Soteris Pittas & Co L.L.C > Limassol, Cyprus > Firm Profile
Soteris Pittas & Co L.L.C Offices
CHRYSANTHOU MYLONA 10
MAGNUM HOUSE
3030 LIMASSOL
Cyprus
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Soteris Pittas & Co L.L.C > The Legal 500 Rankings
Cyprus > Dispute resolution Tier 2
The ‘creative, skilled and extremely professional’ team at Soteris Pittas & Co L.L.C is highly regarded for its work on interim orders, including freezing injunctions, receiverships and Norwich Pharmacal orders; it has also been busy advising on matters relating to the recognition, enforcement and the registration of foreign awards too. The group is well-regarded for its skill at handling large multi-jurisdictional disputes for clients that include well-known individuals, businessmen and companies worldwide and is headed by Soteris Pittas, who is described as a ‘creative lawyer with a ‘can-do’ attitude’. At associate level Kyriakos Pittas also plays an important role in the department.Practice head(s):
Soteris Pittas
Other key lawyers:
Testimonials
‘Soteris Pittas & Co is the most result oriented law firm in Cyprus with respect to dispute resolution. Its lawyers always aim to achieve result as soon as possible with lowest possible costs’.
‘Soteris Pittas himself is a managing partner who works on his clients matters everyday. He is not just a clients-relations manager but an outstanding lawyer’.
‘The team is one of the best in Cyprus to work on urgent interim applications to Cypriot courts. Soteris Pittas is an excellent disputes lawyer. He is very responsive and efficient’.
‘Mr Soteris Pittas himself is the brightest star! He is a brilliant litigator, very experienced, eloquent and convincing. He is the one who could prevent his clients from making mistakes by expressing his objections explicitly and very emotionally’.
‘Soteris made himself available and his advice and view of the case were extremely helpful and to the point. The result was very good as the opposing party withdrew its claim’.
‘Soteris Pittas is very experienced litigator, who provided excellent practical advice’.
‘Mr Soteris Pittas is an outstanding lawyer who is well experienced in legal matters related to different industries’.
‘Both Soteris Pittas and Kyriakos Pittas, with whom we have worked, are outstanding litigators. They provide comprehensive advice to the client, making it perfectly understandable.‘
Key clients
Primecap
RCB Bank
Rodovid Bank
Engarde, Ukraine
EDT Offshore
Kennedys Law LLP
Bryan Cave Leighton Paisner LLP
Quinn Emanuel Urquhart & Sullivan, LLP, London
Steptoe & Johnson LLP (London)
Field Fisher LLP
PCB Litigation LLP
Reed Smith (Athens)
AquaSol Hotels Group
Work highlights
- Acting for Russian National Bank TRUST (“NBT”) in various insolvency proceedings of Cypriot entities against which NBT has claims for recovery of approx. $ 500m.
- Successfully represented the client (foreign insurance companies) in an insurance subrogated claim filed against the Cypriot government for the recovery of insurance sums.
- Acting on behalf of a large Cypriot hotelier group in defending numerous actions filed by Cypriot Banks to enforce mortgage and floating charges regarding debts of Euro 250m.
Cyprus > Commercial, corporate and M&A Tier 4
Soteris Pittas and Maria Pitta jointly head the department at Soteris Pittas & Co L.L.C which has close links with various audit firms, private equity managers and fiduciaries in Cyprus and the former CIS countries. It frequently handles large projects and deals such as M&A work, joint ventures, corporate governance matters and shareholder agreements. The practice often works with leading foreign law firms on various cross-border matters.Practice head(s):
Soteris Pittas; Maria Pitta
Testimonials
‘An incredible team all around. Very professional, detail-oriented lawyers who think outside the box. Having them work on our M&A gave us great comfort’.
‘Soteris Pittas simply cannot be beaten. An incredible lawyer who is always available, provides incredible suggestions. No one can compete with his response times! You send him a question and before you can even think of something else you already have a response’.
‘Our experience of dealing with Soteris Pittas & Co LLC has shown that this firm has exceptionally capable experts. The distinguishing features of lawyers at this firm which set it apart of the others are competence and expertise as well as individually tailored approach in finding solutions’.
‘Mr Soteris Pittas is an outstanding lawyer who is well experienced in legal matters related to different industries’.
‘The team is very responsive and professional and has a deep understanding of the issues we engage them for’.
‘Soteris Pittas is a great negotiator. He is extremely responsive and proactive, has a deep understanding of law and local peculiarities, and is often inventive in his approach to problem-solving. We have worked with him on a number of projects and have a great experience overall’.
Key clients
Primecap
King & Spalding
Glencore
PAP Medical
Empire Group
Dentons
Marr Group
Field Fisher (UK)
Reed Smith (Athens)
Genesis Digitial
Work highlights
- Providing legal advice and assistance to Genesis group in relation to new investors.
- Issuing legal opinions in favour of the client bank regarding a credit facility arrangement required by the client’s Cypriot holding entity.
- Providing legal advice and assistance to Genesis group in relation to new European investors.
Cyprus > Banking and finance Tier 5
Headed by Soteris Pittas, the team at Soteris Pittas & Co L.L.C is sought after for its experience in obtaining interim orders, such as freezing injunctions and Norwich Pharmacal orders; it is skilled at assisting in other applications including the recognition, enforcement and registration of foreign awards. The group frequently handles disputes involving banking institutions and issues relating to finance and debt recovery.Practice head(s):
Soteris Pittas
Other key lawyers:
Kyriakos Pittas
Testimonials
‘Very flexible, creative, non-standard and cooperative approach’.
