Lord Goff in SPILIADA MARITIME CORPORATION -v- CANSULEX (1987) AC 460 at page 476: 

Cyprus The european account preservation order regulation

May 2014 - EU & Competition. Legal Developments by Soteris Pittas & Co L.L.C.

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On the 25 July 2011, the European Commission released the proposed European Account Preservation Order (EAPO) Regulation ("the EAPO Regulation"), which has been submitted for consideration by the European Parliament, and the Council of European Union. 

CYPRUS: LIFTING THE CORPORATE VEIL.

May 2014 - Corporate & Commercial. Legal Developments by Soteris Pittas & Co L.L.C.

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It is a fundamental principle of Cyprus Company Law that a limited liability Company has a legal personality and identity which, is separate from its shareholders, or directors, and that it is a separate legal entity, having separate rights and liabilities.

CYPRUS: ENFORCEMENT OF ARBITRATION AWARDS

May 2014 - Corporate & Commercial. Legal Developments by Soteris Pittas & Co L.L.C.

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In a recent judgment, a Cypriot 1st Instance Court, decided in the context of interlocutory proceedings for the issue of interim relief, that arbitration awards, may be enforced in Cyprus, either through the mechanism of the New York Convention, or at Common law by an action based on the arbitral award.

CYPRUS: ENFORCEMENT OF RUSSIA JUDGMENTS IN CYPRUS .

May 2014 - EU & Competition. Legal Developments by Soteris Pittas & Co L.L.C.

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In all cases, where Russian Banks have claims against Russian citizens, pursuant to loan agreements, or guarantees, the Russian Banks shall arrange, before the filing of any civil action in Russia, against the said individuals to assign in writing such claims to Cypriot companies (SPV's) in order to meet the requirements of the provisions of the Bilateral Treaty, between Cyprus and Russia, regulating the direct recognition and enforcement of Russian judgments in Cyprus. By doing so the holder of the Russian judgment, will be a judgment creditor, residing in Cyprus, and it will have the right, under the above Treaty, to file directly its application for recognition and enforcement before Cyprus Courts, and not through the competent Authorities stated in the Treaty (i.e. which mechanism causes delay, and serious problems, in obtaining by the judgment creditor, of freezing injunctions to secure the payments of such Russian judgments).

 

CYPRUS: CORPORATE TAXATION - IMPORTANT PRACTICAL QUIDELINES IN ASCERTAINING THE PLACE OF EFFECTIVE..

May 2014 - Tax & Private Client. Legal Developments by Soteris Pittas & Co L.L.C.

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CYPRUS: CORPORATE TAXATION - IMPORTANT PRACTICAL QUIDELINES IN ASCERTAINING THE PLACE OF EFFECTIVE MANAGEMENT OR PLACE OF MANAGEMENT AND CONTROL OF A CYPRUS COMPANY

FRAUD AND ASSETS RECOVERY

October 2011 - Crime. Legal Developments by Soteris Pittas & Co L.L.C.

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Many fraud cases involve complex corporate structures, incorporated in various jurisdictions some of which might cause obstacles or create problems for victims.

Cyprus Courts, have jurisdiction to assist victims of fraud, in the recovery of stolen assets, by inter alia granting the following interim relief:

Intra Group Loans (back-to back loans) through Cyprus

October 2011 - Tax & Private Client. Legal Developments by Soteris Pittas & Co L.L.C.

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Cyprus Companies are in wide use as major vehicles in international tax structuring mainly due to the broad range of legal and tax related benefits they can offer because of the flexible tax system and the extended network of double tax treaties between Cyprus and other countries. In this respect, there are certain advantages that have made Cyprus also a favorable financing company jurisdiction.

THE DUTIES OF DIRECTORS OF A CYPRUS COMPANY

October 2011 - Corporate & Commercial. Legal Developments by Soteris Pittas & Co L.L.C.

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Directors exercise extensive powers in the management of their companies, influencing their company’s conduct, by virtue of their involvement in the decision making process.

Under Cyprus law, the directors are considered to stand in a fiduciary relationship, with their company, and are subject to specific duties, stemming from their relationship.

DERIVATIVE ACTIONS IN THE REPUBLIC OF CYPRUS

October 2011 - Corporate & Commercial. Legal Developments by Soteris Pittas & Co L.L.C.

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Cyprus, has adopted the Anglo-Saxon legal system which allows most of English cases to be cited in Cypriot Courts. Under certain conditions, the cases are treated as binding, but in most instances they are used as guidelines.

Since independence, Cyprus has maintained its legal system based on the Common Law, as followed in the English speaking world.

ENFORCEMENT OF FOREIGN ARBITRAL AWARD UNDER NEW YORK CONVENTION

October 2011 - Corporate & Commercial. Legal Developments by Soteris Pittas & Co L.L.C.

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In a very recent decision, a Cyprus District Court rejected an application for the recognition and enforcement in the Republic of Cyprus of an arbitral award issued by the Austrian Arbitral Center due to the failure of the applicant to produce the original arbitral agreement or a certified true copy of same.

MINORITY SHAREHOLDERS PROTECTION IN CYPRUS – REMEDIES AVAILABLE

February 2011 - Finance. Legal Developments by Soteris Pittas & Co L.L.C.

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There is no easy solution, to the problem, which follows from the principle of majority rule, in Company law, that of protecting the minority shareholders from violation of their rights.

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

February 2011 - Litigation & Dispute Resolution. Legal Developments by Soteris Pittas & Co L.L.C.

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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: