The Cyprus companies can be closed down through liquidation (voluntary or enforced), or they can simply be struck off the Registrar of Companies.
New amendments to the Cyprus Companies Law are related to the strike-off procedure.
On June 18, 2019, the Council of Ministers of Cyprus approved a National Strategy on Decentralized Technologies and Blockchain. The use of these technologies is encouraged in both the public and private sectors (in the financial services sector, which deals with the banking). It is expected that transactions will be transformed in the coming years.
The matter of recognition and enforcement of foreign arbitral awards is subject to the New York Convention of 1958 and Law 84/1979, by which this Convention was ratified in Cyprus, and also amended by the Law on International Commercial Arbitration 101/1981, drawn up on the UNCITRAL model. In addition, there is the Law on the enforcement of foreign judgments 121 (I) / 2000, which applies to the enforcement of judgments of third countries, since the enforcement of EU judgments is performed otherwise.
Insolvency proceedings initiated in the European Union can be recognized in Cyprus according to the EU Insolvency Regulation (2015/848).
On 23 May 2019, the Shipping Deputy Ministry, via circular 10/2019, updated its policy regarding the compliance of vessels registered under the Cyprus flag.
Representation of interests in court
- Direct participation of a lawyer in a court session (civil procedure).
- Exhibition of the necessary comments, addenda, reviews, requests, and statements.
- Participation in the arguments of the parties.
- Expression of the client's legal position and will.
Both individuals and legal entities have the right to use this service.