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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.
Legal Business: country analysis
Breaking new ground – advisers hope shale revolution can restart CEE market
Weighed down by political unrest and slowing economies, energy and infra projects look like one area to be driving
the CEE economy. Can the shale revolution power up
Click here to read the feature.
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WTS Alfery has been nominated for the Central & Eastern Europe Tax Firm of the Year Award as one of five firms in this category.
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.
NautaDutilh assisted Raizen Fuels Finance S.A., as issuer on its USD 500 million 5.3% senior notes offering which successfully closed on 20th January. The issuer is part of the Brazilian Raizen group, the world largest individual producer of sugar cane. The Raizen group also operates a network of more than 5,800 Shell-branded stations in Brazil.
Goltsblat BLP , the Russian practice of international law firm Berwin Leighton Paisner (BLP), has advised ICBC International Leasing , the leasing subsidiary of the world’s biggest financial group, on delivery of six Airbus A321-211 aircraft to Aeroflot.
Seriously offending one’s work colleagues constitutes good cause justifying exceptional notice of dismissal with immediate effect. That was the verdict of the Landesarbeitsgericht (LAG) Rheinland-Pfalz [Regional Labour Court of Rhineland-Palatinate] (Az.: 4 Sa 350/15).
It is possible for the removal of a company from the commercial register to be instigated by the competent authorities due to a lack of assets. Those who wish to oppose such a move should act immediately.
The managing director of a GmbH, a type of German private limited company, is exposed to considerable liability risks. Legal advice ought to be urgently sought to minimize these risks as well as in the event of something happening that raises the issue of liability.
13 February, 2017
If a GmbH, a type of German private limited company, wishes to part company with a manging director, simply dismissing him won’t cut it. The managing director also needs to be removed from his post.