‘Always in touch 24\7 and ready to involve in the matter in any stage of case development. Highly reputable and extremely professional team’.
‘Our experience of dealing with Soteris Pittas & Co LLC has shown that this firm has exceptionally capable experts in various areas in the practical application of law’.
‘The distinguishing features of lawyers at this firm which set it apart are competence and expertise as well as individually tailored approach in finding solutions’.
‘Mr Soteris Pittas is an outstanding lawyer who is well experienced in legal matters related to different industries’.
‘Most competent and knowledgeable. Soteris and Kyriakos give our team the feeling of security that every aspect is properly addressed’.
Key clients
Primecap
RCB Bank
Rodovid Bank
Engarde, Ukraine
Bryan Cave Leighton Paisner LLP
Quinn Emanuel Urquhart & Sullivan, LLP, London
Steptoe & Johnson LLP (London)
Field Fisher LLP
PCB Litigation LLP
Reed Smith (Athens)
AquaSol Hotels Group
Work highlights
- Acting on behalf of a large Cypriot hotelier group in defending numerous actions filed by Cypriot Banks to enforce mortgage and floating charges regarding debts of euro250m over numerous hotels owned by the client and challenging the appointment of receiver.
- Issuing Legal Opinions in favour of the client regarding a credit facility arrangement required by the client’s Cypriot holding entity.
Soteris Pittas & Co L.L.C > Firm Profile
The firm: Soteris Pittas & Co LLC is a boutique law firm, in size only, focusing on the areas of law relating to business activity and dedicated to providing its clients with outstanding, highly personalised, legal representation.
The firm’s lawyers and associates provide comprehensive legal solutions for each client’s particular business needs, requirements and objectives. It is committed to representing clients at all stages of disputes, including negotiation, mediation, arbitration and litigation, in order to secure compensation and legal vindication.
The firm has close links and strong associations with reputable audit firms, private equity managers, and fiduciaries in Cyprus, Russia and the former CIS countries.
Areas of practice: Members of the firm have more than 20 years’ industry experience, and have gained considerable exposure in both contentious and non-contentious aspects of high-profile complex cross-border disputes, handling them with professionalism and expertise. All work undertaken is partner-led by lawyers from the respective departments.
Corporate, commercial, M&A: the firm handles a wide range of commercial litigation, including breach of contracts, fraud and misrepresentation, partnership and shareholders’ disputes, corporate dissolutions, shareholders’ rights and derivative actions, construction disputes, commercial assets recovery, collection cases, etc.
Admiralty and maritime law: the firm’s clients include ship-owners and charterers, P&I clubs, shipyards, ship and bunker supply companies, brokers, freight forwarders, hull and cargo insurers, marine engineering companies, salvors, etc. Handling on behalf of Cyprus shipping companies, with the assistance of the firm’s local associates, admiralty proceedings commenced in South Korea, Netherlands, Greece, Malta, Scotland, Turkey, Syria, Egypt, India, Italy, etc.
International and domestic litigation: the firm offers assistance, representation and advice at all stages of the arbitration process, including pre-contentious negotiations, the conduct of arbitral proceedings, advocacy at trial, and the challenge and enforcement of arbitral awards. It also appears before Cyprus courts to prosecute or defend applications for interim measures, in support of arbitrations such as injunctions, attachments, discovery orders and orders preserving evidence. It has handled numerous arbitrations in a variety of different forms, including the International Court of Arbitration, the International Chamber of Commerce, London Court of International Arbitration, the Vienna Arbitration Centre and the Russian International Court of Arbitration.
Corporate law services: the firm offers comprehensive legal advice and services in general commercial and corporate matters, including: drafting of commercial contracts, mergers and acquisitions, corporate governance, strategic legal advice, registration and administration of Cyprus companies, establishment and administration of international trusts, incorporation of funds (open and closed), collective investment schemes and legal audits.
International business transactions: the firm’s lawyers regularly structure, negotiate and implement complex cross-border acquisitions, tender offers, joint ventures, private equity investments, workouts and restructuring, and commercial contracting relationships for clients, around the world. The firm also handles equity and debt financing, and complex project and structured transactions. Its lawyers have assisted both established and emerging companies from a broad spectrum of industries, including banking, brewing, construction, engineering, high technology, information technology, manufacturing, mining, oil and gas, real estate, resort development, telecommunications and transportation.
International tax planning: the firm provides tailor-made tax planning and management all over the world. Although the firm is proud of its aggressive legal handling, it also has a friendly ‘boutique’ approach, and strives to give its clients’ problems its utmost attention.
