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PATRICIAN CHAMBERS, 332 AGIOU ANDREOU STR., 3035 LIMASSOL, CYPRUS
Tel:
Work +357 25 87 15 99
Fax:
Fax +357 25 34 45 48
Email:
Web:
www.pavlaw.com
Limassol, Nicosia
Dispute resolution Commercial, corporate and M&A Banking and finance

Dispute resolution

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The largest and most experienced department of Patrikios Pavlou & Associates LLC, the dispute resolution practice, is ranked in the top tier for Cyprus for delivering exceptional service to clients. Furthermore, Senior & Managing Partner, Stavros Pavlou is recommended as a leading lawyer for dispute resolution in Cyprus and therefore, has been included in the Elite Leading Individuals list.

With a 52-year experience in the legal market and the international culture, the lawyers and legal consultants of the Firm successfully handle cases in conventional and alternative forms of litigation, including arbitration of international and domestic disputes and mediation. The department’s transnational capabilities are substantial since lawyers have arbitrated commercial disputes in arbitration courts in many countries, such as the London Court of International Arbitration, the Stockholm Arbitration Court, the Austrian Arbitration Centre and others as well as in Cyprus.

Patrikios Pavlou & Associates LLC is an acclaimed, multi-award winning law firm based in Cyprus. The international profile and personalised approach to building solid long-lasting relationships with clients and associates are significant cornerstones for the Firm. Strong links with reputable law firms worldwide, particularly in Europe, Russia and the rest of the CIS countries and memberships in various professional organisations globally, enhance the Firm’s international reputation and expertise. The Firm’s clients include public and private companies, multinational corporations that have their regional hub in Cyprus, entrepreneurs as well as a host of individual clients from Cyprus and abroad.

Headed by four partners, the twelve lawyers and legal consultants of the dispute resolution team handle a wide range of claims and disputes, both locally and internationally, in respect of general civil, corporate and criminal litigation as well as administrative recourses to the Supreme Court of Cyprus including:

  • Corporate and shareholders’ disputes
  • Banking and finance disputes
  • Negligence, incl. medical malpractice
  • Bankruptcy, insolvency and receivership
  • Landlord and tenant disputes
  • Employment disputes
  • Matrimonial law
  • Defamation, libel and slander claims
  • Breach of contracts
  • Personal injury claims
  • Road traffic accidents
  • Insurance claims
  • Admiralty claims

A sample of recent cases and projects handled includes the following:

  • Representing and advising a foreign individual-plaintiff before the Cyprus Courts in relation to one of the most high profile divorce cases of the year where the plaintiff is seeking the division of $14 billion worth of assets concealed by the defendant in a complex multi-layered corporate structure.
  • Handling on behalf of the largest private bank in Cyprus more than 200 cases going through the courts from recovery of various amounts ranging from €15 million in each individual case total amount in excess of a €100 million.
  • Representing the subsidiary companies of a leading Indian-based construction group on matters relating to an arbitration award and the issue of Chabra orders within the context of the enforcement thereof; handling the defence of proceedings to register and enforce related orders of the English Courts for a claim exceeding $360 million.
  • Handling of approximately 50 cases involving the registration, recognition and enforcement of Russian judgments and arbitral onwards obtained by one of the largest banking groups in Russia against various companies and individuals; obtaining interim orders in aid of enforcement proceedings and offering on-going advice on all cross-border matters arising within this framework (value of each individual case between $10 million and $120 million; aggregate amount in excess of $3 billion).
  • Handling on behalf of the largest private clinic in Cyprus a complicated professional malpractice suit (value of €2 million) involving questions of clinical practice, methodology and procedure.
  • Representing and advising a Cyprus-based company, admitted to trading on the London Stock Exchange’s Alternative Investment Market and involved in oil exploration and production operations in Russia, within the framework of various legal proceedings currently pending before the Cyprus Courts.

Commercial, corporate and M&A

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The corporate and M&A team at Patrikios Pavlou & Associates LLC is ranked in the top tier for Cyprus for providing professional, high-quality consultancy services to clients. With a 52-year experience in the legal market and the international culture, the lawyers and legal consultants of the firm effectively handle complicated cross-border transactions including mergers and acquisitions and assist large groups of companies and prestigious international law firms on Cyprus corporate law issues.

