108
What exactly is the external liability of the BoD members?
If, in the course of winding up, it appears that any business of the company has been carried
on with intent to defraud creditors or for any fraudulent purpose, the court may declare any
of the directors who were knowingly parties to the fraud to be personally responsible for all
the debts of the company (Companies Law section 311(1)).
Intent to defraud creditors is a subjective test, and there must be enough evidence to justify
a finding of fraud, i.e. actual dishonesty,
A director is liable to repay or restore money or property with interest to the company if, in
the course of winding up, it appears that the director has misapplied, retained or become
liable or account able for any money or property of the company or has been guilty of any
misfeasance or breach of trust in relation to the company.
Which public authority exercises the government supervision on public Companies Limited
by shares?
Public limited companies are registered at the office of the Registrar of Companies who sees
that they comply with the Companies Law. Also the Cyprus Stock Exchange and the Capital
Market Commission regulate the market.
ANDREAS NEOCLEOUS & CO LLC
NEOCLEOUS HOUSE
195,
MAKARIOS III AVENUE
P O BOX 50613, LIMASSOL,
CY-3608, CYPRUS
Tel.:
+357 25 110000
Fax:
+357 25 110001
E-mail:
info@neocleous.com
Url:
www.neocleous.com
Languages
Arabic, Czech, English, French, German,
Greek, Hungarian, Italian, Russian,
Spanish, Turkish,Ukrainian
Number of Lawyers:
143
Contact
Elias Neocleous
Maria Kyriacou
Member
International Attorneys’ Club,
International Bar Association,
International Business Law Consortium,
International Tax Planning Association,
ICC Fraudnet
AREAS OF PRACTICE
Admiralty and shipping
Banking and finance
Corporate and commercial
E-Business
Employment law
Energy
European Union law
Immigration law
Intellectual property
Litigation and arbitration
Real estate
Tax law and international tax
planning