Main Contacts
Department | Name | Telephone | |
---|---|---|---|
Managing Director | Soteris Pittas | spittas@pittaslegal.com | 25028460 |
Legal Department | Kyriakos Pittas | kpittas@pittaslegal.com | 25028460 |
Office Manager | Marios Pittas | mpittas@pittaslegal.com | 25028460 |
Lawyer Profiles
Photo | Name | Position | Profile |
---|---|---|---|
Ms Eleana Dimitriou | Associate Lawyer | View Profile | |
Mrs Anna Lamprou | Partner – Associate Lawyer | View Profile | |
Mr Alexandros Mavrommatis | Partner – Associate Lawyer | View Profile | |
Mr Christodoulos Neofytou | Partner – Associate Lawyer | View Profile | |
Ms Maria Pitta | Partner – Associate Lawyer | View Profile | |
Mr Kyriakos Pittas | Partner – Associate Lawyer | View Profile | |
Mr Soteris Pittas | Managing Director of Soteris Pittas & CO LLC. | View Profile |
Staff Figures
Number of lawyers : 10Languages
English Greek RussianMemberships
Cyprus Bar Association International Bar Association Chartered Institute of ArbitratorsOther
Contacts : Sotirios Pittas Other offices : Larnaca Other offices : NicosiaNotable Cases
Work highlights
- Representing Plaintiff in a conspiracy action against numerous local and foreign defendants for a claim for damages for USD 820 million as well as in winding up and in enforcement proceedings of an arbitral award of USD 820 million, and successfully assisting same in reaching a settlement out of court.
- Successfully representing a Cypriot Shareholder of a large Russian Bank in various proceedings in Cyprus for claims of USD 100 million, and successfully assisting same in reaching a favorable settlement out of court.
- Representing a Plaintiff in a Conspiracy Action filed against various Cypriot and foreign residents involved in such conspiracy to defraud the Claimant by implementing an anti- enforcement strategy to block and render nugatory the enforcement of an LCIA Arbitral Award of USD 85 million.
- Acting on behalf of a large Cypriot Hotelier Group in defending numerous actions filed by Cypriot Banks to enforce mortgage and Floating Charges over numerous hotels owned by the Client and challenging the appointment of Receiver effected by the Banks pursuant to floating charges (i.e. Euro 250 million).
- Representing a Russian Conglomerate in an action before the Cypriot courts in a dispute concerning pledge agreements and successfully assisting same in cancelling and opposing interim orders issued against it.
- Acting for a Shareholder of a Russian Bank in obtaining interim injunctions in aid and in support of the LCIA Arbitral claim for enforcement of a call option Agreement (i.e. USD 70 millions).
- Acting for a Respondent in opposing a drastic anti suit injunction precluding Respondent from filing court or arbitral proceedings worldwide except before LCIA and succeeding in quashing and cancelling such anti-suit injunction by certiorari (USD 70 millions).
- Acting for a Claimant in an LCIA Arbitral Claim in applying before Cyprus Court to obtain extensive inter relief in aid of its unfair prejudice LCIA Arbitral Claim (i.e. USD 160 millions).
- Advising and acting for a Claimant in proceedings for enforcement of its call option rights and for damages for breach of the Call Option Agreement and obtaining interim relief (i.e. USD 150 millions).
- Advising a holder of an Arbitral Award issued against a foreign state on the basis of a bilateral investment treaty about enforcement of an arbitral Award in Cyprus against assets owned by the foreign state and on the defence of state immunity (i.e. USD 350 millions).
- Acting on behalf of a Cyprus Company for a claim against a Russian Shipping Company for the sum of USD 3.5 million for loss of cargo and obtaining an arrest warrant against a sister-ship.
- Acting on behalf of a Cyprus Company for a Marine Insurance Claim for loss of cargo value of USD 3 million.
- Handling successfully the defence of an admiralty claim lodged with the Cyprus Admiralty Court against a Cyprus ship owning company by the Chinese Shipping Company COSCO, for a collision taken place in the territorial waters of Denmark (i.e. USD 50 million).
Diversity/Community
SOTERIS PITTAS recently established the non-profit organization LETSHELP. The Organization’s main purposes is to help children with learning difficulties especially autism, to support students, who cannot afford their studies and to provide a helping hand to the families that are in need. More information on the non-profit organization LETSHELP you can find on the following webpage letshelp.eu.
International Capabilities
Despite its boutique size, Soteris Pittas & Co LLC specializes in work involving cross-border elements, placing same in a prime position to assist and advice clients on an extensive array of cross-border matters, including issues relating to inter alia:
- Court and arbitration disputes involving foreign jurisdictions
- Recognition and enforcement of court judgments and arbitral awards
- Insolvency and corporate reorganizations
- Maritime disputes, including salvages
- Mergers and Acquisitions
- Banking and Finance
- Intellectual property
- Taxation
- Investment Funds
- Establishment and structuring of International Trusts
The clients
Soteris Pittas & Co LLC provides its clients with personalized and partner-led services at reasonable prices. The clients of the firm over the years include:
- Some of the biggest Ukrainian and Russian banks
- Conglomerates with global presence, with investments in inter alia the food and clothing industries and in telecommunications
- Large companies in the pharmaceutics industry
- Various high-net-worth individuals
- Commercial cargo ship owners
- Insurance Companies
The network
Soteris Pittas & Co LLC has strong relationships with associates in various jurisdictions and business areas, including advocates, accountants, service providers, banking institutions, marine service providers, experts, surveyors, etc, which network is made available to the firm’s clients.
Client Testimonials
CLIENT: Finvision
COMPANY/FIRM: CANDEY LLP – Yuri Botiuk (partner)
TESTIMONIAL: “Soteris Pittas is a ‘game changer’ in any case that he acts. If you are lucky enough to get him – your case just got better – if he is on the other side – try and settle.
Team players who are creative, diligent and always striving to get the best result for the client (which is a practical rather than a paper victory).
There is no ego with Soteris Pittas – its all about getting the result – and those results are the maximum achievable (and sometimes more).
The best chance of winning in Cyprus is to have Soteris Pittas on your side.”
