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
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 …
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?
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 …
CYPRUS: JURISDICTION OF CYPRUS COURTS TO ISSUE ORDERS OF NORWICH PHARMACAL TYPE FOR THE DISCOVERY AND DELIVERY OF INFORMATION
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
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 …
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CYPRUS: Powers of Pledgee, under Cyprus Law
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
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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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
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 …
CYPRUS: English guidance on the possibility of use of confidential documents disclosed in arbitration in support of other civil proceedings.
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
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
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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