By Evelyn Ioannou, Advocate - Senior Associate
The resemblance between the legal systems of Cyprus and the UK travels back in time, to the period of English colonization, which has left, among others, to Cyprus, the heritage of the English common law system. Although Cyprus has been described as a "mixed" legal system, it is based to a significant extent on the English common law.
English law is a major source of Cyprus law; judgments of Cyprus law are influenced and guided, to a large extent by English judgments and case law, private areas of law, such as contract and tort are heavily dependant on English law and the Companies Law is not an exception.
It is not a surprise that the Companies Law, Cap. 113 of Cyprus, which initially came into operation on 01 July 1951, is based primarily on the English Companies Act 1948 and very often the English common law, comprises an important and useful source of guidance for Cypriot professionals. Did you know though that the English Companies Law has been amended and modified through the Companies Act 2006? Parliament has yet to amend the Companies Law, Cap. 113 in accordance with the Companies Act 2006 so as to implement the modifications that have taken place under English law.