Effective Commercial Litigation: Appointment of Interim Receiver and Manager
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The 4th EU AML Directive, The future Transparency Rules
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Member of our firm licensed to act as Insolvency Consultant
We are pleased to announce that our Managing Partner, Dr. Pavlos Neofytou Kourtellos has been licensed to act as Insolvency Consultant by the Cyprus Bar Association pursuant to the recently introduced legislation. The new Insolvency Framework comprises of a package of six legislative texts which entered into force on the 07/05/2015. In particular the new…
P. N. Kourtellos & Associates LLC office space expansion
We are delighted to inform our clients and associates that P. N. Kourtellos & Associates LLC acquired further space so as to increase its office space capacity by 50% at its 64 Agias Fylaxeos street location in Limassol. The expansion accommodates recent growth and responds to the strong demand for the firm’s services. The need…
New Insolvency framework
On 18 April 2015, the Parliament voted in favour of the five bills that constitute the new Insolvency framework. The Insolvency framework comes is in addition to other legislative initiatives and reforms in the process of the implementation of the Cyprus economic adjustment programme agreed in 2013 with Troika. The passing of the insolvency framework…
Cyprus, Establishment of new Administrative Court
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Cyprus Tax legislation reform
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FinCEN severs access to U.S. Financial System for FBME Bank Ltd
FBME, one of Tanzania’s largest commercial banks, has been cut off from accessing the US financial system on suspicions that the bank has facilitated money laundering, terrorist financing, and organized crime. The action finalizes a 2014 ruling from the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) naming FBME “a foreign financial institution of primary…
Central Bank of Cyprus as regards press reports on FBME Bank Ltd (Cyprus brach) in administration
Regarding recent press reports in connection with the FBME Bank Ltd Cyprus branch, which has been under resolution since July 2014, due to the adverse effects sustained by its operations as a result of the Financial Crimes Enforcement Network’s (FinCEN) action, of the US Department of Treasury, of naming the bank as a primary money…