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Legal market overview
The mood among law firms in Iceland is cautiously optimistic: for many, the lifting of capital controls at the end of 2015 marks an end to the tough economic conditions that have dominated the Icelandic market, and has fuelled anticipation of positive growth in banking and transactional corporate work. There was some growth in M&A activity in 2015, although the jury is still out on how much foreign investment the country will see. While the country’s emergence from fiscal constraints has resulted in a slowing of restructuring and insolvency work, it remains a key area of activity for Iceland’s law firms.
Abuse of dominance cases and merger control issues continued to be key drivers for law firms’ dispute resolution and competition practices, while the resurgent market for new homes led to growth in construction work for many practices. There is a strong market for boutique TMT and IP firms, which have benefited from continued activity around data protection issues.
Arnason Faktor was formed in 2006 when two leading intellectual property firms in Iceland, A&P Arnason and Faktor Patentbureau, merged. Faktor Patenbureau was founded in 1969 and has been extensively engaged in intellectual property protection in Iceland ever since. A&P Arnason traces its roots back to 1985 and has been a pioneer in the promotion of intellectual property protection in the Icelandic industry and business community. Arnason Faktor is the largest intellectual property consultancy firm in Iceland with 27 employees. It has offices in Reykjavik, Copenhagen and Munich.
Firms in the spotlight
The firm was founded in 1998 by Baldvin Bjorn Haraldsson and Asgeir A Ragnarsson, and was the first law firm in Iceland to build its practice exclusively on servicing the business sector. This focus has allowed BBA’s lawyers to gain substantial experience and a level of expertise which is second to none in Iceland in, among other areas, corporate law, finance law and general business law.
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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INSIGHT: Hard graft
the pan-Europe bribery crackdown
As European agencies turn up the heat on bribery and corruption, we team up with Simmons & Simmons to assess how clients are responding.
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Recovery of Third Party Funding Fees as Costs of the Arbitration
SGHC dismisses applications to set aside arbitral awards on the ground that there was no contract
Recovery of Third Party Funding Fees as Costs of the Arbitration 12 Oct 2016
On 3 October 2016, UPC Switzerland (formerly upc cablecom) acquired the remaining 51% in e-fon AG. In October 2013, UPC already aquired 49% and entered into a joint venture with the sellers. e-fon is the leading provider in Switzerland for modern telephone solutions in the wholesale market.
29 Sep 2016
Ascom Holding AG (SIX: ASCN) and InfoVista have closed a sale agreement under which InfoVista acquired the Network Testing Division. The transaction is based on a cash-free / debt-free enterprise value of USD 45 million. Ascom received USD 30 million in cash at closing and the remainder of the consideration is in the form of a subordinated vendor loan with a nominal value of USD 15 million, a 7-year maturity and a stated interest rate of 4% p.a.
Arbitration has long been the favorite of the ADR family. Mediation, however, has established an increasingly relevant position for itself when it comes to resolving (international) commercial disputes quickly, cost-efficiently, and successfully. READ MORE...
Under Cyprus Law on Immovable Property, the ownership of an immovable may be held by more than a single principal owner. Specifically, the ownership of an immovable can be held by more than one person (the so-called tenants in common under the English law).
With decision dated 11 October 2016, the Takeover Board concluded that the refinancing and the potential enforcement of shares in Sulzer Ltd, which serve as a security for the financing banks, does not trigger a duty to launch a mandatory public tender offer for the shares in Sulzer AG for Natixis S.A., Credit Suisse AG, J.P. Morgan Securities Plc, ING Bank N.V., Deutsche Bank (Switzerland) Ltd., Sberbank of Russia as well as Tiwel Holding AG and Renova Holding Limited. Sberbank of Russia was granted an exemption from the obligation to submit a mandatory public tender offer in case that they hold more than 33 1/3% of the voting rights in Sulzer Ltd due to an appropriation of the respective shares in enforcement proceedings.
The Court of Justice of the European Union (CJEU) dismisses the actions for annulment of the MoU and the Eurogroup statement and the actions for compensation of uninsured depositors for the restructuring of the Cypriot banking sector
A shade of the colour red used by a German bank shall continue to enjoy trademark protection. That was the verdict of the Bundesgerichtshof (BGH), Germany’s Federal Court of Justice, in its ruling of July 21, 2016 (Az. I ZB 52/15).
Karanović & Nikolić is pleased to announce its involvement in advising R&R Ice Cream, a leading ice cream company based in the UK, on Serbian law matters relating to its 50/50 joint venture with Nestlé, the world’s leading nutrition, health and wellness company. The advising team consisted of Srdjan Dabetić Stefan Antonić from Karanović & Nikolić’s Belgrade office. Globally, our client was advised by London based Allen & Overy LLP.
Anyone who does not wish to be subject to the rules of intestate succession can set out arrangements for their estate in a will or contract of inheritance. A contract of inheritance has a strong binding effect.
Pitmans has been awarded winner of the best work/life balance in the 2016 Lex 100 - a survey that is recognised as the most comprehensive valuation of training opportunities at law firms across the UK.
It has since become common for contracts with real estate brokers to be concluded online or by email. It is possible to withdraw from these contracts provided the statutory notice periods are observed.
Guidance on the right of withdrawal featuring the footnote “Nicht für Fernabsatzgeschäfte” (not for long-distance transactions) is ineffective. The Oberlandesgericht (OLG) Düsseldorf [Higher Regional Court of Düsseldorf] ruled that it is possible to effectively withdraw from loans accompanied by this kind of guidance.
Head of VEGAS LEX Litigation group Victor Petrov has spoken at a NAPF workshop on cooperation and legal assistance of non-state pension funds in working out positions on complex legal issues.
VEGAS LEX, FAS Russia host business breakfast to discuss new regulation of procurement for unitary eOn September 30, 2016, VEGAS LEX hosted a business breakfast on adopting the contract system in procurement for unitary enterprises and their liability for violations in the context of new legislation, with representatives of FAS Russia attending the event.
According to a ruling of the Bundesgerichtshof (BGH), Germany’s Federal Court of Justice, from July 12, it is possible to effectively withdraw from loan agreements featuring the wording that the withdrawal period shall commence “frühestens mit dem Erhalt dieser Belehrung” [at the earliest upon receipt of this guidance] (Az.: XI ZR 564/15).
As demonstrated by a ruling of the Oberlandesgericht (OLG) Köln [Higher Regional Court of Cologne] from July 1, 2016, associated risks and side effects need to be taken into account not only in relation to medications but also advertising for pharmaceuticals (Az.: 6 U 151/15).