Publications

 

 

 

 

Cyprus: The amendments to CAP 113. Update. PART 2. Strike-Off

 

Effective as of 18 December 2018:

 

Strike - Off

S. 327(5).

 

Amendments relating to the strike-off of a company Members and Creditors protection. Any member or creditor of a company may object to the striking-off of a company within the period of 3 months from the relevant publication in the Gazette.

 

S. 327(7).

Court Order to bring the company up to date upon re-instatement.

 

The Court is given the power to order:

(i) that documents and returns be filed to the Registrar of Companies to bring the company’s filing requirements up to date;

(ii) that all fees due by the company are paid; and

(iii) that the Company pays all costs of the Registrar of Companies in relation to the restoration of the company - effective as of 18 December 2018.

 

S. 327A.

New power to the Registrar to reinstate struck-off companies.

 

A member or director can apply to the Registrar of Companies to re-instate a company which was struck-off on the basis that it was not carrying on a business or did not pay the annual levy. The Registrar of Companies has the power to re-instate the company without the involvement of the Court. Such application must be made within 24 months of the strike-off provided that:

(i) the relevant company was carrying business at the time of strike-off;

(ii) the company is brought up to date with its filing requirements;

(iii) the company pays all fees, levies, penalties and fines due to the Registrar of Companies;

(iv) the fee of reinstatement is paid; and

(v) the Registrar of Companies has good reason to believe that the strike-off has caused a disadvantage to the applicant.

 

The Registrar of Companies will publish in the Gazette the date upon which section 327A shall become effective.

 

 

 

 

For further information on this topic please contact

Mrs. Liza Bokova ( lbokova@pittaslegal.com) at SOTERIS PITTAS & CO LLC,

by telephone (+357 25 028460) or by fax (+357 25 028461)

 

 

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