Legal impacts of the Cyprus Banking Crisis

Chrysses Demetriades & Co LLC is closely monitoring the situation in Cyprus. Over the last few days we have been responding to clients’ individual queries assisting their particular needs.

The situation is constantly changing and at this instance it cannot be said with certainty how the situation will be finally resolved, however there is confidence that despite the tight schedules Cyprus will be in a position to resolve the crisis.

What is however clear is that Cyprus corporate structures should not be affected by the situation relating to the Cyprus banking system. We should mention that despite the prevailing situation our firm throughout this period has continued offering legal services to Cypriot structures, a fact that evidences that Cypriot corporate structures and the benefits Cyprus offers remain intact.

As a law firm we do not attempt to substitute our commercial judgment for that of our clients. However, we urge clients to carefully consider and evaluate the situation prior to taking any decisions. In this respect we remain at the clients’ disposal believing that decisions are to be made only after a detailed consideration avoiding to act in a state of panic or fear.

Chrysses Demetriades from its Cyprus main offices and in association with its worldwide collaborators is in a position to assist clients on a worldwide basis and in this respect remains at their disposal. The entire firm is ready to render any form of legal and/or other assistance that clients may require.

The Cyprus banks are expected to re-open Tuesday, 26 March 2013. We shall continuously update you of developments which at this instance are concentrated to withhold the systemic insolvency of the Cypriot banking sector putting in place structures that will allow the controlled insolvency of one of the Cypriot banks.

If you require any particular information please feel free to contact anyone of the below mentioned partners/lawyers, via email at info@demetriades.com.