Soteris Pittas & Co LLC

JURISDICTION OF CYPRUS COURTS TO ISSUE ORDERS OF NORWICH PHARMACAL TYPE FOR THE DISCOVERY AND DELIVE

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: Can English Schemes of Arrangements sanctioned pursuant to the UK Companies Act 2006 be reco

It is indisputable that over the years England has established itself as a go-to jurisdiction for implementing schemes of arrangements.

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 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.

SOTERIS PITTAS & CO LLC ANNOUNCES THE APPOINTMENT OF A NEW MEMBER ON ITS BOARD OF DIRECTORS

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

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.

SOTERIS PITTAS & CO LLC WELCOMES CAPTAIN ANDREAS MICHAEL AS SENIOR MARITIME CONSULTANT

SOTERIS PITTAS & CO LLC is delighted to announce that Captain Andreas Michael has joined our team as a Senior Maritime Consultant, as of 15th of May 2022.

SOTERIS PITTAS & CO LLC WELCOMES CAPTAIN ANDREAS MICHAEL AS SENIOR MARITIME CONSULTANT

SOTERIS PITTAS & CO LLC is delighted to announce that Captain Andreas Michael has joined our team as a Senior Maritime Consultant, as of 15th of May 2022.

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

CYPRUS: Powers of Pledgee, under Cyprus Law

Under Cyprus Law, a pledgee, in the event of default of the pledgor, may:

CYPRUS: English Guidance on which companies can be considered as “quasi partnerships”.

The leading English case on the above issue is the famous case EBRAHIMI -V- WESTBOURNE GALLERIES LTD (1973) AC 360, in which it has been inter alia held, that the imposition of equitable considerations requires one or more of the following elements:

CYPRUS: English Guidance on the grounds of winding up of companies on the just and equitable basis

Based on English case law, winding up orders have been made in, among other instances, the following circumstances, where:

CYPRUS: Locus standing of shareholder to petition the winding up of his company, on the Just & Equit

Cypriot Courts have used English case law as guidance, on deciding on the above issue, including the following leading cases:

CYPRUS: BILATERAL AGREEMENT BETWEEN CYPRUS AND THE UNITED STATES

The Cyprus Tax Department announced that the bilateral Competent Authority Arrangement (CAA) for the exchange of Country-by-Country (CbC Reports) between Cyprus and the United States of America, which is currently under negotiation, is expected to be effective for Reporting Fiscal Years starting on

ENGLISH GUIDANCE ON THE OBLIGATION OF A PARENT COMPANY TO DISCLOSE DOCUMENTS OF IT’S SUBSIDIARIES

In a recent judgment issued by the English Commercial Court in Pipia v BGEO Group Limited [2020] EWHC 402, it has been held that, initially, the parent company does not have automatically control of its subsidiaries’ documents, merely by virtue of its shareholding .

Cyprus: Cyber Libel or Defamation committed through the Internet and jurisdiction of Cypriot Courts

We live in a society where people fought to secure their right of freedom of expression. But what will happen if such right is being used in an abusive way? It is well recognised that the Internet is a navigation engine where an individual may post, in many ways, his own articles in order to express

Cyprus: Enforcement of Arbitral Award – Are the criteria of Article IV of New York Convention rigid

In the recent decision of the District Court of Nicosia in Smagin ν. Kalken Holdings Limited a.o Application Numb: 601/2017, the Court examined the criteria for Recognition and Enforcement of an Arbitral Award.

The Bilateral Treaty between Russia-Cyprus does not give jurisdiction to Cypriot Courts to .....

In the recent Appellate case VTB -V- TARUTA, the Appellate Court upheld a decision of a 1st Instant Court, pursuant to which a direct application filed by a holder of a Russian Judgment for its enforcement under the Bilateral Treaty between Cyprus and Russia and ex parte injunctions obtained in the

Cypriot Courts do not have jurisdiction to adjudicate on an application for enforcement of foreign..

In the recent Appellate case of VTB BANK -V- TARUTA, the Appellate Court decided that Cypriot Courts do not have jurisdiction under Law 121 (1)/2000 for the enforcement and recognition of foreign judgment or foreign arbitral awards, when both the judgment creditor, and judgment debtor, reside outsid

Guidance from common Law cases, regarding the requirements to be met by an Applicant for the issue..

Section 293 of Companies Laws, CAP. 113 (“CAP. 113”) provides for the power of Cypriot Courts to issue an order for the placement of a voluntary liquidation of a Cypriot company under Court’s Supervision, upon the application of the company’s creditors or shareholders, and subject to terms to be fix

Power of the Court to Order the Continuation of a Mareva Injunction and Receivership Post Judgment,

Under Cyprus Law, any interim order or interim relief granted in the context of an action, Originating Summons or petition, remains in force until the date of issue of a final decision on the merits of such proceedings.

CYPRUS: Creditors who have locus standi to petition the winding up of a Cypriot Company

Section 213 of Cyprus Companies Laws CAP. 113 (“CAP. 113”), provides about the persons who have locus standing to petition the winding up of a company and provides inter alia for “…..the creditor or creditors including any contingent or prospective creditors ………..”.

Necessary Ingredients for Ascribing Accessory Liability to Third Parties for Dishonest Assistance

The main authority on the subject of dishonest assistance is the case of Royal Brunei Airlines v Tan [1995] 2 AC 378 according to which a person who dishonestly procures or assists in a breach of trust or fiduciary obligation is liable in equity to make good for the resulting loss.

Cyprus: Attributing the Knowledge of a Person to that of the Corporation

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.

Security for the Loan. Fixed and Floating Charges under Cyprus Law.

Charges under Cyprus law, can be of a fixed and floating nature, (i.e fixed and floating charges). Fixed and floating charges have several features in common:

When a Cypriot Company shall be deemed “insolvent”, thus giving jurisdiction to Cypriot Court to iss

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”.

A NORWICH PHARMACAL ORDER IS ISSUED WHEN THE APPLICANT SATISFIES THE COURT THAT THE INFORMATION REQU

In the case NORDSTAR TOWER –V- RIVERSTRETCH & OTHERS, the district Court of Nicosia held inter alia –(adopting the English case NIKITIN & OTHERS –V- RICHARDS BUTLER LLP & OTHER (2007) All ER 129) that an applicant to an application for the issue of discovery orders of Norwich Pharmacal type, shall s

CYPRUS: NO PHARMACAL ORDERS WHEN THERE IS AN INFRINGEMENT OF THE “MERE WITNESS” RULE.

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 n

Cyprus: Deadlock at the Level of Board of Directors and the Power of the General Meeting to Act Desp

According to the English case of Barron v Potter [1914] 1 Ch 895 which has been cited with approval in the Cypriot 1st Instance case of RE PRINOS LAHANAGORA LTD, if the Board of Directors in some form or another (eg. due to deadlock) is incapable of taking action, the power to conduct the company’s

CYPRUS: JURISDICTION OF THE CYPRUS COURTS TO GRANT INTERIM RELIEF IN AID AND/OR IN SUPPORT OF PROCEE

In the European Court case Van Uden Maritime B.V. -v- Deco Line Case C-391/95, the European Court has held inter alia, that the Courts of Member States have jurisdiction to grant interim relief pursuant to the Brussels Convention (i.e. which has been replaced by the EU Regulation 1215/12) in aid and