The Law firm of G. Vrikis & Associates LLC, would like to bring to your attention the recent Announcement of the Department of Registrar of Companies and Official Receiver issued on the 15.03.2019.
The above announcement is a follow-up, after the clarification to the Attorney General’s prior Opinion in regard to Article 90 of the Companies Law, Cap. 113.
According to the announcement, charges relating to pledges of certificates of shares of foreign companies, or charges arising thereof, will be accepted for registration, as the practice followed by the Department prior to its opinion.
It was further clarified that charges related to the pledges of share certificates of companies registered in Cyprus, or charges arising thereof, will continue to be unacceptable.
The above will serve to further clarify this area and assist clients in ascertaining proper performance and conclusion of a valid pledge under Cyprus Law.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.