PRACTICE AREAS
Administration of Estates and Wills
Estate denotes the movable and immovable property a physical person processes during lifetime. As a result, estate administration is strongly related to all the procedures of gathering and distributing assets and debts of the decesead to his/her beneficiaries. In Cyprus, the matters related to administration of estates are regulated inter alia, by the Administration of Estates Law (Cap. 189) and the Probates (Re-Sealing) Law (Cap. 192) and the Wills and Successions Law (Cap. 195). In case of a deceased person without a will, then the court procedure for the grant of a “letter of administration” to an individual, the “administrator”, shall be followed.
In case of a deceased person with a will, then within the will, the testator shall state a specific person to execute the will (the “executor”), on proof of the will, the court will grant the administration of the estate of the deceased to that person. It should be pointed out that the instrument in writing issued by the court declaring that the will has been duly proved and that the administration of the deceased’s estate has been granted to an executor is called “probate”.
Services for:
- Wills
- Wealth protection
- Estate administration
- Probate
- Obtaining a grant of probate or letters of administration and any other steps required for the transfer of the deceased’s estate into the beneficiaries/heirs names.
- Court proceedings for either claimants or defendants with regard to claims contesting a will or administration letters.
- Trusts
- Asset protection
Banking and Finance
Georgios Constantinides has experience and a strong network of bankers enabling him to assist parties transacting with credit institutions.
Services for:
- Introduction to local and foreign banks
- Opening and administration of bank accounts
- Handling banker – client issues
- Due Diligence
- Review of bank documents (loan and security documentation)
- Credit and finance transactions
- Registration and enforcement of charges (mortgages, guarantees, legal and equitable charges, pledges etc.)
Contracts
Cap 149 lays down all the aspects of contract law in Cyprus and is the primary authority on the subject. The District Courts hold jurisdiction when it comes to any disputes arising out of contracts.
In order for the contract to be valid, the contracting parties must have entered it willfully and without any undue influence or coercion. Also, all parties must have the capacity to contract (be of legal age and of sound mind).
Our services include the drafting and reviewing of national or international contracts and agreements on a broad range of transactions of business or personal nature.
Services for:
- Shareholder agreements
- Leasing agreements
- Employment contracts
- Partnership agreements
- Sales transactions and purchases
- Licensing agreements
- Franchise agreements
- Loan-mortgage contracts
- Security agreements
- Agency service contracts
- Mergers and acquisitions
Corporate Law
Mary-Olive McCluskey personally handles and supervises any corporate law request, to include complex international transactions. She prepares formal legal opinions for corporate transactions. Being an expert trainer with the European Institute of Management and Finance, she successfully delivers the course Certificate in Company Law & Corporate Administration since 2018 and she has answered hundreds of questions to seminar participants from all fields of corporate administration in Cyprus and thus acquired deep understanding and rounded knowledge of all matters relating to Cyprus companies and their administration. She successfully passed CySEC Advanced examination and is registered in CySEC registry of certified persons, enhancing her knowledge to regulated entities. Her combination of litigation experience, made her capable to represent directors of regulated entities in procedures before the imposition of administrative fines by CySEC.
Services for:
- Commercial agreements (drafting, negotiating and reviewing)
- Company formation
- Investment firms law
- Share Acquisitions
- Corporate Finance
- Asset Sale & Purchase
- Mergers
- Restructuring
- Shareholders’ Agreements
- Corporate Litigation (to include interim remedies such as Norwich Pharmacal Orders)
- Representation before Regulatory Authorities
The controlled company MOMCC LIMITED is the licensed and regulated under the Cyprus Bar Association administrative service provided company and provides the following administrative services:
- Directorship services
- Nominee shareholder services
- Corporate secretarial services
- Registered office services.
- Other services: preparation of the Memorandum and Articles of Association of all types of Cyprus companies with tailor made Articles to clients’ requests, approval of company names, signing of Form HE1, registration with the Cyprus Tax, VAT, Social Insurance authorities etc.
