Cyprus and the Russian Federation have signed a bilateral loan agreement worth €2.5 billion, with the first installment due before the end of the year. The €2.5 billion loan agreement, valid for 4.5 years, with a nominal annual yield of 4.5 per cent was signed by Finance Minister Kikis Kazamias and Russian Deputy Finance Minister [...]
The launch of the Cyprus International Arbitration Centre (CIAC) has been announced recently, a new arbitration centre that will handle domestic and international arbitrations under either its own Arbitration Rules or the UNCITRAL Arbitration Rules. The CIAC is a not-for-profit company that was established by a group of businesses and professionals in Cyprus. The management committee [...]
Cypriot courts have a fully established judicial power to grant interim orders over various issues with an international effect. Namely, the Cypriot legal order has incorporated the power of the courts to issue freezing orders towards protecting assets in risk of alienation or towards preserving a status quo of assets pending the final and conclusive [...]
Earlier today in the UK, the Court of Appeal ruled in favour of the Claimant, Meletis Apostolides, in the pivotal case Apostolides v Orams. The Judgment provides for a Judgment of the District Court of Nicosia, Cyprus, to be registered and enforced in the UK. The latter judgment concerns the the Orams couple, which had illegally purchased land [...]
Canada: In 1992, following the collapse of Canadian investment company, Castor Holdings, incorporated in Montreal, $ 1.5 billion bankruptcy proceedings were initiated. Proceedigns were also underway against the company’s directors for paying out dividends of $15,5 million. Five of the directors did not settle the case and in August 2008 they were ordered by the [...]
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