Patrikios Pavlou & Associates LLC is an acclaimed, multi-award winning law firm based in Cyprus. The international profile and personalised approach to building solid long-lasting relationships with clients and associates are significant cornerstones for the firm. Strong links with reputable law firms worldwide, particularly in Europe, Russia and the rest of the CIS countries and memberships in various professional organisations globally, enhance the firm’s international reputation and expertise. The clients of the corporate and M&A department include public and private companies and major international groups of companies operating in various industry sectors such as oil & gas, energy, metals production, automobile and engineering, IT, construction, financial services, aviation, transport and other.

Headed by three partners, the team of eleven lawyers and legal consultants of the corporate and M&A department provide professional legal advice and guidance to clients in the following areas:

  • Company formation and company administration
  • Partnership formation and dissolution
  • Corporate management, with full domiciliation services
  • Corporate reorganization, reconstruction, restructuring and optimization of business structures
  • Company liquidation and winding up
  • Shareholder agreements and corporate governance
  • Loan, agency and distributorship agreements
  • Lease and hire-purchase agreements
  • Share sale and purchase agreements
  • Local and cross border mergers, acquisitions and amalgamations
  • Joint ventures and cross border transactions
  • International tax planning
  • Legal and corporate due diligence
  • Corporate finance, with a particular focus on takeovers, restructurings, mergers and acquisitions
  • Trust Settlement and trust administration

A sample of recent cases and projects handled includes the following:

  • Instructed repeatedly by a major international law firm to provide ongoing advice on the restructuring, financing, tax and corporate affairs relating to the development, reconstruction and operation of a major Russian international airport valued at over €1 billion.
  • Providing legal advice to a leading multinational telecommunication and information technology company on restructuring of entities and on several matters relating to cross-border employment law.
  • Engaged by a large foreign consortium of companies, involved in one of the largest state-owned investment funds, making direct equity investments and managing an investment exceeding $4 billion, in connection with the sale of one of its Cyprus Companies.
  • Provided specialised legal advice to a Russian equity firm in connection with a transaction (valued over $1.8 billion) in relation to the acquisition of key companies involved in the coal mining industry in Russia.
  • Providing ongoing legal advice and assistance with respect to the restructuring (valued over $1 billion) of one of the largest real estate construction and building materials production groups in the Russian Federation, as a consequence of de-offshorisation laws, including the change of the seat and applicable law of a large trust settlement from Bahamas into Cyprus.
  • Advising on questions relating to shareholder disputes affecting the corporate structure of a large group of companies based in the Russian Federation, holding substantial assets in the energy sector in Iran, including creditor rights and appointment of officers (value $150 million) and providing assistance in relation to the amendment of the articles of association of the Cyprus company involved, the change of directors, quorum and procedure of the extraordinary general meetings of the company and other corporate law matters.
  • Providing legal advice to one of the oldest dairy producers in Ukraine, in relation to the conversion of a Cyprus public company, member of the relevant group of companies, into a private limited liability company.
  • Providing legal advice and handling procedures for high net worth individuals and family members wishing to invest in Cyprus property and companies under the Cyprus citizenship and permanent residence by investment schemes.

Banking and finance

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The banking and finance team at Patrikios Pavlou & Associates LLC is ranked in the top tier for Cyprus, duly acknowledged for delivering outstanding legal services to its clients. With a 52-year experience in the legal market and the international culture, the lawyers and legal consultants of the Firm successfully handle challenging cross-border corporate finance transactions and banking projects.

 

Patrikios Pavlou & Associates LLC is an acclaimed, multi-award winning law firm based in Cyprus. The international profile and personalised approach to building solid long-lasting relationships with clients and associates are significant cornerstones for the Firm. Strong links with reputable law firms worldwide, particularly in Europe, Russia and the rest of the CIS countries, close relationships with international banks, as well as memberships in various professional organisations globally, enhance the Firm’s international reputation and expertise.

 

The Firm’s clients include public and private companies, large multinational corporations that have their regional hub in Cyprus, entrepreneurs as well as a host of individual clients from Cyprus and abroad. In the banking and finance sector, the Firm provides ongoing advice to a large number of local and international banks and financial institutions.