Insolvency
Mary-Olive McCluskey is a licensed insolvency practitioner and accepts appointment as Liquidator of Cyprus companies or services of liquidation monitoring in cooperation with other insolvency practitioners.
Insolvency procedures are governed by s. 203 of Cap 113 introducing two methods of liquidation:
- a compulsory liquidation by the court; and
- a voluntary liquidation, either by the company itself or by its creditors.
Compulsory Liquidation by the Court
A petition so as to demand the winding up of the Company may be filed by the company itself, by any contributor(s), by the Official Receiver or by any creditor(s).
As set out by s.211 Companies Law, Cap 113, a Company may be compulsorily wounded up by the Court in any of the following situations:
- the Company has resolved by means of a special resolution that it should be wound up by the Court;
- default is made in delivering the statutory report to the Registrar of Companies or in holding the statutory meeting;
- the company does not commence its business within a year from its incorporation or suspends its business for a whole year;
- the number of members, in the case of a private Company, is reduced below one, or, in the case of any other Company, below seven;
- the Company is unable to pay its debts;
- the Court is of the opinion that it is just and equitable that the Company should be wound up.
For these purposes, a Company is considered unable to pay its debts when the Company is indebted with a sum total exceeding €854 (£500), the concerned creditor has served the Company with a written notice demanding payment of the incurred debt due and the Company failed to pay the sum due within three (3) weeks from the date the written notice was served; when a judgment was executed against the Company’s property but the execution failed to settle the debt; or, when the Court is satisfied that the Company is unable to pay its debts. (s.212 Companies Law, Cap 113)
If a winding up order is made, a liquidator will be appointed by the Court to whom the administration and control of the Company as well as its property will pass. In turn, the liquidator, subject to the powers granted to him by virtue of s.233 of the Companies Law, Cap 113, will have to secure that the assets of the Company are distributed to all its creditors and to ensure that any remaining surplus is distributed to any person entitled to it. When the liquidation of the Company’s assets is fulfilled and every matter is settled, a petition for the final wind up of the Company is filed by the liquidator to the Court which, at its absolute discretion, will issue an order for its final dissolution. (s.260 Companies Law, Cap 113)
Voluntary Liquidation
Voluntary winding up is initiated provided the members pass on a resolution.
Inasmuch, upon concluding and mutually agreeing that it would be in their best interests to cease the existence of the Company, its directors convene a General Meeting with the purpose of passing a resolution so as to place the Company into voluntary liquidation. The Company may vote for liquidation by an ordinary resolution provided its Articles of Association encompass a fixed period as regards the Company’s lifetime or specify that it may be wound up in a certain event. Alternatively, a special or an extraordinary resolution is required for the Company’s voluntary liquidation, clarifying that it is impossible to continue conducting its business due to its liabilities or debts. (s.261 Companies Law, Cap 113).
The insolvency procedure begins on the day the resolution is approved. (s.263 Companies Law, Cap 113) In relation to the appointment of the liquidator, voluntary liquidation is subcategorized as follows:
Members Voluntary Liquidation: The members of the Company appoint the liquidator and the creditors have no say in his appointment. Such voluntary liquidation commences if the Company is able to settle all its incurred debts within a year and provided that the directors covenant by way of declaration to that effect before the passing of the resolution. (s.266 Companies Law, Cap 113).
Creditors Voluntary Liquidation: The appointment of a liquidator lies with the discretion of the creditors who hold a meeting on the same day, or on the next, as the meeting at which the resolution to liquidate was passed. Inasmuch, the creditors may accept the liquidator appointed by the members or appoint someone else. (s.277 Companies Law, Cap 113).
The appointed liquidator by virtue of Section 286(1)(a) has inasmuch the same powers as those given to a liquidator in a compulsory insolvency defined herein above.
