One of the latest achievements of Chambersfield Economides Kranos is to receive the award of the Leading Adviser for Cyprus for 2021.

Acquisition International has been a monthly digital business magazine for more than 11 years.

Professionals in more than 170 countries rely on AI’s vital updates on business knowledge.

Each year AI nominates the leading business in different fields, such as Finance, Legal, NPO’s, Audit & Tax, CFO, Businesswoman and others.

For Chambersfield Economides & Kranos is the second time receiving a distinction from Acquisition International.

The first time was in 2019, for its Corporate Excellence and this year is appointed as the Leading Adviser for Cyprus.

More precisely, Chambersfield Economides Kranos is the leading Full-Service Cross-Border Law Firm of the year in Cyprus.

Chambersfield Economides Kranos is an international law firm with a physical presence in more than 9 countries and having offices in Limassol, London, and Singapore.

The legal firm provides a variety of services to international individuals and institutions.

A highly experienced team of professionals undertakes with ethos, professionalism, respect and personal approach, legal and business cases on all legal and corporate services.

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Mediation is an Alternative Dispute Resolution Method (ADR Method) which can be an alternative option for resolving a dispute between two (or more parties), other than through the Courts.

Mediation, like other ADR Methods (such as Arbitration), has advantages over a court process: it is faster, more cost-effective, and involves the confidentiality of the process, as opposed to a trial which is a general procedure open to the public.

In addition, Mediation, has the added advantage of being a more conciliatory and peaceful way of resolving a dispute between two parties, without necessarily causing the two parties to derail and terminate the relationship and/or cooperation of the two parties, as is almost always the case when a dispute leads to Trial or Arbitration.

In terms of its practical application, it is a structured process (regardless of the name), in which two or more parties try to reach an agreement on resolving their dispute voluntarily with the help of a Mediator, as a third, a neutral, independent and impartial party.

This impartial third party is a Certified Mediator, who is selected jointly and with the consent of all parties involved in a dispute.

Ways, the Disputing Parties, can enter into a Mediation process in Cyprus:

Under the current legal regime in Cyprus, there are three ways for the disputing parties to enter into a Mediation process:

1) By a voluntary agreement of the parties when a dispute arises

2)  Through a Mediation Clause in a Contract signed between the parties

3) During a court case, when both parties agree or when one party requests it and the Court deems that this is the best course of action in this particular case (rare application).

Informatively, it should be noted that in other countries, such as Greece and Italy, there is a mandatory pre-trial mediation procedure prior to the adjudication of the civil action, something which is not currently applied in the Cypriot legal system.

The Stages of Mediation:

When and if the disputing parties enter into a Mediation process, then the Mediation process is divided into the following five stages:

1)Preparation:  Where any possible conflict of interest of the Mediator is examined, e.g., if he had previously cooperated with one of the parties of the dispute (as it also happens in an Arbitration process for the selection of an Arbitrator), the acceptance of his appointment, the drafting and signing of the agreement affiliating the dispute to Mediation, the Mediator’s briefing, the appointment of the session, the venue, and the authorizations by the parties.

2) Opening Statements: Both of the Mediator (where he outlines his role, the way the procedure is conducted and the ultimate goal which is the resolve of the dispute) and of the Parties (where each party expresses its position on the dispute being mediated).

3) Investigation: Where separate confidential discussions take place between the Mediator and the parties, questions, investigation of the history of the dispute and the pursuit of interests.

4) Negotiations: Where the parties with the help of the Mediator create options and solutions for the dispute with proposals and dialogue between them.

5) Dispute Settlement Agreement: In case of a successful mediation process, the dispute is closed with the «Mediation Settlement Agreement» signing.

Mediation Settlement Agreement

«The Mediation Settlement Agreement» is probably the most crucial part of Mediation, as the Mediation process (and what has been agreed in it) is not binding until the two parties sign the Mediation Settlement Agreement.

The Mediation Settlement Agreement is drafted up by the Mediator, where what has been agreed is recorded in writing. It is then signed by him, and the parties and a true copy is given to each party of the Mediation. In this case, any party involved can file and register the Mediation Settlement Agreement in Court (as it is the case with an Arbitral Award) and then an Implementing Order is issued, and the Mediation becomes fullybinding.