CLIENT: Finvision
COMPANY/FIRM: CANDEY LLP – James Collins (Partner)
TESTIMONIAL: “Soteris Pittas is our “go to” lawyer for interim relief, enforcement and substantive issues in Cyprus.
His mastery of black letter law is second to none, but crucially he and his firm combine it with practical nouse and experience to get meaningful results that derive commercial benefits for clients.
It helps that he is a pleasure to work with, and is very client facing – he’s only too happy to get in the trenches with clients and Counsel alike.
The biggest compliment is we keep going back to Soteris Pittas time and again. The best in the Cyprus law business.”
CLIENT: Timofey Telyatnik / Lanuria Ltd
COMPANY/FIRM: Lanuria Ltd
TESTIMONIAL: “We can always count on a professional approach and quick supportive response to our needs. Mr. Pittas has demostrated the ability to solve the most complex problems and find the right solutions. Working with Mr. Pittas and his team means that it is always beyond and above our expectations. It is an honor and a great pleasure for me and our entire team to work with Mr. Pittas.”
COMPANY/FIRM: Fieldfisher LLP – Matt Hinxman (Partner)
TESTIMONIAL: “Without any doubts, Soteris Pittas & Co L.L.C is an outstanding law firm, an impressive team and our ‘go to’ trusted firm in Cyprus be it on corporate transactional or disputes related matters.
Soteris and his team are commercially minded, results driven and put their clients’ interests first. Their work product is first rate, their knowledge of the relevant law is comprehensive and their tactical skills are very impressive.
Working with Soteris and his team is a pleasure – I always know that I can pick up the phone to them any time of the day or night, which is so important when working on fast paced, complex cross border matters.”
Spotlights
CYPRUS
SOTERIS PITTAS & CO LLC is a boutique law firm, focusing on the areas of law related to business activity and dedicated to providing its clients with outstanding, highly personalized, legal representation.
The lawyers and associates of the firm with their combined skills-set and knowledge can provide comprehensive legal solutions according to the clients’ particular business needs, requirements and objectives. We are committed to representing our clients at all stages of disputes, including negotiation, mediation, arbitration, and litigation, in order to secure just compensation and legal vindication. Our corporate and M & A departments provide full-fledged support ranging from formation of companies world-wide to legal support in complex corporate, commercial and finance transactions.
Press Releases
Seminar on “Challenges and Developments in the Cypriot Legal Market”
2nd May 2023 SOTERIS PITTAS & CO LLC in cooperation with the UK Law Firm BRYAN CAVE LEIGHTON PAISNER, cohosted an accredited legal seminar on the subject “Challenges and Developments in the Cypriot Legal Market” that was held on Thursday, 7th of July 2022, at the Columbia Plaza Venue Center.SOTERIS PITTAS & CO LLC ANNOUNCES THE APPOINTMENT OF A NEW MEMBER ON ITS BOARD OF DIRECTORS
2nd May 2023 SOTERIS PITTAS & CO LLC is pleased to announce that as of the 01st of January 2023, our partner Mrs. Maria Pitta has been appointed as member on the Board of Directors of our Firm.SOTERIS PITTAS & CO LLC PROMOTES ANNA LAMPROU TO PARTNER
2nd May 2023 SOTERIS PITTAS & CO LLC is pleased to announce that as of the 01st of January 2023 Mrs. Anna Lamprou has been promoted to the position of Partner in our Firm.MANAGING DIRECTOR SOTERIS PITTAS TO SPEAK AT THE 1ST CYPRUS ARBITRATION DAY 2023
2nd May 2023 Our firm is a Gold Sponsor of the very first Cyprus Arbitration Day hosted by the Cyprus Arbitration Forum (CAF). The Conference titled “Arbitrating Disputes in the Middle East at Times of Dynamic Geopolitical Changes”, will be held on the 22nd of May 2023 at Amathus Beach Hotel in Limassol.Our Firm announces the appointment of two new Partners
24th February 2020 SOTERIS PITTAS & CO LLC is pleased to announce that as of the 23rd of December 2019, Mrs. Maria Pitta and Mrs. Evi Lamprou have been promoted as partners in our Firm.Cyprus
6th December 2016Our MD Mr. Soteris Pittas attended a seminar organised by the Ukrainian Bar Association and the Association of Judges of Ukraine in KIEV 02-11-2015
Our MD Mr. Soteris Pittas attended a seminar organised by the Ukrainian Bar Association and the Association of Judges of Ukraine at the premises of the High Specialised Court of Ukraine for Civil and Criminal Cases. The topic was "Application of New York Convention for Recognition and Enforcement of Foreign Arbitral Awards".
Conference “kiЕv Arbitration Days 2015: “think Big”
6th December 2016Our MD Mr. Soteris Pittas attended as a speaker, the International Conference “KIЕV ARBITRATION DAYS 2015: Think Big!” held on 05-06 November 2015, in Kiev, Ukraine, under the auspices of Ukrainian Bar Association.
Basic Principles Of Corporate Law
6th December 2016In House Seminar for the Employees of SOTERIS PITTAS & CO LLC & MAGNUMSERVE LTD
The personnel of SOTERIS PITTAS & CO LLC and MAGNUMSERVE LTD, attended the In-House Seminar "Basic Principles of Corporate Law - with the hint of Business Law and Practice" which was successfully held on the 18th of December 2015 at our premises MAGNUM HOUSE by the Firm's Senior Legal Consultant, Mrs. Liza Bokova.
