Soteris Pittas

"Soteris Pittas is a brilliant, results-oriented lawyer. He leaves no stone unturned to get the right result. Having him on my team increases the chances of success."

"As well as being a top-rate litigator, Soteris Pittas has huge knowledge of insolvency, corporate restructuring, and banking and finance. It is helpful to have him on board."

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: 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:

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

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 ………..”.

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: 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

CYPRUS: Common Law Tort of Conspiracy

Conspiracy is recognized in Cyprus as a common law tort. The Supreme Court of Cyprus in CHRISTOFOROU & OTHERS -V- BARCLAYS BANK PLC (2009), held that a Claimant alleging conspiracy, shall establish the following:

CYPRUS: Breach of an injunction constitutes unlawful means Conspiracy

In the recent English case JSC BTA BANK -V- KHRAPUNOV (2018), the Supreme Court, held inter alia, that third parties may find themselves exposed to damages for unlawful means conspiracy, if they assist in the breach of a freezing injunction.

CYPRUS: THE EFFECT OF A JUDGMENT BY A COURT OF SUPERVISORY JURISDICTION AT THE SEAT OF ARBITRATION,

A judgment of the Supervisory Court of the seat of the arbitration, on the validity, finality and enforceability of an arbitral award, has a final and binding effect upon the parties, their privies, and successors in title, giving rise to an issue estoppel per rem judicatam or other preclusion in th

Cyprus: Company Law – Power of court to rectify the Register of Members of a Cyprus company

It has been held by Cypriot courts (adopting English case law) that the power of court to order the rectification of a register of members of a company, under section 111 of Cyprus Companies Laws CAP 113 (“the Law”), is a summary procedure, which does not apply, when there is a serious dispute conce

CYPRUS: STAY OF WINDING UP PROCEEDINGS AGAINST A CYPRIOT COMPANY DUE TO ARBITRATION AGREEMENT

In a recent decision, in the case ERIN -V- RAYHILL, the District Court of Limassol decided to stay a winding up petition, filed by a shareholder of a Cypriot limited liability Company, requesting the winding up of the Company, on the just and equitable ground, alleging inter alia, deadlock, oppressi

CYPRUS: The term “protective measures” contained in Section 9 of the International Commercial Arbitr

In a recent decision, the Supreme Court of Cyprus issued a prerogative order of Certiorari and quashed and cancelled a draconian anti-suit injunction issued by a district court, in aid of pending LCIA arbitral proceedings.

CYPRUS: Jurisdiction for claims arising out and/or in connection with an Agreement

In the Appellate case HAMPTON ADVISORY GROUP S.A. –V- BOST AD & OTHERS (2012), it has been inter alia held, (adopting the European Court judgment in SHENAVAI –V- KREISCHER (1987) CMLR 782) – that a Court before which an action is brought will, when determining whether it has jurisdiction, be guided

CYPRUS: The term “protective measures” contained in Section 9 of the International Commercial Arbitr

In a recent decision, the Supreme Court of Cyprus issued a prerogative order of Certiorari and quashed and cancelled a draconian anti-suit injunction issued by a district court, in aid of pending LCIA arbitral proceedings.

CYPRUS: Waiver of right to arbitrate by resorting to litigation

Waiver is constituted by the deliberate intentional and unequivocal release or abandonment of the right that is later sought to be enforced (see ZHANG –V- SHANGHAI WOOL & JUTE TEXTILE CO LTD (2006) VSCA 133).

CYPRUS: Applicability of the New York Convention on Arbitral Awards issued in Cyprus

In the recent case IGUASU ENTERPRISES LTD & ANOTHER –V- VOICE INTERNATIONAL LTD & ANOTHER, the District Court of Nicosia held that an arbitral award issued in an arbitration conducted in Cyprus, which was international and commercial, within the meaning of Article 2 of the International Commercial A

CYPRUS: Waiver of right to arbitrate by resorting to litigation

Waiver is constituted by the deliberate intentional and unequivocal release or abandonment of the right that is later sought to be enforced (see ZHANG –V- SHANGHAI WOOL & JUTE TEXTILE CO LTD (2006) VSCA 133).

CYPRUS: Enforcement of foreign judgment

The enforcement of foreign judgments in Cyprus can be effected, either under statute (i.e. provided there is a bilateral arrangement between the Republic of Cyprus and the country of issue of the specific foreign judgment regulating such enforcement) or under common law.

CYPRUS: The Cypriot Admiralty Court does not have jurisdiction to issue a warrant of arrest of a shi

Law 101/87 on the International Commercial Arbitration Law (“the Law”) provides inter alia for the jurisdiction of Cypriot Courts to issue interim relief or interim measures of protection in aid and/or in support of international commercial arbitration cases, either before the filing of same, or dur