Announcement of the Registrar of Companies to clarify the registrability of pledges and other charge

On the 8th of January 2019, the Registrar of Companies, following the opinion of the General Attorney of the Republic of Cyprus, has issued an announcement regarding the Article 90 of Companies Law Cap. 113 (the ‘Cap 113’) in respect of the registration of the charges specified in the Article 90 2(a) with the Registrar of Companies.

The announcement states that the Registrar of Companies will not accept the registration of any charges regarding the pledging of company share certificates, assignment of rights deriving from company shares or any other charge on company share certificates, company shares or rights deriving from shares in companies and any or any of the right

s resulting from the pledge or the assignment or the charge, which have so far been accepted as these charges fall under the exceptions stating in Article 90 2 (a) of the Companies Law Cap. 113.

How MPC can help?

• Advise on registrability of charges and other security documents

• Advise on enforcement of security and financing documents

• Draft complex financing and refinancing documents

• Liaise with Registrar of Companies in Cyprus on complex matters