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 …
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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:
Duty To Disclose At Ex Parte Hearings Extends Also To Relevant Law And Applicable Legal Principles
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
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.
Stock options and management companies
Direct grant of stock options to the director of the management company The tax authorities have just confirmed that stock options granted direct to the director of a management company, by the company for which the management services are performed, can fall within the scope of application of the Act of 26 March 1999 in …
Will Google forget you?
The right to be forgotten vs. Google, Inc. Probably no one could have predicted that a complaint of one man in a European country, over his right to privacy, may possibly change a significant part of the global operational structure of the Internet giant. And yet, Google has already implemented changes to its main tool …
European Commission releases “Clean Energy Package”
On 30 November 2016 the European Commission published its "Winter Package" containing proposals for new rules for a consumer-centered clean energy transition. The 500 page Winter Package had been eagerly awaited by the energy industry since it was to contain the major energy regulations for 2020 onwards. As expected, the most substantial measures and amendments …
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The Constitutional Court of Moldova has spoken: No Need for Acquirer of a Share Stake to Obtain Shar
Through its 27 September 2016 decision ("Decision 27/2016"), the Constitutional Court of Moldova ("Constitutional Court") has declared certain provisions of the local Law on Limited-Liability Companies ("Law 135/2007") unconstitutional. In particular, it ruled that the operation of amendments to constitutive acts cannot constitute a condition and impediment to an acquirer registering its property right over a share …
Protection of new and interim financings in restructuring? – The European Commission’s proposal on e
Since the European Commission adopted the recommendation on restructuring and second chance in 2014, it has been working on the evaluation of its initiative and the introduction of a European legal framework. In 2015 the Capital Markets Union Action Plan included the announcement of a legislative initiative on early restructuring and second chance. Finally, on …