Soteris Pittas & Co LLC

Cyprus International Corporate and Commercial Law Firm

Soteris Pittas & Co LLC

Chrysanthou Mylona 10
Magnum House

Limassol 3030
Cyprus

Phone+357 (25) 028460
Fax +357 (25) 028461

Website www.pittaslegal.com
Contact Soteris Pittas & Co LLC  Contact the Law Firm

Law Firm Overview

Soteris Pittas & Co L.L.C., located in Limassol, Cyprus, is a boutique law firm, in size only, focusing on the areas of law related to business activity.
Our practices include corporate and commercial litigation, admiralty and maritime law, international and domestic arbitration, international business transactions, international tax planning, and corporate law services such as contracts, mergers and acquisitions, corporate governance, incorporation of funds, registration and administration of Cyprus companies, and legal audits.

The firm’s associates and partners have more than 20 years of vital industry experience. Utilizing their combined knowledge and skills, they provide comprehensive legal solutions based on clients’ specific business needs, requirements, and objectives. We are committed to representing our clients at all stages of disputes, including negotiation, mediation, arbitration, and litigation.

The firm has close links and strong associations with local and international reputable audit firms, private equity managers, and fiduciaries. Soteris Pittas & Co L.L.C. is dedicated to providing clients with highly personalized and effective legal services and advice.

Year this Office was Established: 2009

Languages: English, Greek, Russian

Areas of Law














Additional Areas of Law: International Business Transactions; International Tax Planning; Registration and Administration of Cyprus Companies; International Trusts; Incorporation of Funds; Legal Audits; Breach of Contracts; Misrepresentation; Partnership Disputes; Corporate Dissolutions; Derivative Actions; Construction Disputes; Commercial Assets Recovery.


Areas of Law Description

Our practice includes:

- Corporate and Commercial Litigation

The lawyers of the Firm have an extensive history of representing both, corporate and individual’s clients, in commercial and corporate litigation. We handle a wide range of commercial litigation, including breach of contracts, fraud and misrepresentation, partnership and shareholders disputes, corporate dissolutions, shareholder’s rights and derivative actions, construction disputes, commercial assets recovery, or “collection” cases, etc. Although, we are proud of our aggressive legal handling, we are very pleased with our friendly “boutique” approach to our Clients. We strive to make your problems, our problems and give them our utmost attention.

- Admiralty and Maritime Law

The Firm's partners and associates have more than 20 years of vital industry experience, and over the years have acquired considerable exposure in both contentions and non-conventions aspects, of shipping law, advising on matters, ranging from cargo claims, to marine casualties, and from admiralty processes, to insurance law. The Lawyers of the Firm have acted in every area of shipping business. Our Clients include ship-owners and charterers, P & I Clubs, Shipyards, ship and bunker supply companies, ship and chartering brokers, freight forwarders, hull and cargo insurers, marine engineering companies, etc.

- International and Domestic Arbitrations

We offer Clients, assistance, representation and advice, at all stages of the arbitration process. This includes pre-contentious negotiations, the conduct of arbitral proceedings, advocacy at trial, and the challenge and enforcement of arbitral awards. We also appear before Cyprus Courts, to prosecute or defend applications for interim measures, in support of arbitrations such as injunctions, attachments and orders preserving evidence. Lawyers from our Firm are authors of various publications and articles about arbitration and mediation and furthermore they serve as members of arbitration tribunals, in numerous multi-jurisdictional and complex disputes.

- Corporate Law Services

We offer to our Clients, comprehensive legal advice and services, in general commercial and corporate matters, including Drafting of Commercial contracts; Merger and acquisitions; Corporate governance; Strategic legal advice; Registration and administration of Cyprus Companies; Establishment and administration of International Trusts; Incorporation of Funds – (Open and Closed) – and Collective Investment Schemes; and Legal Audits. Our Firm provides reliable, sufficient and professional services, to a wide range of Clients ranging from small enterprises to multi-national corporations.

- International Business Transactions

Our Lawyers are uniquely positioned to advise multinational corporations and international investors, on the most complex cross-border business transactions. Our Lawyers regularly structure, negotiate and implement complex cross-border acquisitions, tender offers, joint ventures, private equity investments, workouts and restructuring, and commercial contracting relationships for Clients, around the world. We also handled equity and debt financing, and complex project and structured transactions. Our Lawyers provide Clients, with services tailored to meet their foreign transactional and operational needs.

- International Tax Planning

The Lawyers of our Firm have great experience in international tax planning, strategic consulting and wealth management. Our Lawyers provides tailor-made tax planning and management all over the world. All cross border transactions have a tax implication. Our tax specialists can assist Clients covert tax traps for the unwary, into opportunities. They can meet the Cyprus and foreign tax sides of a Company’s business into a coherent tax and business strategy.



Chairman

Soteris Pittas Mr. Soteris Pittas
Lawyer
Admiralty and Maritime, Alternative Dispute Resolution, Appellate Practice, Arbitration, Business and Industry

  

Affiliations

  • Cyprus Bar Association
  • Thessaloniki Bar Association
  • International Bar Association
  • The Association of Banking & Commercial Law Firms

More Information on Soteris Pittas & Co LLC

Corporate Law Services
International Tax Planning
Admiralty and Maritime Law
International Business Transactions
Corporate and Commercial Litigation
Soteris Pittas & Co LLC Practice Areas
International and Domestic Arbitrations
Soteris Pittas & Co LLC News and Publications

Articles Published by Soteris Pittas & Co LLC

 Does the Principle of Res Judicata Apply to Arbitral Awards in Cyprus?

In the case of Cruz City 1 Mauritius Holdings v Arsanovia Limited, the Applicants filed an application for the registration and the enforcement of an arbitral award. The Respondents had filed their opposition relying on the principle of res judicata since the particular award had been enforced in an earlier proceedings before the Courts of Cyprus.

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 Personal Criminal Liability in Cyprus when Issuing a Cheque on Behalf of the Company

A bouncing cheque (see Art. 305A Criminal Code - Chapter 154) is an offence of strict liability for its issuer.

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 Arbitral Award in English Court Cannot Be Recognized and Enforced in Cyprus

It has been held by the Cypriot Supreme Court that an arbitration award obtained in England and made a judgment in the High Court of Justice in England, does not come within the definition of “judgment” of the Foreign Judgments (Reciprocal Enforcement) Law, CAP. 10, and therefore cannot be registered in Cyprus.

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 Cyprus: The Amendments to the Companies Law Cap 113

The House of Representatives has approved the amendment to the Companies Law Cap 113 by passing the Law 51(Ι) of 2017, which transposes the EU Accounting Directive (2013/34/EU) into domestic law. Several changes have been noted, however, we set out below some of the most important ones for informative purposes.

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 Cypriot Courts Willing to Issue Orders Permitting the Use of Different Methods of Substitute Service

Recently the Cyprus Courts have permitted for substitute service via Facebook messenger of the particular Defendant as a method of alternative service since it had been proven that the Defendant posted recent publications on his Facebook page, a matter which indicated that he was a recent user of the said website page.

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 Cuprus - Amendments to the Advocates (Amendment) Law of 2017, Law 92(I)/2017

Significant amendments have been made to the Advocates Law which is the law that regulates the legal profession in the Republic of Cyprus. Particularly the following amendments were made:

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 Cyprus: The Implementation of the EU Posted Workers Directive

The Republic of Cyprus has implemented the EU Directive 2014 on the posting of workers whereby employers (for example EU companies) sponsoring posted workers for new assignments in Cyprus must notify the Ministry of Labor and also provide thorough information on the posting. This was not a requirement previously.

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 Cyprus: The Automatic Increase in Child Support Is Not Unconstitutional

It had been recently held by the Supreme Court that automatic increases in child support is not unconstitutional by relying on Article 38(2) on the Parents and Children Relations Laws which makes available for the automatic increase of 10% in child support every two years(24 months).

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 Cyprus: Risks for Advancing Money by Way of a Loan and the Protection Offered by the Quistclose Trust

The rule in relation to money advanced by way of a loan, is that generally they become the property of the borrower, giving him the discretion to apply the money as he thinks fit, and leaving the lender vulnerable to the risk of the borrower’s insolvency.

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 Cyprus Tax Update: Tax Residency Rules to Be Amended

On 14th July 2017, the Parliament of Cyprus unanimously approved the bill that gives the right to an individual to be considered as tax resident in Cyprus, if he meets cumulatively certain conditions.

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 General Guidance on Aspects of Breach of Contract Issues before Pursuing Litigation in Cyprus

Before pursuing to litigation, issues that may be raised from an early stage and which relate to aspects of contract law can include amongst others determination of whether a given party has breached the given contract.

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 The Responsibility of Directors of Companies as to the Issue of Unpaid Cheques in Cyprus

In the particular case the First Instance Court ruled that the Defendant No.1 company was guilty for the offense it was charged with, particularly Section 305A of the Criminal Code as the company had issued a cheque which had been unpaid when presented for payment whilst on the other hand it ruled that Respondent No.2 was not guilty since during the material time of the issuance of the cheque she did not have the mens rea of intention, in the non-payment of the cheque.

