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Solsidus Law | Cyprus | 9 Aug 2021

New Consumer Protection Law

The Consumer Protection Law (CPL) 2021, which recently came into force, has increased consumers' rights considerably and as such constitutes a significant reform of the previous legal regime in the field of consumer protection. There is no doubt that the implementation of the CPL will benefit not only consumers, who will enjoy an enhanced protection of their rights, but also businesses, since......
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Solsidus Law | Cyprus | 1 Feb 2021

Register of beneficial owners: information available subject to request

In a recent announcement by the Department of the Registrar of Companies and Official Receiver, the effective date for the commencement of data collection regarding the details of entities' beneficial owners has now moved to 22 February 2021. The final regulations governing the publication of beneficial owners' details will likely include a 'legitimate interest' requirement where legal......
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Solsidus Law | Cyprus | 14 Dec 2020

Corporate and commercial: trends and issues – Cyprus

In 2020 the Cypriot corporate world was shaken up by various global events, including the COVID-19 pandemic; however, it has remained resilient. Looking ahead to 2021, expected trends include the use of more efficient contract terms, more balanced gender diversity on corporate boards and the slow but certain growth in disruptive technologies which can support businesses and help corporate......
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Solsidus Law | Cyprus | 9 Nov 2020

Key considerations when reducing a company's share capital

The Companies Law governs the reduction of share capital in Cypriot companies. The decision to reduce share capital rests with a company's shareholders, provided that this is also permitted by the company's articles of association. Ultimately, the courts must approve the reduction of share capital. Shareholders, creditors and other stakeholders have much to lose on an inappropriate reduction......
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Solsidus Law | Cyprus | 28 Sep 2020

Challenges when pursuing partial division of Cyprus company

A reorganisation by partial division has many benefits, especially in an economy where corporate reorganisations may be the sole means of survival for larger businesses and organisations. For this reason, it is important that professionals and businesspeople alike are aware of the existence of the procedure and the possible ways in which it may benefit their business.
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Solsidus Law | Cyprus | 6 Apr 2020

Directors' duties in time of COVID-19

Directors run state hospitals, private clinics, companies and businesses that will be affected by the government's decisions during the COVID-19 pandemic and will be called on to decide the life or death of the businesses that they run. This article examines directors' duties in the face of a crisis from a corporate law perspective.
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Solsidus Law | Cyprus | 20 May 2019

Importance of certainty in agreements: can there be room for an agreement to agree?

The Contracts Law provides the legal framework for establishing legally valid and enforceable agreements in Cyprus. However, in real-life commercial situations, parties may not always achieve the certainty required to ensure that an agreement or contract term is valid and enforceable. The pressure associated with reaching an agreement often causes parties to defer important contract terms in......
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Solsidus Law | Cyprus | 18 Mar 2019

New simplified strike-off procedure comes into force

The provisions on the striking off of Cypriot companies set out in the Companies Law were recently amended to introduce a simplified process to reinstate a company which is struck off as a result of failure to file mandatory documents or to pay the annual levy to the registrar. The simplified process aims to enable companies that are struck off due to irregularity to be reinstated within two......
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Solsidus Law | Cyprus | 6 Aug 2018

Directors' duties when launching ICOs

When an initial coin offering (ICO) is structured through a Cypriot company, directors' duties are highly relevant. The directors must approve the framework within which the ICO will be launched. While doing so, directors are legally required to protect the company's interests in line with their fiduciary duties. When directors also invest their own funds in an ICO, under Cypriot law, they......
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Solsidus Law | Cyprus | 11 Jun 2018

Forced sale orders on grounds of unfair prejudice and oppression

Shareholder petitions of unfair prejudice have been compared to divorce petitions. Indeed, these shareholder disputes tend to carry the same level of acrimony, especially when courts are faced with the option of deciding the sale of one shareholder's shares to another. Fairness is at the heart of the courts' consideration when deciding cases of unfair prejudice and shareholder oppression.
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