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Michael Kyprianou & Co. LLC

2 AGIAS ELENIS STREET, 6TH AND 7TH FLOORS, 1060 NICOSIA, CYPRUS
Tel:
Work +357 22 44 77 77
Fax:
Fax +357 22 76 78 80
Email:
Web:
www.kyprianou.com.cy
Athens, Birkirkara, Limassol, Nicosia, Paphos

Mr Menelaos Kyprianou, managing partner of Michael Kyprianou & Co LLC

Menelaos Kyprianou discusses Michael Kyprianou & Co LLC’s position in Cyprus’ legal market

What do you see as the main points that differentiate Michael Kyprianou & Co LLC from your competitors?

We have full respect for all the leading law firms in Cyprus. We believe that the standards are very high, both in relation to the quality of the legal work and the professionalism and integrity with which these services are offered.

As far as our firm is concerned we try to excel by:

a) Attracting the highest quality lawyers and supporting staff. We know that this can only be maintained if we offer the best working conditions, including consistently being able to provide our personnel with interesting and challenging work.

b) Maintaining a review process of all our lawyers and staff, including receiving feedback from them.

c) As we are heavily focused on international work we try to maintain a network of high quality international law firms to collaborate with. We are also a member of exclusive international law networks such as the International Fraud Group. This allows us to effectively co-ordinate the cross-border transactions that we are involved in.

Which practices do you see growing in the next 12 months? What are the drivers behind that?

We believe that Cyprus is now in the process of exiting the economic crisis. The intercommunal talks for finding a solution to our longstanding differences with Turkey and the Turkish community also seem to be at an advanced stage. If these talks do lead to fruition, I believe we will see an upsurge in foreign investments in Cyprus, and also a sharp increase in activities in sectors such as shipping and construction. This will naturally generate a lot of work for the legal industry. The law firms with the size and quality to attract and then absorb this inflow of work will benefit.

What's the main change you've made in the firm that will benefit clients?

There has not been a single specific change. For years now we have been working slowly but consistently to create a culture of excellence and integrity. Moreover the steady growth which we have managed to achieve gives us the depth to handle complex matters. With a team of 40 lawyers we are now one of the largest law firms in Cyprus.

Can you give us a practical example of how you have helped a client to add value to their business?

We offer services in a wide range of legal sectors so the way we help clients of course varies. For example, our international tax planning department very regularly finds immediate and practical solutions for clients. These, however, may not be very interesting to analyse here. In the dispute resolution sector, a client was recently the victim of a substantial white-collar fraud. Rather than embarking on costly and lengthy litigation, we worked closely with the police and the Cyprus anti-money laundering unit and applied maximum pressure on the culprit, leading the matter to a quick and favourable solution for our client.

Are clients looking for stability and strategic direction from their law firms - where do you see the firm in three year's time?

Clients are looking for practical and cost-efficient solutions. Advising a client, for example, not to embark on costly and uncertain litigation and working with him to find out of court solutions may not be in the short-term interest of a law firm. It is however very much in the interest of the client. It is also in the long-term interest of the law firm in its effort to consolidate its reputation as a law firm which places its clients’ interests first.

Legal Developments by:
Michael Kyprianou & Co. LLC

  • 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.
    - Michael Kyprianou & Co

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: