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LEGAL UPDATES
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09.07.2015
The “Companies (Amendment) (No5) Law of 2015”
Corporate and Commercial Law

Following the approval of a new amendment to the Companies Law, Cap 113, new Section 298B provides that in every winding up of an insolvent company, the provisions of Bankruptcy Law (Cap 5) shall prevail with regard to the property of any person adjudged bankrupt and with regard to the respective rights of secured and unsecured creditors and to debts provable and to the valuation of annuities and future and contingent liabilities and all persons who would be entitled to prove for and receive dividends out of the assets of the company may come in under the winding up of the company and make such claims against the company.

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09.07.2015
Approved amendments on tax legislation
Taxation Law

A legislative package comprising three bills of law that amend existing tax legislation was approved on July 9, in an effort to further improve and modernise the existing legislative framework. 

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09.07.2015
Amendments to the Department of Land and Surveys (Fees and Charges) Law provide for a 50% lower transfer fee on the sale of immovable property
Real Estate Law, Taxation Law

In an effort to attract new investments and promote development in the constructions sector, the Parliament approved an amendment to the Department of Land and Surveys (Fees and Charges) Law that provides for a 50% reduction of the transfer fees payable on the sale of immovable property and the registration of leases or subleases that shall take place until the end of December 2016.

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09.07.2015
The “Business of Credit Institutions (Amendment) (No6) Law of 2015” extends the prohibition of the sale of loans until the 30th October 2015
Banking and Secured Financing

The Cyprus Parliament has approved a bill amending Section 58 of the Business of Credit Institutions Law, thus extending the prohibition of the sale, assignment or disposal of total or part of any loan and/or rights deriving from any loan facility contract until October 30, 2015.

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09.07.2015
Amendment of the Immovable Property (Transfer and Mortgage) Law
Real Estate Law

According to a new amendment to the above Law, in cases where a mortgaged immovable property is sold and the related sale contract is submitted to the Department of Land and Surveys under the provisions of the Sale of Land (Specific Performance) Law, the sale of the said property in satisfaction of any encumbrance created to secure the seller’s credit facility contract is further suspended until the end of December 2015 on the same conditions already provided in Section 44 of the basic law.

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