 Laws and Procedures governing Mediation in Cyprus

The Laws governing Mediation in Cyprus are the following:

Law on Certain Matters of Mediation in Civil Disputes of 2012 (159 (I)/2012), which is the national law that governs the application and the procedure of Mediation in Cyprus, as well as the qualifications that a potential certified Mediator should possess.

Additionally, the above law stipulates the existence of two separate Registers of Mediators which are kept by the Ministry of Justice of the Republic of Cyprus:

Register of Mediators for Commercial Disputes

 Register of Mediators for Civil Disputes other than Commercial Disputes

Directive 2008/52/EC of the European Parliament and of the Council, of 21 May 2008, on certain aspects of mediation on civil and commercial matters, where this European Directive applies in the event of cross-border disputes in civil and commercial matters other than certain rights and obligations which the parties are unable to decide on the basis of the applicable law, and which dispute may be referred to Mediation as an ADR.

The European Code of Conduct for Mediators, which is currently the applicable Code of Conduct for Mediators in Cyprus, as the Cyprus Code of Conduct for Mediators has not yet been created.

Law on Family Disputes Mediation of 2019 (Ν. 62(Ι)/2019), which regulates issues that fall within the scope of Family Law such as Property Disputes, Alimony, and the Use of the Family House. Matters concerning Divorce and Child Custody remain in the exclusive jurisdiction of the Family Court.

Furthermore, informatively, due to the peculiarity of Family Mediation, discussions and actions have been taken to create a third separate Register of Mediators for Family Disputes.

The Future of Mediation in Cyprus: 

In recent years the number of registered Mediators in Cyprus has increased dramatically and the interest of the business and commercial world in finding an ADR Method, both from the Court and from Arbitration, which is not confrontational, has turned the eyes of several stakeholders to Mediation as an economic, speedy confidential and peaceful option to resolve a dispute between 2 two parties.

*Το περιεχόμενο του παρόντος άρθρου έχει ισχύει κατά την ημερομηνία της πρώτης έκδοσής του. Αποσκοπεί στο στα παρέχει μια γενική εισαγωγή και καθοδήγηση στον εν λόγω θέμα και σε καμία περίπτωση δεν συνιστά νομική συμβουλή. Σας συνιστούμε να αναζητήσετε επαγγελματικές συμβουλές σχετικά με το συγκεκριμένο σας θέμα προτού προχωρήσετε σε οποιαδήποτε ενέργεια με γνώμονα τις πληροφορίες που περιέχονται στο πιο άνω κείμενο. Για περισσότερες πληροφορίες ή συμβουλές, παρακαλώ επικοινωνήστε με τον Ko. Χρίστο Γ. Γεωργίου, Δικηγόρο, Διαμεσολαβητή & Νομικό Σύμβουλο στην δικηγορική εταιρεία CHAMBERSFIELD ECONOMIDES KRANOS, στην Λεμεσό, τηλ. +357 25 356 800 ή στα emails c.georgiou@eklawyers.com, info@eklawyers.com.   

* The content of this article is valid as at the date of its first publication. It is intended to provide a general guide to the subject-matter and does not constitute legal advice. We recommend that you seek professional advice on your specific matter before acting on any information provided. For further information or advice, please contact Mr. Christos G. Georgiou, Advocate, Mediator & Legal Consultant at the Law Firm CHAMBERSFIELD ECONOMIDES KRANOS, in Limassol Cyprus, # +357 25 356 800 or email at c.georgiou@eklawyers.com, info@eklawyers.com.

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Michalis Economides, a distinguished approved Barrister of the Cyprus Bar Association and Barrister of the United Kingdom and Wales founded the multi-awarded international law firm.  Chambersfield Economides Kranos has a physical presence in more than nine jurisdictions and undertakes a wide range of internationally complex, integrated, legal, corporate, and consulting services.

The Firm focuses on providing legal and advisory services in civil, political, maritime, commercial, banking, corporate, labor, energy, European, immigration, family, criminal law, liquidation, and issues resolution of commercial disputes and mediation.

