Poland > Legal market overview
- Legal market overview
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Having for some time seemed immune to the financial crisis affecting much of Europe, over the past 12 months Poland has experienced its first slump and there are numerous transactions pending instead of having been completed. Poland’s energy sector continues to endure a waiting game as new legislation is expected in early 2013. While this may have deterred banks from investing in energy projects, developers have explored alternative financing options and the market has seen an increase in joint ventures and mergers within energy.
Greenberg Traurig Grzesiak sp.k. opened its first office in Poland after recruiting the staff of Dewey & LeBoeuf Grzesiak SP.K., the former Polish office of the now-defunct Dewey & LeBoeuf LLP. Other notable developments included a changing of the guard at White & Case P. Pietkiewicz, M. Studniarek i Wspólnicy – Kancelaria Prawna sp.k., with a number of senior figures departing and Paweł Pietkiewicz being appointed as executive partner. Baker & McKenzie Krzyzowski i Wspolnicy sp.k.’s tax department lost VAT expert Jerzy Martini, who left to establish a boutique firm.
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With recent amendments to Poland's Labour Law, the minimum gross salary has been raised, the obligation to notify regional labour inspectors and competent sanitary inspectors of certain business-related activities and developments has been abolished, and a new equivalent factor for determining the payments due to employees for holidays unused in kind has been introduced. In addition, amendments have been proposed that would impact the length of maternity, parental and childcare leave, govern the use of flexible working hours, and prolong the maximum settlement period to 12 months. This survey provides an overview of these developments and the proposed amendments.
Poland’s renewable energy industry is closely watching the Polish government’s work on an amended draft of the act on renewable energy sources (the "Bill"). The Bill is part of a package of new energy legislation (the "Energy Package") comprising a new gas law, a new energy law and the act containing implementing provisions regarding all those energy acts (the "Implementing Act").
of war for foreigners managing multi-hectare farms in Poland?
According to Ministry of Finance announcements, many of the bilateral double tax treaties (“DTTs”) concluded by Poland are being renegotiated. As many as 4 protocols amending the current DTTs have been signed so far in 2012, i.e. with Cyprus, Iceland, Luxembourg and Norway. Those currently in force between Poland - Czech Republic and Poland- Canada will be replaced by new ones.
Social Insurance Institution’s activities regarding the calculation of retirement benefits
The latest bill on VAT is currently at the stage of inter-ministerial discussion, and should be submitted to the Sejm shortly. According to the Ministry of Finance, the bill will come into force on 1 January 2013.
During recessionary times, one might ask a question: Is it possible to combine profit with business ethics and still earn money? When even those too big to fail can feel threatened and weakened by the contemporary state of the global economy, one should direct him or herself towards a way of doing business that respects higher moral values. Halal project finance can be seen as such an example.
Amendment of the Reimbursement Law with respect to incentives and contracting concerning reimbursed products
Dr. iur. L.L.M. Katarzyna Zbierska, legal counselor is attending a meeting of the Working Group of the British-Polish Chamber of Commerce for Food matters. The theme of the meeting is responsible marketing in the food industry.
Recently, HaoLiWen advised and represented a multinational in initiating the consulting process with MOFCOM, to confirm export shipment of certain goods blocked by China Customs was not an item subject to dual-use item license. The pleading and reasoning prepared by HaoLiWen were accepted by MOFCOM after consultation, which has saved the export business of the client and avoided further investigation by Anti-smuggling Bureau of China Customs into the suspected evasion of dual-use item license.
Sayenko Kharenko advises on M&A deal of the year by IFLR Europe Awards 2013.
Sayenko Kharenko acted as the legal counsel to Citi Venture Capital International and Apollo , private equity firms, on the acquisition of 3 shopping malls in Kyiv, Kharkiv and Dnipropetrovsk operating under the Karavan trademark.
Sayenko Kharenko crowned an extraordinary year by carrying off its third "Ukraine Law Firm of the Year Award" at the IFLR's European Awards ceremony held in London on 10 April 2013.
The Legal 500 directory has announced its 2013 results with outstanding listings for Sayenko KharenkThe Legal 500, an independent guide to law, published its 2013 research last week. Sayenko Kharenko affirmed its reputation as a leading full-service Ukrainian law firm.
Sayenko Kharenko acted as legal counsel to Credit Suisse , Deutsche Bank and JP Morgan , the lead-managers of the USD 500 million 8.875% loan participation notes due 2018 for the purpose of providing a loan to "State Savings Bank of Ukraine"
According to the recently released Chambers Global 2013, Sayenko Kharenko maintains its position at the top of the market, being highly ranked in all practice areas researched for Ukraine.
Sayenko Kharenko acted as Ukrainian legal counsel to Credit Suisse, J.P. Morgan and UBS, the joint lead managers of the USD 175 million Eurobond offering by Privatbank with 10.875% coupon maturing in 2018.
Sayenko Kharenko acted as legal counsel to a foreign investment fund on the sale of a majority shareholding in Private Joint-Stock Company "Insurance Company "Kyivska Rus" to a group of local investors.