Case Management
6th December 2016In House Seminar for the Employees of SOTERIS PITTAS & CO LLC & MAGNUMSERVE LTD
The personnel of SOTERIS PITTAS & CO LLC and MAGNUMSERVE LTD, attended the In-House Seminar "Case Management" which was successfully held on the 27th of November 2015 at our premises MAGNUM HOUSE by the Firm's Managing Director, Mr. Soteris Pittas.
Service Of Court Documents
6th December 2016In House Seminar for the Lawyers of SOTERIS PITTAS & CO LLC
The lawyers of SOTERIS PITTAS & CO LLC, attended the In-House Seminar "Service of Court Documents" which was successfully held on the 4th of November 2016 at our premises MAGNUM HOUSE by the Firm's Associate Lawyer, Ms. Nada Starovlah.
Legal Developments
European Court of Justice: the provision whereby the information on the beneficial ownership of companies incorporated within the territory of the Member States is accessible in all cases to any member of the general public is invalid
28th April 2023 On 22 November 2022, the European Court of Justice held that the general public’s access to information on beneficial ownership constitutes a serious interference with the fundamental rights to respect for private life and to the protection of personal data and that the interference entailed by that measure is neither limited to what is strictly necessary nor proportionate to the objective pursued.CYPRUS: Can English Schemes of Arrangements sanctioned pursuant to the UK Companies Act 2006 be recognized and enforced in Cyprus or create any legal effects in Cyprus?
28th April 2023 It is indisputable that over the years England has established itself as a go-to jurisdiction for implementing schemes of arrangements. This is due to inter alia the fact that English law permits overseas companies which are liable to be wound up under the UK Insolvency Act 1986, to take advantage (under certain circumstances) of the English legal regime applicable to schemes (see inter alia Re Rodenstock GmbH [2011] EWHC 1104 (Ch)).CYPRUS: JURISDICTION OF CYPRUS COURTS TO ISSUE ORDERS OF NORWICH PHARMACAL TYPE FOR THE DISCOVERY AND DELIVERY OF INFORMATION
28th April 2023 In a recent decision of the District Court of Limassol in the context of an action filed by a foreign entity against local Banks, regarding the request of the Applicant for disclosure of information and documents, our law firm acted for the awarded with the discovery order, Swiss company.Cyprus Funds eligible as Foreign Portfolio Investors in India
28th April 2023 The Minister of Finance of India decided on 14 June 2021, the inclusion of Cyprus in the first category of foreign investment funds. Cyprus has been classified as a ‘Category I’ country, being an approved jurisdiction where funds regulated in Cyprus can be used for the purposes of investing into Indian securities and this fact provides significant advantages for the Cypriot investment funds which will be able to invest more easily and efficiently in India. The Category I FPI includes entities from Financial Action Task Force (FATF) member countries or from any country specified by the Indian government by an order or by way of an agreement or treaty that are:CYPRUS: Powers of Pledgee, under Cyprus Law
28th April 2023 Under Cyprus Law, a pledgee, in the event of default of the pledgor, may:CYPRUS: Enforcement of Pledges under Cyprus law over shares of a Cypriot Company
28th April 2023 A pledgee, under a Cypriot law pledge, who has in its possession the so called the Self-Enforcement Documents (i.e. original certificate of pledged shares, original duly signed and undated instrument of transfer of shares, original duly signed written resignations of the directors/secretary of the company, whose shares have been pledged to the pledgee, undated certificate duly signed by the secretary, that all filings to be made by new secretary are in compliance with the registers of the company etc.) is usually given by the terms of the relevant pledge agreement, the right and power, upon the happening of an Event of Enforcement, to inter alia proceed, without any further written notice to the pledgor, to put into effect the Self-Enforcement Documents, and to transfer the legal title of the pledged shares to the name of the pledgee or to its nominee, and to replace the directors and secretary of the company, whose shares have been pledged.CYPRUS: Enforcement of pledge under Cyprus Law and the statutory obligation of pledgee, to give notice to pledgor, for its intention to sell the pledged shares
28th April 2023 A pledgee, even if the pledge agreement provides that it can proceed to sell the pledged shares, without any prior notice to the pledgor, is obliged under Section 134 of Contract Law CAP. 149, to give to the pledgor, a reasonable written notice, about its intention to proceed to sell the pledged shares, thus giving the chance to the pledgor to exercise its equitable right to redeem, by setting all secured debt, and obligation and obtaining back the title of the pledged shares.CYPRUS: English guidance on the possibility of use of confidential documents disclosed in arbitration in support of other civil proceedings.
