Abstract
Family business is of great importance in Cyprus. The following book chapter will show on the one side the hereditary succession and the institution of the fideicommissum as part of the law of succession. On the other side the company law gives the possibility for regulations in company treaties in case of the death of a partner.
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Notes
- 1.
S. Kalss, Company Law and the Law of Succession, World Congress 2014 Vienna, General Report.
- 2.
Except from the transfer of shares applications in case of a limited liability company.
- 3.
The historical background of the Wills and Succession Law, CAP. 195 was described in the case of Anastasis Charalambous v Alkis Demetriou (1961) 1 CLR 30.
- 4.
The above was discussed thoroughly in the case of Constantinos Kyriakides v Meropis Dikigoropoulou, Civil Appeal 300/2008, 31/05/2012.
- 5.
See on this issue: Synodinou, Cypriot Private Law, Sakkoulas publications, Athens-Thessaloniki, 2014, p. 1125.
- 6.
S. Kalss, Company Law and the Law of Succession, World Congress 2014 Vienna, General Report.
- 7.
See for example Demetra Patiki v A.G. Patiki and Co. and Others, January 22, 1954: one of the main questions put in the case is “The question between the parties is. whether, so far as property is concerned, this is to be an account of its property at its fair value to the firm, or an account in which the property must be taken at the values appearing in the books of the partnership.”
- 8.
Mechmet Kochino v Dervishe Irfan (1976) 1 CLR 240.
- 9.
Papavasiliou v Papafedia (1975) 1 JSC 96.
- 10.
The Wills and Succession Law actually refer, firstly, to the spouse of the deceased in terms of “inheritance portion” and then according to the other relatives (children, ascendants, descendants) the statutory portion will be set.
- 11.
Re Ladd (1932) 2 Ch. 219.
- 12.
Re Parker (1860) 1 Sw & Tr 523.
- 13.
Mechmet Kochino v Dervishe Irfan (1976) 1 CLR 240.
- 14.
Papavasiliou v Papafedia (1975) 1 JSC 96.
- 15.
The Wills and Succession Law actually refer, firstly, to the spouse of the deceased in terms of “inheritance portion” and then according to the other relatives (children, ascendants, descendants) the statutory portion will be set.
- 16.
Malachtou v. Armeftis (1987) 1, C.L.R. 207.
- 17.
Moreover, this was thoroughly discussed in the case of A.P.A. (1992) 1 ΑΑΔ 63. Soteris Liasides, “Family Law”, Volume IV, 2008, Nicosia.
- 18.
Cyprus/Law on administration of property of persons incapable of administering their property and affairs and for the control of the administration N. 23(I)/1996, Article 2.
- 19.
Cyprus/Law on administration of property of persons incapable of administering their property and affairs and for the control of administration N. 23(I)/1996, Article 7(4).
- 20.
Cyprus/Law on Psychiatric Treatment N. 77(I)/1997, Article 4.
- 21.
Elias Neocleous, Kyriakos Georgiades and Markus Zalewski, Corporate Law, in Introduction to Cyprus Law, Andreas Neocleous & Co LLC; 3rd Edition (24 April 2011), p. 317.
- 22.
Elias Neocleous, Kyriakos Georgiades and Markus Zalewski, ibid, p. 389.
- 23.
Kyriakides, Avramides v VTA Service Department (1999); Synodinou (ed.), Cyprus Private Law, Sakkoulas publications, Athens-Thessaloniki, 2014, p. 1125; Christina Ioannidou, The Partnership Law, (2009) available at http://www.idlaw.com.cy/images/uploadFiles/files/1245663413-Partnership__3_.pdf
- 24.
Crawford v Hamilton (1818) 3 Madd 251; 56 ER 501; Downs v Collins (1848) 6 Hare 418; 67 ER 1228; Lancaster v Allsup(1887) 57 LT (NS) 53.
- 25.
