The legislative framework for ‘trapped’ property buyers

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Andreas Haviaras and Stalo Papoui of Haviaras & Philippou discuss the new development in Cypriot property law.

The main problem the Cyprus property market currently faces is the failure of the developers, due to their financial problems, to issue title deeds to the buyers who paid for the property bought or to transfer the title in cases where it has been issued. In this sense, the buyer who paid for the property but did not receive a title is a trapped buyer as he cannot exploit the property.

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Called to the bench: White & Case partner Ian Forrester QC made an EU judge

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White & Case partner Ian Forrester QC has been appointed as the UK’s judge at the General Court of European Union, succeeding judge Nicholas Forwood QC. Forrester QC, who is based in Brussels will sit at the court based in Luxembourg from October of this year.  Continue reading “Called to the bench: White & Case partner Ian Forrester QC made an EU judge”

Host of Global 100 firms advise on Coke bottler’s $31bn three-way merger

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Over ten firms were involved in the complex cross-border merger that saw three of The Coca-Cola Company’s bottlers unite to create the world’s largest independent bottler for the soft drink maker.

Combining the operations of Coca-Cola Enterprises (CCE), Coca-Cola Iberian Partners (CCIP) and Coca-Cola Erfrischungsgetränke (CCEAG), Coca-Cola European Partners will be headquartered in London and serve over 300 million consumers across 13 countries. The new company is expected to have net revenues of $12.6bn and a value of around $31bn.

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Hard graft – The pan-Europe bribery crackdown

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As European agencies turn up the heat on bribery and corruption, we team up with Simmons & Simmons to assess how clients are responding.

Until 1999 German laws allowed for some bribes to be tax deductible. Bribes or grease payments enabled German companies to get ahead overseas, or so many claimed. These payments were viewed as good for business and good for the German economy. At worst, they were a necessary evil.

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A&O boosts Spanish office ranks as it hires Ashurst’s banking head

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After having launched a second office in Spain last year, Allen & Overy (A&O) has continued to build its offering in the country by recruiting finance partner Juan Hormaechea from Ashurst, where he most recently led the Spanish banking and international finance department.

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Landmark European court ruling to open floodgates for EU competition teams

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In what will inevitably bring more work for competition lawyers acting for Asian clients in Europe, the EU’s highest court has upheld the European Commission’s €288m fine handed to Taiwanese electronics company Innolux in a ruling that puts the reach of EU competition law at odds with other antitrust regulators worldwide.

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Global 100: The regional view – Stick and move

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2014 saw US firms continue to build on a solid home base but extend their reach in Europe, Asia and Africa. As clients seek to consolidate their law firm panels internationally, the Global 100 continue to slug it out.

‘The last 18 months have seen clients increasingly want to internationalise panels – not just country panels, but want to review which firms they are using in each country and assess whether this can be streamlined to use [fewer] firms that can cover more jurisdictions,’ says Hogan Lovells chief executive Stephen Immelt. ‘Rather than have ten different firms, they want five, so they can have greater consistency and more leverage in terms of pricing.’

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Trust and estates litigation – The great leap forward

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With Asia overtaking Europe as the second-most wealthy region in the world, the pressure is on global private client practices to follow the money. Legal Business assesses the front runners.

Whenever money changes hands, disputes follow. Between now and 2025, predictions are that 90% of the world’s private wealth will have new owners. An awful lot of money is on the move and, in large part, that cash is set to transfer down the family line of ultra-high-net-worth individuals (UHNWI) – those with more than $30m in assets – typically from patriarchs to their offspring. Along with all this wealth will come the inevitable trust disputes.

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