28th April 2023 Confidentiality is one of the key characteristic and advantage of arbitration, which makes it so attractive to parties, as method of dispute resolution.Powers of Pledgee, under Cyprus Law
19th April 2022 Under Cyprus Law, a pledgee, in the event of default of the pledgor, may:Enforcement of Pledges under Cyprus law over shares of a Cypriot Company
19th April 2022 A pledgee, under a Cypriot law pledge, who has in its possession the so called the Self-Enforcement Documents (i.e. original certificate of pledged shares, original duly signed and undated instrument of transfer of shares, original duly signed written resignations of the directors/secretary of the company, whose shares have been pledged to the pledgee, undated certificate duly signed by the secretary, that all filings to be made by new secretary are in compliance with the registers of the company etc.) is usually given by the terms of the relevant pledge agreement, the right and power, upon the happening of an Event of Enforcement, to inter alia proceed, without any further written notice to the pledgor, to put into effect the Self-Enforcement Documents, and to transfer the legal title of the pledged shares to the name of the pledgee or to its nominee, and to replace the directors and secretary of the company, whose shares have been pledged.Enforcement of pledge under Cyprus Law and the statutory obligation of pledgee, to give notice to pledgor, for its intention to sell the pledged shares
19th April 2022 A pledgee, even if the pledge agreement provides that it can proceed to sell the pledged shares, without any prior notice to the pledgor, is obliged under Section 134 of Contract Law CAP. 149, to give to the pledgor, a reasonable written notice, about its intention to proceed to sell the pledged shares, thus giving the chance to the pledgor to exercise its equitable right to redeem, by setting all secured debt, and obligation and obtaining back the title of the pledged shares.CYPRUS: English guidance on the applicable legal principles for setting aside an arbitral Award for fraud
19th April 2022 In the English case Stockman Interhold S.A. -v- Arricano Real Estate PLC (2017) EWHC 2909, the Court summarized the applicable legal principles for setting aside an arbitral award for fraud, as follows:- The complainant, who seeks to the set aside an arbitral award for fraud, must demonstrate its case to a high standard of proof (see Elektrim -v- Vivendi (2007) EWHC 11 at paragraph 11).
- There must be a sufficient causative link, between the fraud, and the obtaining of the relevant arbitral award, which can be demonstrated in the following ways:
- There must have been “reprehensible or unconscionable conduct” that contributed in a substantial way to the obtaining of the award (see Double K Oil & Products Ltd -v- Neste Oil OYJ (2010) EWHC 3380 at paragraph 33).
- The applicant must show that the evidence relied on to demonstrate the fraud, would have had an important influence on the result of the arbitration (see Thyssen Canada Ltd -v- Mariana Maritime SA (2005) EWHC 219 at paragraph 60).
- It must also be shown, that the fraudulent conduct has caused substantial injustice in the sense that the fraud had an important influence on the award, and/or the result of the award, might realistically have been, or might well have been different, if the true facts had been known (see Mass -v- Musion (2015) EWHC 1346).
Cyprus: Alternative Investment Funds – An Overview
19th April 2022Types of available Alternative Investment Funds
The available legal structures which can be used for Alternative Investment Funds (AIFs) established in Cyprus are the following:- Registered Alternative Investment Funds (‘’RAIFs’’), in the form of Common Funds or Fixed/Variable Capital Investment Companies which are subject to the provisions of the Companies Law CAP. 113, or in the form of Limited Partnerships which are subject to the General and Limited Partnerships and Business Names Law CAP. 116. RAIFs do not provide limits on the number of investors that can take part nor do they provide for minimum capital requirements. However, RAIFs have to be managed by an external manager. While the other types of AIFs must first be authorized by the Cyprus Securities and Exchange Commission (“CySEC”) in order to operate, RAIFs only need to be registered with CySEC.
- Alternative Investment Funds with an unlimited number of persons (‘’AIFs’’), which can take any of the forms available to RAIFs. These do not provide for any limits on the number of investors that can take part, however, they do require the existence at all times of a minimum capital requirement of €125,000. This capital requirement applies to both self-managed AIFs as well as to AIFs which are externally managed.
- Alternative Investment Funds with a limited number of persons (‘’AIFLNPs’’), in the form of Fixed/Variable Capital Investment Companies or of Limited Partnerships. The maximum number of investors that can participate in an AIFLNP is 50 in total, regardless of whether the AIFLNP might operate as an umbrella fund with more than one investment compartment. In ascertaining the total number of investors, any shareholders of a company acting as an investor will also be calculated. In case an AIFLNP is managed externally there is no requirement for the existence of a minimum capital, but if same is self-managed then it must have at all times a minimum capital of €50,000.
Characteristics of available legal structures for AIFs
Common Fund (Unit trust)
Is a form of a collective investment scheme regulated by contract law. Whilst the AIF Law does not expressly provide for the possibility of licensing or registration of a unit trust as an alternative investment fund, in contrast to other common law jurisdictions, it does provide for a variation of this known as a ‘common’ or ‘mutual’ fund. Under a common fund the fund itself is organised in practice as a contract between investors. Common funds have no legal form and are managed by an external manager.2.2 Investment Company
Any of the types of AIFs referred to in paragraph 1 above may take the form of an Investment Company. Such Investment Companies are established pursuant to the Companies Law CAP. 113, and they can take the form of either a Fixed Capital Investment Company (‘’FCIC’’) or a Variable Capital Investment Company (‘’VCIC’’). Regardless of the capital structure chosen, these enjoy the same benefits as common companies, meaning, they have a separate legal personality from their members, whose liability will be limited to their contribution to the capital of the company, and also they enjoy the favorable taxation rules applicable to companies established pursuant to the Companies Law CAP. 113. Overall, the majority of the AIFs which are established in Cyprus are structured in the form of an Investment Company.2.3 Limited Partnership
Any of the types of AIFs referred to in paragraph 1 above may take the form of a Limited Partnership established pursuant to the General and Limited Partnerships and Business Names Law CAP. 116. In essence, these are entities which require less formalities for their establishment.Regulatory Framework Applicable to AIFs
The establishment as well as the operation of AIFs is regulated by the Alternative Investment Funds Law 124(I)/2018 (“AIF Law”) and by any secondary legislation issued by CySEC, which is the body responsible for authorizing the establishment and issuance of licenses to AIFs, as well as for making sure that AIFs comply and operate within the regulatory framework. Depending on the type and characteristics of the AIF, inter alia the following legislations/regulatory frameworks may be also applicable:- The Companies Law CAP. 113;
- The General and Limited Partnerships and Business Names Law CAP. 116;
- The Alternative Investment Fund Managers Law of 2013 (Law 56(I)/2013) (‘’AIFM Law’’) and the European Directive 2011/61/EU (‘’AIFMD’’);
- The MiFID II Law (‘’MiFID II’’);
- The Small Alternative Investment Funds Managers Law of 2020 (Law 81(I)/2020);
- The Open-Ended Collective Investments Funds Law of 2012 (Law 78(I)/2012);
Management of AIFs
As already discussed above, AIFs can be either self-managed or externally managed, with the exception of RAIFs which can only be managed externally. The following entities are permitted to act as external managers of AIFs:- A Cyprus Investment Firm, authorized by MiFID II;
- A Small Fund Manager, authorized by Law 81(I)/2020;
- A management company, authorized by Law 78(I)/2012;
- An Alternative Investment Fund Manager (‘’AIFM’’), pursuant to the AIFM Law;
- An AIFM established in a European Member State and which is duly authorized to act as such under the applicable legislations of that jurisdiction.