1985 SLT 112.
- 26.
G. Mosey, Partnership Law, 7th ed., OUP, 2010, pp. 228–229.
- 27.
Salomon v. A. Salomon & Co. Ltd. (1897) AC 22.
- 28.
See: Synodinou, op.cit., pp. 694–696.
- 29.
Robert Joseph Pothier, Treatise on the Contract of Partnership 18 L. Rev. & Q.J. Brit. & Foreign Jurisprudence 157 (May 1853-August 1853) Volume 21, p. 18.
- 30.
Crawshay v. Maule (1818) 36 E.R. 479, p. 509.
- 31.
Niel Gow, A practical treatise on the law of partnership, 1825, p. 8.
- 32.
Safeguard Industrial Investments Ltd -v- National Westminster Bank Ltd; (1982) 1 WLR 589 (CA) 159.
- 33.
Nigel Furey, Brenda Hannigan, Philip Wylie, John H. Farrar Farrar’s Company Law Butterworths Law; 4th edition (1998), p. 5.
- 34.
J. B all, English report, p. 16.
- 35.
Eleni Stivadorou v Hatzikosta (2002) 1 CLR 497; Christopoulou and Others v Maria Marianthi Christopoulou (1971) 1 CLR 437.
- 36.
Achilleas Emilianides, Cyprus Succession Law, 2008, p. 158; Dakoronia, Defining Wills in Greek legal system, p. 112.
- 37.
Such successor might drop out during the administration of the estate by waiving his right to inherit. See Section 51 of Administration of Estate Law, CAP. 189 as well as in Tatiana Synodinou, Cyprus Private Law, Sakkoulas Publishing, 2014, p. 367.
- 38.
Should the deceased leaves by drafting a Will a bigger portion than he is obliged to do, then relevant is the case of Papavasiliou v Papafedia (1975) 1 JSC 96.
- 39.
Kleovoulou Stylianou Pavlides v Maria Gemma Jimerson, Civil Appeal 336/2006. 17/03/2010.
- 40.
Please see above, Sect. 2.1. – Principles of Inheritance Law and Section 44 of Wills and Succession Law, CAP 195.
- 41.
Section 51 of Administration of a Deceased person Estate Law, CAP. 189.
- 42.
Section 40, Wills and Succession Law, CAP. 195.
- 43.
Re Craven’s Estate (1937) Ch. 423.
- 44.
See, Re Denley’s Trust Deed [1969] 1 Ch 373 where a purpose trust created “primarily for the benefit of the employees of [a certain] company and secondarily for the benefit of such other persons as the trustees shall allow to use the same” was deemed to be valid as it allowed for identification of certain beneficiaries.
- 45.
Associations and Institutions Law 1972 Art. 2.
- 46.
For example see: (a) Re Kayford [1975] 1 All E.R.–Megarry J held that “it is well settled that a Trust can be created without using the word “Trust” or “confidence” or the like; the question is whether in substance a sufficient intention to create a Trust has been manifested”;(b) Twinsectra Ltd v Yardley [2002] 2 A.C. 164 Lord Millett said (§ 71) “A settlor must, of course, possess the necessary intention to create a Trust, but his subjective intentions are irrelevant. If he enters into arrangements which have the effect of creating a Trust, it is not necessary that he should appreciate that they do so; it is sufficient that he intends to enter into them”.
- 47.
Re Baden’s Deed Trust (also known as McPhail v Doulton) [1971] A.C The test to be applied in ascertaining the validity of a Trust is whether or not it can be said with certainty that a given individual is or is not a member of the designated class.
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Argyropoulou, V., Christoforou, A.C., Synodinou, TE. (2015). Business Succession in Cyprus. In: Kalss, S. (eds) Company Law and the Law of Succession. Ius Comparatum - Global Studies in Comparative Law, vol 5. Springer, Cham. https://doi.org/10.1007/978-3-319-18011-3_4
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