The Companies Law of Cyprus CAP113 (“Companies Law”) is based on the UK Companies Act of 1948 with the necessary amendments to incorporate the relevant EU Directives. The sections referring to restructuring and corporate insolvency, winding up voluntarily or compulsorily, registration and enforcement of charges and appointment of liquidators or receivers and managers remain basically unchanged, with the exception of the incorporation of the Third Council Directive on mergers and divisions of public companies.

For over five years, Greece has been subject to severe austerity measures in its quest to service its sovereign debt. Greece has had to resort to both European and international institutions (the Troika1 ) for financial support. In return, a series of commitments were imposed with the goal of eliminating fiscal imbalances, achieving fiscal surpluses and market flexibility.

EUROPEAN UPDATE: Olympic Airlines: When Is an Establishment Truly Established? (citation: Adam Gallagher and Roger Lawrence, Olympic Airlines: When Is an Establishment Truly Established?, XXXII ABI Journal 8, 44-45, 92-93, September 2013) - Adam Gallagher

The Court of Appeal’s judgment in The Trustees of the Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA [2013] EWCA Civ 643 has clarified what is required to fall within the definition of an ‘establishment’ for the purposes of the EC Insolvency Regulation (the Insolvency Regulation).

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL AND THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE on the application of Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings The European Commission has published its report on the application of the EC Regulation on Insolvency Proceedings, together with proposals for amendments to the Regulation.

The International Monetary Fund and Europe remain deadlocked over how to tackle Greece's debt crisis, with Europe willing to consider only lower interest rates and longer debt repayments, while the IMF is pushing for a debt restructuring, according to senior European officials. "We are still apart.

 

The Eurozone – why you need to be prepared

Those pesky billions in the second Greek bailout, they keep multiplying! The folks over at the Financial Times Brussels blog have already tried to explain what is really going on with the second Greek bailout’s size, length and the contribution division between the euro-zone countries and the International Monetary Fund. We thought we’d give it a crack too, The Wall Street Journal Real Time Brussels blog reported. There are three issues we want to address: one, the actual size of the Greek bailout. Hint: It’s not €130 billion but €138.2 billion.

28/2/2012: The countdown to the March 8 deadline for Greece's private-sector creditors to agree to a debt restructuring begins Wednesday, when an international trade association decides to either accept or reject an application to determine whether the passage of laws in Greece that will force investors to accept a steep write-down on debt constitutes a "credit event" that will trigger the payout of insurance contracts against Greece defaulting on its debt, contracts known as credit default swaps, Dow Jones reported. Only after the committee has opted to review the case would the committee th

A German cabinet minister rejected demands to involve the European Central Bank directly in efforts to reduce Greece's debt as international pressure is growing on the ECB to make a significant contribution to restructuring Athens' debt by accepting a haircut on its huge cache of Greek bonds. "This is not currently an issue for us," said German Economy Minister Philipp Rösler in an exclusive interview with Dow Jones Newswires and The Wall Street Journal, when asked whether the ECB should be involved in Greece's debt restructuring.