Who holds the funds/assets of the AIF?
Pursuant to the AIF Law, the assets of the AIF have to be in the safekeeping of a depositary. In case the AIF or RAIF is internally managed then it can have a depositary which has either its registered office in Cyprus or abroad, and which is either an investment firm or a credit institution, or another type of institution established in a European Member State and which falls within the categories of institutions determined by Member States as permitted to act as depositary. In case the depositary has its registered office abroad, then the third country where the depositary has its registered office/its established, must not be designated by FATF as Non-Cooperative, it must have signed an agreement with the Republic of Cyprus in accordance with Article 26 of the OECD Model Tax Convention on Income and Capital, and it must ensure effective exchange of information on tax matters. Finally, the third country in which the depositary its registered must provide for supervision and prudential regulation, including requirements for the existence of a minimum capital. According to the AIFM Law, in case the AIF or RAIF in question is externally managed by an AIFM, then there is a need to appoint a depositary based in Cyprus. An AIFLNP does not need to have a depositary if the total assets of the fund are less than €5 million, or the number of investors is limited to five (5), or the portfolio consists of assets subject to custody whose value does not exceed 10% of the total assets of the fund and in such a case the maximum number of investors must be limited to 25 physical persons with each of these persons having invested at least €500,000. Lastly, depending on the investment policy of the AIF in question, if the assets it deals with are not subject to custody, then a depositary can be an entity providing such services within the context of its business activities, and for the performance of which is subject to an administrative authority, professional conduct rules, or is professionally registered according to law.Taxation
Taxation of AIFs
In case the AIF is structured as a limited partnership or a common fund, then the national laws of the residence of the investors will apply. In case that the AIF is structured as an investment company established pursuant to the Companies Law CAP. 113, then inter alia the following standard corporate taxation rules will apply:- A corporate income tax rate of 12.5% on profits;
- Notional Interest Deduction regarding new equity may reduce the effective tax to be paid by up to 80%;
- Any fund management services provided to the AIF are not subject to VAT;
- Dividends are exempt from tax;
- Capital gain from sales of shares of a foreign company or from property abroad, are exempt from tax;
- Any profits from a sale of securities as well as any gains from trades of securities are exempt from tax;
- Each investment compartment of the AIF will be taxed separately;
- No subscription tax on the assets of the fund.
- Enjoy benefits under the various double tax treaties to which the Republic of Cyprus is a party.
Taxation of Investors
In case the Investor is a physical person who is both tax resident and domiciled in Cyprus, then there will be a withholding tax of 17% on dividends (this will not apply if the Investor is not domiciled in Cyprus or if he is a foreign investor). In case the Investor is a company there will be no withholding tax. Furthermore, regardless of whether the Investor is resident and/or domiciled in Cyprus or abroad, there will be no taxation on redemption of units. Lastly, in case the AIF is structured as a partnership or a common fund and the Investor is not resident in Cyprus, the Investor will be also exempted from any withholding tax on distributions and the national laws of the tax residency of the Investor will apply. The above constitutes a short overview of the framework concerning Alternative Investments Funds in Cyprus.English guidance on the possibility of use of confidential documents disclosed in arbitration in support of other civil proceedings.
19th April 2022 Confidentiality is one of the key characteristic and advantage of arbitration, which makes it so attractive to parties, as method of dispute resolution.Cyprus: Enforcing Specific Performance Orders made by Arbitral Tribunals
25th February 2020 Generally, in international commercial arbitrations the remedy which is most commonly sought and which is usually granted, is that of damages, with only a relatively small percentage of the entirety of those awards providing for a remedy of specific performance. This is mainly due to the fact that ‘specific performance’ may be understood and dealt differently in common law and civil law jurisdictions, and which can give rise to difficulties in enforcement. In the context of English and Cyprus law, the term ‘specific performance’ is understood as a ‘remedy available in equity to compel a person actually to perform a contractual obligation’. Whether an arbitration tribunal has jurisdiction to grant an order for specific performance normally depends on the terms of the parties’ arbitration agreement. Nevertheless, as long as the remedy of specific performance is not excluded by agreement, it is generally accepted that an Arbitration Tribunal has the power to grant it.CYPRUS: Methods of Enforcement of an Arbitral Award in the Republic of Cyprus
25th February 2020 A successful party in an arbitration may find the losing party unwilling to honor the arbitral award.Cyprus: Requirements for obtaining a Chabra injunction
25th February 2020 In the case of Re Nicolaou Bros Tourist Enterprises Ltd (1999) 1 AAD 201, the Supreme Court of Cyprus, by adopting English legal principles, recognized inter alia the jurisdiction of Cyprus Courts to grant Chabra type injunctions.LOCUS STANDING OF A FOREIGN LIQUIDATOR OR FOREIGN COURT APPOINTED INTERIM RECEIVER TO FILE COURTS PR
25th February 2020 CYPRUS: LOCUS STANDING OF A FOREIGN LIQUIDATOR OR FOREIGN COURT APPOINTED INTERIM RECEIVER TO FILE COURTS PROCEEDINGS BEFORE CYPRUS COURTCYPRUS: The Chabra jurisdiction of Cypriot Courts
25th February 2020In the case GDL TRADING LTD -V- AGROMARKETS LTD & OTHERS, the District Court of Nicosia inter alia held – (adopting English case law) - that the jurisdiction of the Courts to grant Chabra injunction, arises when:
CYPRUS: Common Law Tort of Conspiracy
25th February 2020 Conspiracy is recognized in Cyprus as a common law tort.CYPRUS: AN ANTISUIT INJUNCTION ISSUED BY AN ARBITRAL TRIBUNAL DOES NOT VIOLATE THE EU REGULATION 44/
25th February 2020 CYPRUS: AN ANTISUIT INJUNCTION ISSUED BY AN ARBITRAL TRIBUNAL DOES NOT VIOLATE THE EU REGULATION 44/2001 (which has been replaced by EU Reg. 1215/12).JURISDICTION OF THE CYPRUS COURTS TO GRANT INTERIM RELIEF IN AID AND/OR IN SUPPORT OF PROCEEDINGS PE
25th February 2020 CYPRUS: JURISDICTION OF THE CYPRUS COURTS TO GRANT INTERIM RELIEF IN AID AND/OR IN SUPPORT OF PROCEEDINGS PENDING BEFORE THE COURTS OF MEMBER STATES, OR IN AID AND/OR IN SUPPORT OF FOREIGN ARBITRAL PROCEEDINGSNO PHARMACAL ORDERS WHEN THERE IS AN INFRINGEMENT OF THE “MERE WITNESS” RULE.
25th February 2020 In the English case AXA EQUITY & LAW LIFE –V- NATIONAL WESTMINISTER BANK (1998) CHC 117 (which has been adopted and followed by Cypriot Courts), the Court refused disclosure on the basis that the claimant had already made out a prima facie case against the accountancy firm they were suing, and did not require Norwich Pharmacal disclosure to determine whether a case could be brought against them. The application therefore infringed the “mere witness rule” as the banks were compellable witness.A NORWICH PHARMACAL ORDER IS ISSUED WHEN THE APPLICANT SATISFIES THE COURT THAT THE INFORMATION REQU
25th February 2020 CYPRUS: A NORWICH PHARMACAL ORDER IS ISSUED WHEN THE APPLICANT SATISFIES THE COURT THAT THE INFORMATION REQUESTED ARE OF VITAL IMPORTANCE FOR THE FILING OF THE ACTION OR FOR PLEADING AND PROVING ITS CASE AND ALSO THAT THE APPLICANT COULD NOT COLLECT SAME FROM ANY OTHER SOURCE.Deadlock at the Level of Board of Directors and the Power of the General Meeting to Act Despite Prov
25th February 2020 Deadlock at the Level of Board of Directors and the Power of the General Meeting to Act Despite Provisions in the Articles of Association Reserving the Matter for the BoardWhen a Cypriot Company shall be deemed “insolvent”, thus giving jurisdiction to Cypriot Court to
25th February 2020 Section 211 (e) of Companies Law CAP. 113 (“CAP. 113”), provides inter alia for the winding up of a Cypriot Company when it is “insolvent”.Cyprus: Attributing the Knowledge of a Person to that of the Corporation
25th February 2020 On the issue of attribution of knowledge of a person to a corporate entity, Cypriot Courts have in inter alia the cases of Police v Vasili Vasileiou Case no. 15408/07, 9/06/2008, The Republic v Rikkou Erotokritou & Others, Case No. 9208/15, 8/2/2017 and Kypros Kyprianou v Police, Criminal Appeal No. 234/2016, 13/02/2018, cited with approval the leading English cases on this matter, namely, the cases of Lennard's Carrying Co v Asiatic Petroleum Co [1915] AC 705, Meridian Global Funds Management Asia Ltd v Securities Commission [1995] 2 AC 500 and Jetivia v Bilta [2015] UKSC 23.A fight against corruption by the proposed introduction of Criminal Record Certificates for Companie
26th April 2017Due 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.
Cyprus: Changes To The Inheritance Process Under European Succession Regulation 650/2012
26th April 2017The 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.
Lis Alibi Pendens Under The Council Regulation (ec) No 44/2001 On Jurisdictionand The Recognition An
21st April 2017Lis 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
21st April 2017The 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
6th December 2016
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
6th December 2016The 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
6th December 2016In 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
6th December 2016In 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
6th December 2016In 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
3rd November 2016In 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
3rd November 2016In 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
3rd November 2016In 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.