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 Guidance on the Issue of Independency of Expert Witnesses in Cyprus

The well-known aspect of independence and objectivity in expert witness has once again been confirmed in the recent case of EXP v Barker ([2017] EWCA Civ 63) together with the importance of full and frank disclosure at early stages of the proceedings of any connection which might be perceived to affect an expert's evidence, being amongst others perhaps the existence of any conflict of interest.

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 The Arbitration Court in Stockholm Rejects the Appeal Against the Cyprus’ 2013 Recapitalization

The basis of the initiation of the arbitration proceedings had been made by two Polish investors against the Republic of Cyprus, who had applied to the Arbitration Court in Stockholm.

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 The Amended Law on Specific Performance Relating to Property Sales in Cyprus

Recently, the law of Specific Performance relating to Property Sales of 2017 has entered into force [in Cyprus].

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 Dispute Resolution in Cyprus: Commercial Court

The Minister of Justice and Members of Supreme Court had decided for the Commercial Court to be set up and become operational from the beginning of 2018.

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 Cyprus Tax Law: Notional Interest Deduction (the “NID”) and Circular 2016/10

The NID rules have been introduced into our legal system in 2015 and provided that the corporate entities, including the PEs of foreign companies, shall be entitled to NID on their equity.

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 Immovable Property Tax Law in Cyprus

On 14 July 2016, the House of Representatives approved changes to the Immovable Property Tax Law (the “Law”). The amendments, which were published in the Official Government Gazette on 25 July 2016, reduce the immovable property tax burden for tax year 2016 by up to 75% and abolish the immovable property tax as from 2017.

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 Commercial Law - Promissory Notes in Cyprus

A promissory note is an unconditional promise made in writing by one person to another signed by the maker, engaging to pay on demand or at a fixed or determinable future time, a sum certain in money, to, or to the order of, a specified person or to bearer, as defined the Bills of Exchange CAP 262, Part IV Promissory Notes (the “Law”), s. 83 (1).

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 Changes to the Civil Procedure Rules by the Supreme Court of Cyprus

In an attempt to speed up the administration of justice and become more efficient, the Supreme Court has made a number of changes to the Civil Procedure Rules in particular Rules 25 and 30 which include amongst others the following:

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 Cyprus: Implementation of the EU Regulation No. 655/2014

The EU Regulation No. 655/2014 establishes a European Account Preservation procedure to facilitate cross-border debt recovery in civil and commercial matters which shall be implemented in Cyprus on the 18th of January 2017.

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 Cyprus: Arbitration -Anti-Suit Injunction Issued by Arbitrators

The European Court of Justice (‘ECJ’) in the Gazprom Case (2015) held that anti-suit injunctions issued by arbitral tribunals in relation to the pursuit of Court proceedings within the EU, are not incompatible with the Brussels Regulation.

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 CYPRUS: The Grand Chamber of the European Court of Justice to Decide on the Haircut of Cyprus

In due course a number of appeals will be heard before the Grand Chamber of the European Court of Justice which have been filed by the depositors of the Bank of Cyprus against the European Commission and the European Central Bank in relation to the money they lost in the March 2013 haircut.

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 Enforcement of Judgments in the EU under the New Recast Regulation 1215/2012 and the Issuance of Protective Measures

In accordance with the New Recast Regulation 1215/2012, any judgment obtained in one Member State will be automatically recognised and enforceable in any other Member State without there being a requirement to obtain a declaration of enforceability (exequatur) as was the case under EU Regulation 44/2001.

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 Agreement on the Avoidance of Double Taxation between Cyprus and Ethiopia

On the 30/12/2015, The Government of the Republic of Cyprus and the Government of the Federal Democratic Republic of Ethiopia have signed the Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income.

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 Jurisdiction of Cyprus Courts to Recognize and Enforce Foreign Judgments and Foreign Arbitral Awards in Cyprus

In a recent decision of the District Court of Nicosia, it has been held that Cyprus Courts have jurisdiction to adjudicate on applications for enforcement of foreign judgments and foreign arbitral Awards, even if both the judgment creditor and judgment debtor reside outside Cyprus.

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 English Court Guidance on Anti- suit Injunctions in UK

In a recent decision of the English Commercial Court in ESSAR SHIPPING LTD –v- BANK OF CHINA LTD (2015) it has been held that an applicant to an anti-suit injunction shall act promptly and not sleep on his rights.