 

Over the last years, Patrikios Pavlou & Associates LLC has been receiving increasing banking and finance work and thus, the department has expanded to meet the clients’ requests effectively and timely. Headed by three partners, the team of ten lawyers and legal consultants of the banking and finance department provide professional legal advice and guidance to clients in the following areas:

 

·         Corporate finance

·         Structured finance

·         Project finance

·         Acquisition finance

·         Equity and debt finance

·         Ship finance

·         Equity investment

·         Restructurings and reorganisations

·         Derivative and securities lending transactions

·         Repurchase agreements [REPOs]

·         General banking

·         Recovery of loans

·         Lease and hire-purchase agreements

·         Letters of credit and bank guarantees

·         Offerings and listings in international stock exchanges

 

A sample of recent cases and projects handled includes the following:

 

·         Advised a major Russian bank on a financing project of over USD 1 billion regarding a trade and exhibition center in Moscow, Russian Federation.

·         Providing extensive specialized advice and assistance in an international debt and equity financing transaction of EUR 260 million involving Russian investment and pension funds, managers and numerous Cyprus companies.

·         Providing assistance and advice to a major global investment banking and securities firm in relation to a collar transaction on specific American depository receipts with respect to the financing of USD 375 million.

·         Advised a leading German-based provider of global banking and financial services on a specialized global master securities lending agreement and a confirmation of a variable securities lending facility entered into for the purposes of lending of ordinary shares traded on the NYSE and on NASDAQ.

·         Acted as Cyprus legal counsel in a financing transaction involving a leading Russian company in the market of technology equipment supply for production plants; advised on the structure and financing aspect valued at EUR 270 million.

·         Advising a global mining and metals group with production facilities in several countries in relation to obtaining a Rouble term loan facility in the amount of approx. EUR 290 million to one of its Russian companies, one of the biggest stevedoring companies rendering loading/discharge services and performing freight forwarding operations.

·         Acting as special Cyprus legal counsel in a Bermudian law governed amalgamation financing of USD 1.3 billion involving Cyprus, BVI, Bermuda, Kazakhstan and Russian companies, including a leading independent oil and gas company with operations in the Russian Federation and Kazakhstan as well as a public company listed on the Swedish Securities Council.

·         Advised a leading global investment banking, securities and investment management firm  in relation to the amendment and restatement of a USD 100 million margin loan agreement, for the purposes of releasing a certain number of ADRs from security, to be redelivered at a later stage

·         Providing the Industry Opinion on Securities Lending and REPO agreements for Cyprus, for the 7th consecutive year, for the International Capital Markets Association (ICMA) and the Securities Lending and Repo Committee on Capital Adequacy (Bank of England).

Legal Developments by:
Patrikios Pavlou & Associates LLC

  • 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...
    - Patrikios Pavlou & Associates LLC

Legal Developments in Cyprus

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • 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 28 th  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

    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

    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.
  • ECJ CASE C-28/26 - RECOVERABILITY OF INPUT VAT OF A HOLDING COMPANY

    Case C-28/26 - Examines the right of a holding company to deduct input VAT on services acquired in the interest of its subsidiaries where those services are offered to its subsidiaries with no consideration.
  • European Commission proposes new VAT rules to support e-commerce and online businesses in the EU

    On 1 December 2016, the European Commission has published proposals to improve the Value Added Tax (VAT) environment for e-commerce businesses in the EU. Particularly, the proposed changes, aiming to allow start-ups and SMEs, to buy and sell goods and services more easily online.
  • Unjust Banking Practices in Swiss Franc Loan Agreements

    The Cypriot banking system is currently being confronted with the issue of providing foreign loans and in particular Swiss francs to both locals and foreigners to cover their housing requirements. Of principle concern in Cypriot and European Courts are the banking practices used in attracting clients to these financial institutions. It seems that misinformation through the use of various means of bank notifications and practices point towards the use of the distortion and the concealment of essential information to borrowers. The Cypriot banking system (that is sanctioned by European banking) in the provision of Swiss Francs did not in most cases provide a complete and proper briefing of the risks involved in these types of loan contracts that also incorporated exchange and interest rate fluctuations.
  • CYPRUS

  • CYPRUS: ARBITRATION – ANTI-SUIT INJUNCTION ISSUED BY ARBITRATORS

    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

    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: