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Legal Developments - Law Firm Thought Leadership by Soteris Pittas & Co L.L.C

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Powers of Pledgee, under Cyprus Law

Soteris Pittas & Co L.L.C | April 19, 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

Soteris Pittas & Co L.L.C | April 19, 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 …

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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

Soteris Pittas & Co L.L.C | April 19, 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 …

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CYPRUS: English guidance on the applicable legal principles for setting aside an arbitral Award for fraud

Soteris Pittas & Co L.L.C | April 19, 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 …

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Cyprus: Alternative Investment Funds – An Overview

Soteris Pittas & Co L.L.C | April 19, 2022

Types 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 …

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English guidance on the possibility of use of confidential documents disclosed in arbitration in support of other civil proceedings.

Soteris Pittas & Co L.L.C | April 19, 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

Soteris Pittas & Co L.L.C | February 25, 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 …

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CYPRUS: Methods of Enforcement of an Arbitral Award in the Republic of Cyprus

Soteris Pittas & Co L.L.C | February 25, 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

Soteris Pittas & Co L.L.C | February 25, 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

Soteris Pittas & Co L.L.C | February 25, 2020

CYPRUS: LOCUS STANDING OF A FOREIGN LIQUIDATOR OR FOREIGN COURT APPOINTED INTERIM RECEIVER TO FILE COURTS PROCEEDINGS BEFORE CYPRUS COURT

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