The direct consequence of a voluntary liquidation is that, thereafter, the Company may not conduct any business except for the purposes of a beneficial liquidation. (s.264 Companies Law, Cap 113).
Debt Collection and Recovery
Both Mary-Olive McCluskey and Georgios Constantinides have litigation experience in representing banks and clients for claims relating to non-performance of loan agreements and in procedures for the sale of mortgaged property.
Services for:
- Debt recovery claims
- Unpaid cheques claims
- Attachment of money
- Writ of execution of movable and immovable property
- Monthly payment orders
- Interim protection remedies
- Bankruptcy and liquidation procedures
- Debt Relief Orders
- Mortgagee procedures
Environmental Law
The firm provides advice as to the rights and/or duties and/or responsibilities of natural or legal persons i.e. companies, organisations stemming from environmental law, directives, and relevant regulations. Our advice can be valuable as to:
- Waste management, licenses and procedures to be followed to comply with the waste management law (construction and development companies).
- The legal criteria to be met in an Environmental impact assessment study, to comply with the requisite provisions of the Evaluation of the Consequences on the Environment of Certain Projects Law.
- Environmental claims against private or public sector failing to comply with emission standards, failing to prevent degradation and failure to restore the environment if required.
- The reporting requirements in relation to the environment of companies, organisations, investment firms.
Immigration and Migration
Services for:
- Acquisition of temporary / long term / permanent residence permits
- Acquisition of family reunification permits
- Acquisition of employment permits
- Acquisition of Cyprus citizenship / passport
Cyprus International Trusts
At its simplest, a trust is an arrangement whereby property or assets are transferred from one person (the ‘settlor’) to another person (the ‘trustee’) to hold the property for the benefit of a specified list or class of persons (the ‘beneficiaries’). The practical advantages of a trust are gained from the distinction that is drawn between the formal or legal owner of property, the trustee, and those people that have the use or benefit of the property, the beneficiaries.
The trust deed evidences the creation of the trust, sets out the terms and conditions upon which the trustees hold the trust assets and outlines the rights of the beneficiaries
The Cyprus International Trust (CIT)
The main legal framework governing trusts in Cyprus is a combination of English common law, the Trustees Law of Cyprus (Cap 193), which is modelled on the English Trustee Act of 1925, and the International Trusts Law of Cyprus (Law 69(I) of 1992 as amended by Law 20(I)/2012).
The procedure for establishing a CIT trust is straightforward. The settlor and the beneficiaries must not be tax residents in Cyprus during the year preceding the year of creating a CIT and at least one of the trustees must be a permanent resident of Cyprus.
The settlor has the right to reserve many powers including, the powers to revoke or amend the trust, to instruct the trustee, to appoint and remove trustees, the protector or the enforcer, to change the law regulating the CIT or the place of its administration. A CIT may last for an indefinite period and the income of a CIT may be accumulated without limitations. The law regulating a CIT may be changed to another foreign law.
Services for:
- Setting up, management and administration of international trusts
- Drafting of Trust Deeds
- Registration of a Trust
- Our services also include the provision of Trustee and Protector
- Amendments to Trusts
Investment Funds
Funds to be established in Cyprus, they must first obtain authorization by the Cyprus Securities and Exchange Commission (CYSEC) being the supervisory authority and the Regulator.
Our team has a high level of understanding of the applicable laws of the above entities and to the administration and on-going support of such entities.
Services for:
- Fund set-up
- Corporate and company law legal services for regulated entities
- Representations before CySEC
- Appointment of officers in regulated entities
Legal Support
Administrative Service Providers, Audit Firms and Law Firms often request for support where clients demand for quality, quick and cost-effective solutions. Although this work has never fitted neatly anywhere before in Cyprus and as the legal industry continuously evolves, our firm following an evaluation of any possible conflict of interest, it acts as an extension to other professional Firms and helps to add value to their business by using expert advice and skilled representation.
