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- The Legal 500 United Kingdom Awards 2014
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Legal market overview
Iceland has done remarkably well to emerge from the economic crisis having experienced only a relatively brief period of major hardship. Differing in its response to many countries, Iceland did not bail out its beleaguered banks, instead leaving creditors to bear much of the loss. In 2011, the country emerged from the International Monetary Fund’s three-year bailout plan in relatively good health, unlike many other countries that received similar aid. It has now been able to return to the international debt markets and has begun repaying its emergency loans.
Despite the economy’s emergence from the doldrums, work surrounding the banking crisis still dominates the largest law firms’ workloads, across a range of practice areas.
LOGOS legal services and Lex Law Offices top the rankings across all the practice areas, although it is the former that is more of a force in cross-border deals, as indicated by its continuing role for international bondholders as creditors of the three failed Icelandic commercial banks. Niche practice BBA is a match for both firms for corporate and banking work, and ADVEL Attorneys at Law, Juris Law Office and Landslog Law Offices are highly rated across many practice areas. Niche firms Jonsson & Hall and Réttur – Adalsteinsson & Partners are leaders on the dispute resolution side, and Arnason Faktor and Sigurjónsson & Thor ehf. are go-to-firms for IP matters.
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Turkish parliament has enacted the Law No: 6552 that has been promulgated as of September 11, 2014 and provides restructuring for unpaid tax debts and administrative penalties.
In 2012, OECD has reported that economy-wide transformation will require cumulative investment in green infrastructure in the range of USD 36-42 trillion between 2012 and 2030, i.e. approximately USD 2 trillion or 2% of global GDP per year. Today more less is being invested annually. Therefore, a remarkable investment gaps exist that needs to be addressed.
Overview of the main recent developments addressing issues of abuse of dominance in Greece. Latest application of article 2 of Law 3959/2011 (equivalent to 102 TFEU) by the Hellenic Competition Commission and the Greek courts. dominance_2014_greece
Presentation of the Greek legal framework on the protection of free competition (L.3959/2011), which generally follows articles 101, 102 TFEU and the framework of EU Regulation 1/2003. The chapter presents recent law changes, as well as the trends in Greek antitrust practice, together with an overview of the most significant cases brought before the Hellenic Competition Commission and the Greek Courts. ear_greece_2014
Presentation of last year's enforcement by the Hellenic Competition Commission (‘HCC'). A brief overview of the most interesting developments in the area of Greek competition law, including recent antitrust cases examined by the HCC and the Greek courts. greece_2014
The so-called "Ruling Commission" sets the conditions under which listed options enter into the scope of the law of 26 March 1999. This is an important decision regarding the exemption from social security of such options.
Turkey aims to utilize its energy potential, including renewable sources in a cost-effective manner. Today, Turkey targets the share of renewable resources in electricity generation to be at least 30 % by 2023. To meet this, current incentive mechanism for renewables relies on feed-in tariff mainly in solar and wind power. Numbers of renewable energy projects have been increasing since 2010 in Turkey. After energy revolution in 2010, remarkable deals have been substantiated in the last years. There have been several projects pending before administrative authorities to be approved. However, numbers of the projects are still not at the desired level.
In the field of defense industry, a new system of governance has been established through the Law#3238 ratified in 1985 in order to realize planning and coordination, taking quick decisions and execution (especially for imports, exports, modernization, research and development, mutual trade, finance) in the government of highest level. Also the basic aim of law is explained as the development of a modern defense industry and ensuring the modernization of the Turkish Armed Forces.
Jurisprudence has provided two different decisions in identical case matter, namely the contracting authority's right (or the lack thereof) to disclose information regarded as a trade secret by the economic operator. The regional court in Łódź decided in 2004 that the contracting authority is bound by the economic operator's stipulation regarding confidentiality of some of the information contained in the offer. It may accept it or may reject the offer, but it has no right to disclose it. In 2005 the Supreme Court of the Republic of Poland declared something completely to the contrary in its resolution: the contracting authority has the right to disclose information which does not satisfy statutory conditions of a trade secret. Is the Supreme Court right and does its resolution constitute the final word in this matter? In my opinion, the resolution in fact only raises more doubts.
On September 25, 2014, the VEGAS LEX law firm, the VEB Innovations Fund and the Innovation and R&D Directors Club (IR&D club), organized a roundtable conference, Corporation - Startup: Reaching for Mutually Beneficial Cooperation . The event was supported by Russian Venture Company.
On September 18, 2014, the Federal Road Agency (Rosavrodor) Board met in Sochi before the Sochi-2014 International Investment Forum. The VEGAS LEX experts attended the meeting.
On 12 September 2014, AstapovLawyers has held a Compliance Workshop for employees of Energoatom, a national nuclear energy generating company.
AstapovLawyers has successfully represented Delta Bank, one of the major Ukrainian banks, in a USD 71 million dispute against a Ukrainian tycoon, an owner of a significant agricultural group of companies in Ukraine.
Kyiv, 23 September 2014 - Ivan Lishchyna , Counsel, has taken part in the conference and students seminar "The relationship between alternative dispute resolution and ordinary courts: New trends in the Ukraine, Germany, Poland and other countries" organized in terms of collaboration with Institute for Eastern European Law, Munich. The event took place in the Institute of Legislation of the Verchovna Rada of Ukraine on September 8 - 10, 2014.
This briefing is intended to provide a general overview of some of the issues to be considered by trustees of Guernsey trusts and their advisers when foreign couples connected with the trust divorce.
In January 2014 - July 2014 Zavadetskyi Advocates advised and represented a Canadian citizen who had been imprisoned in Ukraine for serious crime and criminal investigation against whom raised many questions as to its integrity and impartiality. Along with their client, Zavadetskyi Advocates also advised a US charitable institution that provides social services internationally to people in crisis situations. The client has been released from the sentence several years before time and was able to leave Ukraine.
As one of the leading global jurisdictions for structuring foreign direct investment (FDI), Luxembourg has developed a sophisticated framework to enable the financing of such investments.
Azmi & Associates recently advised Felda Global Ventures Holdings Berhad (‘FGVH') in a corporate transaction via its subsidiary, Felda Global Ventures Downstream Sdn. Bhd. (‘FGVD') in a joint venture agreement involving two other parties namely M2 Capital Sdn Bhd. (‘M2 Capital') and Benefuel International Holdings S.A.R.L. (‘Benefuel') which is a subsidiary of Benefuel US, through which an SPV will be incorporated to acquire a biodiesel plant. The JV company has agreed to acquire a biodiesel plant ("Plant") located at Gebeng, in the East Coast of Peninsular Malaysia from Mission Biofuels Sdn. Bhd. (‘MBSB') for a USD twenty two million and five hundred thousand (USD 22,500,000.00) (‘Plant Acquisition') under a Plant Purchase Agreement. The shareholding of FGVD, M2 Capital and Benefuel in the JV Company shall be 60% for FGVD, 20% for M2 Capital and 20% for Benefuel. The estimated project cost for the proposed joint venture including the Plant Acquisition, licensing costs, purchase of catalyst, refurbishment and retrofit shall be USD forty seven million and five hundred thousand (USD 47,500,000.00). The nature of business of the JV Company shall be manufacturing and producing biodiesel using the retrofitted Plant and other ancillary activities.