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Legal market overview
After a somewhat turbulent period through 2013 and 2014, the Czech Republic has recovered and established itself as a healthy and open economy. While the auto industry remains one of the largest in the country, there has been a notable rise in transactions within the financial services sector, with a number of bank M&A deals keeping the market busy.
The Czech Republic’s reputation as a safe, promising and commercially viable country has attracted a wide range of foreign investments, as well as cooperation and integration with other markets, especially Germany’s and those of other German-speaking countries. In addition to foreign investments, the country has seen an upturn in domestic investments, an indication of growing independence.
Similarly, the legal market reflects a similar trend of domestic law firms gaining in importance and international reach. Local firms including Kinstellar s.r.o advokátní kancelár; Glatzová & Co., s.r.o. and Havel, Holásek & Partners s.r.o. are establishing themselves as solid and strong alternatives to international law firms such as Allen & Overy; Baker & McKenzie s.r.o., advokátní kancelár; Clifford Chance and White & Case (Europe) LLP.
Firms in the spotlight
Z/C/H Legal., advokátní kancelář.
ZCH Legal (formerly Zilvarova Ctibor Hladky) is a renowned medium-sized law firm located in the centre of Prague. The firm operates under a leadership of three: Radek Hladky, the expert in real estate, corporate and M&A, insolvency and restructuring and leasing; Jiri Ctibor, who excels in franchising, banking and finance and compliance, risk and corporate governance and is often invited to speak at highly-regarded seminars on topics of note; and Jana Hladka Zilvarova, who co-ordinates the firm’s activities.
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Search News and Articles
The Czech Ministry of Labor and Social Affairs („MLSA“) recently submitted for interdepartmental comment a proposal act that will significantly reduce the usage of (so-called) "agency employees". read more...
Starting from 1 January 2013 the amendment to Act No. 406/2000 Coll., on Energy Management, as amended, has increased, to a significant extent, the obligations of developers, building owners, associations of housing unit owners and housing unit owners as well (i.e. owners of flats and non-residential premises) relating to the issue of so-called energy performance certificates. This instrument, which was first introduced in 2009 for new constructions or large scale reconstructions, should provide simple and transparent information about the energy consumption of a building by classifying it in a respective energy performance class, such asweknowit in the case of electrical appliances.
The Act No. 373/2011 Sb., on Specific Health Services, became effective on 1 April 2012.
by Kristýna Oberfalcerová, Attorney-at-Law, Randa Havel Legal
by Kristýna Oberfalcerová, Attorney-at-Law, RANDA HAVEL LEGAL
The Chamber of Deputies of the Czech Republic definitively decided that laws concerning recodification of private law shall become effective on 1 st January 2014. There is less than two years left to prepare for the new legal regulation. In this issue of the News we bring you information on some changes the recodification shall bring with regard to limited liability companies. As we have informed you before, recodification does not involve only the new Civil Code but, i.a. also the completely new Business Corporations Act (NBCA). As it follows from its title, this Act will regulate part of the present Commercial Code regarding business companies.
Shortly before the end of the year, the act No 418/2011 Sb., on criminal liability of legal entities and proceedings against them (hereinafter referred to as the “Act on criminal liability of legal entities”) was published in the Collection of Laws. The Czech Republic has introduced this long-discussed breakthrough regulation, which was vetoed by the President in November 2011, as one of the last EU member states. Legal entities should pay attention to this law since fines amounting to millions or dissolution of legal entity are among the sanctions.
The Office for the Protection of Economic Competition (hereinafter the „Office“) issued the historically first decision concerning domestic cartel among suppliers competing for public contract (bid rigging) case. The case is interesting not only because it is the first such case in the Czech Republic, but could indicate how the Office will proceed in such cases and in the proving of such cartels.
Pitmans has advised Premier Marinas Limited on its acquisition of Noss Marina, which is just outside Dartmouth, from the Administrators Duff & Phelps.
Following last year’s autumn statement, HMRC has now published draft legislation which introduces the proposed new apprenticeship levy. The levy will have effect from 6 April 2017.
The Department of Justice has issued a practice direction in connection with the new insolvency express trials pilot.
Many businesses will be liable for increased business rates following last year’s Supreme Court ruling in Woolway (Valuation Officer) v Mazars LLP.
Pitmans LLP has acted on behalf of its longstanding client, Westcoast (Holdings) Limited on its acquisition of Art Systems Holdings Limited.
The management team were backed by Maven Capital Partners with PNC providing debt facilities.
Pitmans today announced that Oliver Kelly (corporate) and Matt Heyworth (private client) will become partners as of 1 May 2016.
SOUTHAMPTON -- LV=, represented by Pitmans LLP, have won a case involving a fraudulent household insurance claim worth almost £50,000.
VEGAS LEX Manager of Life sciences projects Maria Borzova has discussed recent legislative initiatives relating to the compulsory licensing of medicines in her presentation at the first meeting of Pharm Salon.
In cases involving M&A transactions, a detailed evaluation of the economic risks and opportunities as well as the associated legal issues is indispensable.