Our Firm works in its own comfortable environment on a confidential basis and recognizes the importance of other Firms’ relationships with their clients and respects their integrity. Our aim is to provide knowledgeable and experienced support. Upon request and agreement, we may work in your environment if the nature of the task assigned so demands.
Real Estate
Services for:
- Drafting/Reviewing of Sale or Rental agreement
- Search in the Land Registry
- Settlement of stamp duty
- Filing of sale agreement with the Lands Office
- Negotiating\Settling capital gains tax
- Completing and submitting necessary documentation for the completion of the transfer and registration of the title deed
- Executing the agreement by Power of Attorney
- Application to the Council of Ministers for the issue of the permit to acquire property in Cyprus (if necessary)
- Other: representation in litigation and disputes involving commercial and residential property in Cyprus.
Shipping and Finance
With previous experience and a strong record of registering vessels under the Cyprus flag we undertake registration of vessels under the Cyprus Flag and provide assistance to owners during and after the registration of the vessel by directing owners’/managers’ queries through the right channels and also by following up on pending queries with the Deputy Ministry of Shipping.
Services for:
- Provisional registration of vessels
- Permanent registration of vessels
- Parallel – in registration of vessels
- Parallel – out registration of vessels
- Extension of parallel – out registration of vessels
- Registration, Transfer, Transmission or Discharge of Mortgages
- Administration of shipping companies
- Deletion of vessels
Aviation
Mary-Olive McCluskey is the vice-president of the Shipping and Aviation Committee of the Cyprus Bar Association. Since November 2021, she is, under a contract for services, a legal advisor of the Safety Regulation Unit of the Cyprus Department of Civil Aviation. Further, she is a PhD student with the University of Cyprus, the field of research focusing in Aviation Law and the application of the Cape Town Convention and Aircraft Protocol in the Republic of Cyprus (judicial and extra-judicial remedies).
The legal framework for air transport in Cyprus is governed by EU legislation and international conventions and agreements on air transport, and Civil Aviation Law No. 213(I)/2002 (Civil Aviation Law).
The competent authority on aviation matters is the Department of Civil Aviation (DCA), which is responsible, inter alia, for the supervision and operation of the country’s airports, the development of air links between Cyprus and other countries, the provision and regulation of air traffic services, the development, design and supervision of the aviation security system, and the issuing and update of licences to Cypriot or foreign air carriers. Safety and security regulation and the implementation of Community legislation on air transport, including EU restrictive measures, are also among the DCA’s main activities. The DCA also remains in continuous coordination with other governmental departments and bodies as well as international organisations of which Cyprus is a member.
Mary-Olive McCluskey acquired substantial and varied experience and knowledge in aviation law and particularly in the registration and obtainment of all relevant operating licenses of airlines with the respective Cyprus Authorities.
We offer professional services for airlines’ start-up and issuance of the Operating License and Air Operator Certificate as well as all relevant agreements and providing advice with regard to the application of the Cape Town Convention and Aircraft Protocol in the Republic of Cyprus.
Services for:
- Registration of aircrafts
- Review of Lease Agreements
- Legal representation in the applicable Courts, including the filing of recourse actions
- Safety on aircrafts
- Passenger rights
- Employment rights
- Aviation litigation
Personal Injuries, Negligence and Car Accidents
Negligence corresponds to many areas, such as negligence at road accidents. Furthermore, negligence can be shown from any person that has a duty to act in a certain way, with care towards you, and fails to do it, causing you damage(s). In legal terms, negligence is a breach of a duty of care which results in damage. When damages arise either physical or material due to negligence, they can be compensated thus legal measures have to be taken against the person that has been in breach of the duty of care.
Georgios Constantinides has considerable experience in dealing with claims related to road traffic accidents. We can negotiate your claim to achieve the best possible result for your rights. Damages from personal injuries must be compensated well and the amount of the compensation has to reflect the real needs of the client arising from the accident.