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 Implementation of the Common Reporting Standard by the Republic of Cyprus

The Organisation for Economic Co-operation and Development proposed a Common Reporting Standard (CRS) for the Automatic Exchange of Information with the aim of improving international tax compliance and preventing tax evasion, through the automatic exchange of information between countries that implement CRS, one of which is the Republic of Cyprus.

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 Cyprus: English Court Guidance on the Wording of a Freezing Order

Recently the Supreme Court of the United Kingdom in the case of JSC BTA Bank v Ablyazov [2015] UKSC 64 made a landmark decision on the construction of freezing orders.

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 Cyprus English Court Guidance on the Liability of an Agent Towards His Principal for Benefits and Assets Acquired During Agency

In a recent decision of the English Supreme Court inFHR EUROPEAN VENTURES LLP –V- CEDAR CAPITAL HOLDINGS LLC (2015) it has been held that, where an agent acquires a benefit, which came to his notice, as a result of his fiduciary or trustee position (including a business opportunity), the equitable rule is that the agent shall be treated as having acquired the benefit, or opportunity on behalf and for the account of his principal.

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 Cyprus Legal Professional Privilege

In a recent case, the Supreme Court of Cyprus (single Judge), in certiorari proceedings, decided to cancel a warrant issued against a Cyprus law firm for the search of its premises and offices on the ground that the law firm illegally withheld certain important documents, concerning the commission of serious crimes by the lawyer’s clients.

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 Cyprus: The Strict Approach of the Enforcement of Arbitral Award

In the recent case of Ukrainian Vodka Company Ltd v Nemiroff International Limited, the Applicant requested an order of the Court permitting the enforcement of two Arbitral Awards issued in favor of the Applicant and against Nemiroff International Limited.

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 Cyprus: Law Applicable to Contractual Obligations - Rome I Regulation

Since 17 December 2009, the EU Regulation (EC) No 893/2009 on the Law Applicable to Contractual Obligations (“Rome I Regulation”) is directly applicable in the Republic of Cyprus, and all other Members states of EU, except from Denmark.

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 Cyprus: An Update of the European Criminal Records Information System

An efficient exchange of information on criminal convictions referred to as the European Criminal Records Information System has been introduced between Member States in order to help improve the security of citizens within the European Area of Freedom, Security and Justice.

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 Cyprus: Warrant of Search Issued against a Lawyer Cancelled Due to Violation of Legal Professional Priviledge

In the recent case, Antonakis Andreou & Co LLC, a Supreme Court Judge, in Certiorari proceedings, cancelled a warrant issued against a lawyer and his law firm, for the search of the lawyer’s premises, on the ground that the law firm withheld certain important documents, relating to the alleged commission of serious crimes, by a client of the law firm.

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 Amendments on the Double Tax Treaty between the Republic of Cyprus and Ukraine

Representatives of the Cyprus and the Ukrainian governments have signed, in Kiev, on Friday, 11 December 2015, a protocol amending their Double Tax Avoidance Treaty.

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 Guidance for Cyprus Courts on the Duties Owned by Directors of a Company to the Shareholders

In a recent decision by the High Court of the United Kingdom, the court clarified the following:

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 Increase of the Cyprus VAT Rate, but Still the Second Lowest in EU

The Cyprus Parliament approved last December the increase of the VAT rate by 2%, i.e. from 15% to 17%, and this new 17% VAT rate will be implemented on 1 March 2012. The VAT Service has clarified that the increase does not affect the products and services that fall under the reduced VAT rates of 5% or 8% or zero VAT rate, according to the VAT legislation.

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 Cyprus: Appointment of an Equitable Receiver in Aid of Execution of a Foreign Judgment

In the context of an application to register and enforce a Russian judgment, pursuant to the terms of the bilateral treaty between Cyprus and Russia, our firm succeeded to obtain various ex parte injunctions, including the ex parte appointment of an interim receiver.

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 Cyprus: Arbitration and Derivative Actions

In a recent decision of the Supreme Court of Cyprus, it has been held, that a derivative action filed by a minority shareholder of a Cyprus company, did not fall within the ambit of an arbitration clause contained in a Shareholder Agreement executed only by the shareholders of a Cypriot company and not by the company, which provided as follows:

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 Cyprus: Can Ex Parte Norwich Pharmacal Orders be Stayed, Pending Appeal?

In the recent case Penderhil Holdings Ltd v. Ioanni Kloukina, the Supreme Court of Cyprus, examined whether a stay can be granted of the enforcement of Norwich Pharmacal orders, pending appeal.

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