The Great Britain-Cyprus Business Association is a business association based in Great Britain that helps to promote both Cypriot and British companies and allows its members and subscribers to view any future potential of cooperation between the two countries. The Association is often organizing business events, roadshows, and private business meetings for networking.

Mr. Michalis Economides stated that he is pleased for the Firm to be part of this distinguished Association and is looking forward to an excellent cooperation ahead.

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that requires professional legal advice.

Michalis Economides, Advocate & Legal Consultant, CEO of Chambersfield Economides Kranos Law firm  |  Article Publication: Gold Magazine October 2019

When a company is looking to expand internationally, there are lots of factors to be taken into consideration if its overseas business operations are to be successful. For this reason and based on my international expertise, I am inclined to believe that entrepreneurs need to thoroughly consider all the factors before deciding to engage in overseas operations.

I would recommend that they consider the following three questions when assessing the possibility of expansion:

• Is my firm ready for overseas business operations?

When entrepreneurs are in the process of deciding whether to step into another market, they must be fully prepared and aware that the decision making process can be very stressful and demanding. Therefore, when they initially start considering their  firm’s international expansion, they must first decide if their business is “ready to go internationally” and, secondly, identify their differentiation strategy and how it will be communicated in the new market.

In addition, entrepreneurs need to scale and evaluate their financial resources, development strategies, business models and the potential new challenges that may arise when they enter the new market. Moreover, it is also very important to consider the regulatory framework in which the firm will be operating, to make sure it complies, as it is well known that all business operations and transactions are regulated by both international and national legislation.

Furthermore, international expansion requires an investment budget to be allocated to the establishment of business operations, including the formation of a new local legal entity, the establishment of a local branch, networking and building relationships, travel, local representation and much more.

Undoubtedly, globalization has made expansion into foreign markets considerably easier while technology has simplified everything as it directly connects businesses with the whole world. However, to smoothen and make the business operate successfully, there are numerous legal and due diligence aspects to be dealt with by legal professionals.

Consequently, it is highly recommended that, during the initial stage of the expansion in particular, entrepreneurs should collaborate with a law firm that has significant experience in international market expansion so as to safeguard their business operations, mitigate risks, monitor the overall project, fully prepare and handle all the necessary documentations and paperwork needed via the regulatory authorities of the selected market, as well as monitor all the legal aspects of the new business operation.

• How will my firm’s core values adapt to the requirements of the new market?

All countries have different cultures and habits; companies, therefore, need to adjust their approach and adapt to the reality of each country in which they plan to operate.

There are several models for a company to follow when going global, in order to obtain know-how about the market. For instance, companies may:

i. cooperate with local companies that have already established businesses and which offer similar services/products and wish to
expand their portfolio.

ii. proceed with a Joint Venture with a local company or a company with a substantial presence in the selected market.

iii. establish a franchise model that they can promote in selected markets.

iv. start a local branch through the incorporation of a new legal entity and hiring local human capital.

v. expand their online presence into other markets.

• Why is cooperation with a law firm essential?

Regardless of the chosen business model, the experienced legal advisors in a law firm possess the knowledge and know how that will ensure the interests of the parties involved and will include clauses in the agreement that are fully compliant with the provisions of the specific national law governing business activities and transactions.

Consequently, it is of the upmost importance to choose the right legal consultant who, together with the entrepreneur, will create the most favourable conditions for achieving growth strategies and international expansion.

Thus, my advice to entrepreneurs who are interested in expanding their business, is that they should engage in consistent and continuous cooperation with an accredited law firm that specializes in corporate, commercial and employment issues and has
international connections. Through such cooperation, each entrepreneur will ensure that his strategies are properly implemented
and aligned with all the procedures of the legislative framework.

It is no coincidence that many modern companies cooperate with law firms on an annual basis, for the provision of legal and advisory services and to safeguard their relationships with customers, associates, partners, affiliates and employees.

As a lawyer and businessman myself, I am inclined to believe that all entrepreneurs, should have a thorough knowledge of the legislative and business framework governing their chosen market before implementing any strategy and be prepared with all the necessary legal documentation needed and safety measures in place, in order to avoid any negative consequences that may result from misconduct.

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