Services for:
- Liaising and correspondence with the Insurance company
- Negligence claims
- Damages to the property
- Employment injuries
- Professional claims
- Public liability claims
- Employer’s liability
- Defective products
- Motor vehicle accidents, drink driving accidents, boating accidents, aviation accidents, dangerous amusement park accidents, farm accidents, swimming pool accidents, construction accidents and other.
Family Law
Georgios Constantinides has handled personally family law cases relating such as divorce, parental care and maintenance before the Family Courts. Family Courts are not the only competent courts for some of the said issues. In some cases the competent courts are the Family Courts of the Religious Groups or the President of the District Court. The Family Courts have jurisdiction in relation to the following (article 11 Law No.23/1990):
- The dissolution of any religious marriage of any other faith, provided that the Family Courts of the Religious Groups do not have jurisdiction in relation to such dissolution;
- The dissolution of any civil marriage;
- Family matters in judicial proceedings initiated by the treaties to which Cyprus is a signatory country;
- Matters of parental care, maintenance, acknowledgement of paternity, adoption, property relations between spouses as well as any other matrimonial or family dispute.
An important condition for the Family Courts to have jurisdiction is that the parties or one of the parties must be resident in Cyprus. Residence means any continuous period of stay in excess of three months (article 11(3) Law No.23/1990). However, when the dispute involves property then there is no need for the parties or one of the parties to have residence in Cyprus.In some cases the competent courts for some of the said issues are not the Family Courts but the Family Courts of the Religious Groups or the President of the District Court.
A ground for divorce is the irretrievable breakdown of the marital relationship for reasons which are attributed to the respondent or to both spouses and which makes the continuance of the marital relationship intolerable for the applicant. According to Cyprus law bigamy, adultery, abandonment, violence and an attempt against the life of the applicant by the respondent are revocable presumptions for the irretrievable breakdown of the marital relationship (article 27(2) and 27(3) Law No.104(I)/2003, appendix A Law No.87(I)/1994, article 14(a) Law No.23/1990). Another ground for divorce is the continuous separation for a period of four (4) years which constitutes an irrevocable presumption that there has been an irretrievable breakdown of the marital relationship. In that case the marriage is dissolved regardless whether the reason leading to the irretrievable breakdown is attributed solely to the applicant (article 27(3) Law No.104(I)/2003, appendix A Law No.87(I)/1994, article 14(a) Law No.23/1990).
In case of separation or divorce, a spouse who has contributed in any way towards the increase of the assets of the other spouse is entitled to the part of the increase which emanates from his/her contribution. “Assets” means the movable or immovable property which was acquired by any of the spouses before the marriage with the prospect of marriage or during the course of marriage. Τhe contribution of a spouse is presumed to the 1/3 of the increase except if it is otherwise proven. In assessing the increase of assets the Court will not take into account anything that was acquired by way of gift, inheritance or bequest (article 14 Law No.232/1991).
A spouse may further claim maintenance during the separation even before the divorce is issued. The spouse entitled to maintenance is the one in the worst financial position. The issuing of a divorce doesn’t cease a former spouse’s obligation to support the other former spouse. In cases where the former spouse is unable to support himself/herself from his/her income or other income streams he/she can apply for a maintenance order. The amount is calculated according to the needs of the beneficiary taking into account his/her standard of living before the divorce and includes all the necessities for the sustenance of the beneficiary. Furthermore, it is possible for the maintenance order to include a thirteenth or fourteenth monthly payment of maintenance in cases where the spouse against whom the order is issued receives a thirteenth or fourteenth month pay (article 5 and 7 Law No.232/1991). The maintenance may be excluded or reduced when this is imposed by serious reasons and especially when the marriage was short-term or when the beneficiary spouse voluntarily caused his/her poverty or when the beneficiary bears serious fault for the dissolution of the marriage and/or for the interruption of the cohabitation (article 6 Law No.232/1991).
