Deals Review:

Deal 1

CLIENT: Canadian company having worldwide subsidiaries was conducting re financing plans of its European subsidiaries.

DESCRIPTION OF THE TRANSACTION: Receivables were assigned from the sole shareholder (a European company) of a Cyprus company to the Cyprus company. Review of the assignment agreements, stamp duty legislation, prepared and supervised the board meeting of the Cyprus company accepting the assignments, advised on the issue of shares at a premium to the sole shareholder in exchange of the assignment of receivables and provided legal advice on the transaction.

VALUE: 50 million euros

COMPLETED: December 2018

LAWYER: Theodora Taoushani

Deal 2

CLIENT: Major bank in Greece acting as Agent for a number of Greek financial institutions who provided credit facilities to a Greek company operating within the tourist and hotel industry.

DESCRIPTION OF THE TRANSACTION: Review from a Cyprus law perspective the financial documents relating to the granting of credit facilities to the Greek company and obtaining securities (pledging of shares) by the Cyprus registered holding company, drafting documentation and providing legal advice on the transaction.

VALUE: 26 million euros

COMPLETED: January 2019

LAWYERS: Theodora Taoushani; George Taoushanis

Legal Updates: Change is coming soon to the Cypriot Intellectual Property landscape! Some features of the modernisation the Intellectual and Industrial Property Section of the Registrar of Companies and Official Receiver is carrying out:

- New trade mark application forms and fees

- Multi-class trade mark applications

- Publication of the trade marks on the Section's website and not the Official Gazette of the Republic

- Opposition proceedings will take place almost exclusively in writing

- New types of trade marks, such as colour marks, sound marks and shape marks

- Renewal every 10 years

- Easier transfer of ownership

Nicoletta Epaminonda of our office will be attending the Section's presentation on 7 February 2019 to learn more.

Member News: On 30 November/1 December 2018, our office’s lawyers had their annual brainstorming retreat at Kalopanayiotis, setting our goals for 2019!