Each of the spouses can apply to the court to modify or even annul the maintenance order. Depending on the circumstances, the maintenance amount may be decreased or increased. The maintenance order can be modified, for example, if the financial status of the beneficiary improves or if the financial status of the debtor worsens. Under a 2008 amendment, the amount now automatically rises by 10% every 2 years (article 4(2) and 10 Law No.232/1991).
In any case, the spousal maintenance order ceases to have effect if the beneficiary remarries or if he/she is cohabiting with someone else. The order might also cease to have effect if the beneficiary dies or if the order is annulled by the court (article 11 Law No.232/1991).
Parental care and Child Maintenance
The parental care is a right and at the same time a responsibility of the parents which is exercised jointly by them. When the parents dispute over the exercise of the parental care and the best interests of the child requires a decision to be made, then either parent can apply to Court in order for the dispute to be resolved. The decisions made by the parents or by the Court should aim at the best interests of the child. Furthermore, the court shall consider the child’s wishes provided that he/she is mature (article 6 and 7 Law No.216/1990).
When a couple is separated or divorced, the exercise of parental care is regulated by the Court unless agreed between the parties. Particularly the court may assign parental care to one parent or to both if they agree as to the place of residence of the child. Furthermore the Court may allocate parental care between the parents or may assign it to a guardian. The Court will take into account the child’s relationship with each parent and his/her brothers and sisters and the existence of any agreement between the parents in relation to the custody of the child (article 14 and 15 Law No.216/1990).
An order regulating parental care can be modified or recalled by the Court. For this purpose, either of the parents or the Director of the Social Welfare Services must make an application to the Court. For the application to succeed, it must be proven that the circumstances have been changed since the issuing of the order regulating parental care (article 20 Law No.216/1990).
Services for:
- Divorce law
- Child custody
- Child support, visitation and paternity
- Division of marital assets
- Adoption
- Pre -marital property and tax planning
For clients outside Cyprus, our practice is well equipped with the resources to handle any issues that may arise, including providing unofficial translations of all documents to clients.
Sports Law
Sports are a significant part of our lives, contributing to our entertainment, health and relaxation from the intense and onerous pace of everyday routine. Moreover, it promotes social interaction and strengthens relationships, thus enhancing team spirit and cooperative skills.
The most essential and fundamental contracts of an athlete is the employment contract and the contract with the manager.
We represent a number of professional and amateur players in various disputes professional sportsmen and women from various sports on their playing contracts and sponsorship deals. We represent various sports teams and individuals regarding regulatory disputes they have had with sports governing bodies and / or regulatory entities. We may represent former sportsmen and women in respect of injuries they have suffered whilst playing a variety of contact sports.
Services for:
- Contract preparation
- Negotiation of the contract
- Manager services
- Representation before the Cyprus Courts and Authorities
- Licensing of Sport Management Companies in Cyprus
Official Translations of Documents
As of 1 July 2019 the system of translation of documents which was provided by the Press and Information Office has been terminated, according to Law 45 (Ι)/2019, providing for the registration and regulation of the services of the Sworn Translators in Cyprus. All individuals or public bodies interested in officially certified translations, must refer directly to the certified translators who are registered in the Register of Sworn Translatorsof the Council of Sworn Translators according to the relevant Law. Mary-Olive McCluskey is registered with the Register of Sworn Translators (Greek – English and English – Greek) and prepares certified translations for documents intended for official use inside or outside the Republic, such as educational documents, marriage certificates, birth certificates, death certificates, criminal records certificates, passports, identity cards, bank accounts, deeds of ownership, company documents, legal documents.
Mr. Yiannakis Solomou is the head of the translation services of the firm and his experience guarantees the quality, on time delivery. Furthermore, the payment after delivery model is applied for translation services.
Services for:
- Translation of Certificates
- Translation of Utility Bills
- Translation of pleadings
- Translation of Court Orders
- Translation of Contracts
- Translation of Court Judgments
- Translation of Affidavits
- Translation of websites
- Translation of Indemnity Letters
- Translation of Agreements