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Legal market overview
While times remained tough for Spain, the sale of many of the country’s distressed assets has attracted the interest of the international business community and law firms saw a resurgence of M&A as a result of companies’ divestiture of their Spanish operations.
Despite the prevalent optimism, 2014 was punctuated by aborted transactions, while restructuring and regulatory work remained very substantial focuses, with a persistent lack of liquidity and reluctance among financial institutions to provide new loans.
Competition practices across the board noted an uptick in merger clearance work and the majority also reported an increase in litigation and behavioural mandates, due in no small part to the merger of the country’s regulatory and competition agencies in 2013, creating the National Commission for Markets and Competition (CNMC).
Law firms suffered a downward pressure on fees, often describing the situation as an open price war. In other market headlines, Uría Menéndez acquired a 30% stake in the merged entity of leading Latin American firms prietocarrizosa from Colombia and Philippi Yrarrázaval, Pulido & Brunner from Chile. Garrigues also strengthened its Latin American presence by opening offices in Colombia, Mexico and Peru to supplement its existing presence in Brazil.
Spain’s three powerhouses – Uría Menéndez, Garrigues and Cuatrecasas, Gonçalves Pereira – remain at the pinnacle of the legal market, picking up much of the emerging transactional activity. Behind the leading trio is a chasing pack including Gómez-Acebo & Pombo Abogados, Baker & McKenzie, Clifford Chance, and Linklaters.
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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Spain has recently been referred to as one of the "hottest" European countries in terms of debt sales, specifically of non-performing loans. This should not come as a surprise in a scenario in which independent audits as of June 2012 revealed a EUR 62 billion capital shortfall in Spanish banks and in which the Spanish rate of non-performing loans stayed above eight per cent of all loans.
On October 11, the Official State Gazette published Law 38/2011 on the reform of Law 22/2003 of July 9 on Bankruptcy that entails a broad and ambitious procedure to modify bankruptcy legislation.
OPINION - ON DATA IN THE CLOUDS OR DIGITAL PHOTOCOPIERS
Chapter IV, Title III of the Bankruptcy Act (hereinafter, the "BA") regulates the filing of actions against the activity of debtors declared bankrupt in order to return to the bankrupt estate certain assets which the legislator considers should never have been taken away.
The employer has the possibility to contest the candidate lists in the event that a candidate does not comply with the conditions for eligibility. The Supreme Court recently confirmed that this is only possible within the strict terms provided in the social elections procedure.
Urgent Measures for the reform of collective bargaining.
Commercial …………………………. Strengthening Financial System Law on a Sustainable Economy
(1) Mercantile: Liberalizing actions in the tax and labor areas in order to encourage investment and create employment. (2) Litigation: Reform of the Penal Code (Organic Law 5/2010 of June 22). (3) Labor: Paternity Leave. Maintenance of employment and professional training. IPREM and SMI for 2011. Self Employed Workers. Pensions. Placement Agencies. (4) Tax: Changes: personal income tax, company tax, income tax for non residents, tax on patrimony transfers and documented legal acts, VAT.
We live in a globalized world where people, goods and money can move freely between national borders. It is perfectly possibly to buy a computer manufactured in Tokyo from a sales company established in Bangladesh, while sitting outdoors on a terrace in Rome. In this context, with transnational commerce and business relations constantly expanding, it is logical that international litigation is becoming increasingly commonplace.
Schoenherr advised a consortium of owners of Pivovarna Laško, d.d. ("Laško"), Slovenia's leading brewery group, in the sale of their combined holdings of over 51% in Laško to Heineken International B.V., part of the Netherlands-based brewing group. The opening of final offers took place on 13 April 2015, with Heineken offering EUR 25.56 per share in Laško (translating into a total purchase price of approx. EUR 114 million for the 51.11% stake on sale). Following the selection of Heineken as best bidder, the respective share purchase agreement was signed in Ljubljana the same day. read more...
At the beginning of April 2015 Popov & Partners was admitted as a corporate member of the Bulgarian Water Association (BWA) . BWA is the largest organization in Bulgaria that combines all WSS operators, trade companies and business consultants with focus on the management of the water resources and the development of the water-supply services in the country. In international aspect BWA has parnership relations with European Water Association and International Water Association and other international water organizations, whose activity reflects directly over the development of the water sector in global aspect.
Leon Kopecký has joined Schoenherr, a leading full-service law firm in Central and Eastern Europe, as Counsel in March 2015. Mr Kopecký focuses on international commercial and investment arbitration, international litigation, and compliance matters. His clients are international firms in the construction, raw materials, infrastructure, finance, fashion and health care industries. He regularly advises clients on complex investment matters. read more...
HaoLiWen has been recently selected by ALB as the finalist for Regulatory Compliance Law Firm of the Year (2015), a market recognition of the regulatory compliance practice of HaoLiWen, which has a history of around ten years.
Vienna, 16 January 2015. Business law firm Fellner Wratzfeld & Partners (fwp) advises UniCredit Bank Austria AG on the multi-stage structured sale of the real estate portfolio it holds via Immobilien Holding GmbH. read more...
Fellner Wratzfeld & Partner Rechtsanwaelte GmbH (fwp) represents HETA Asset Resolution AG (formerly HYPO Alpe-Adria Bank International AG) in connection with the judicial review proceedings before the Austrian Constitutional Court following the implementation of special Hypo legislation. The Constitutional Court has now rejected all individual applications filed by Austrian and international investors as inadmissible. Read more...
Fellner Wratzfeld & Partners (fwp) successfully provided legal advice to HYPO NOE, the association of mortgage banks of the Austrian Provinces and Pfandbriefbank in connection with financing repayments to be made for specific bond issues, thus ensuring the stability of both Pfandbriefbank and the mortgage banks guaranteeing such repayments.
Baker & Partners, a premier litigation and dispute resolution practice based in Jersey, will hold their next breakfast briefing for Jersey's financial services industry on the topic of dishonest assistance on Thursday 26 th March, 8.30-09.30am, at the Royal Yacht.
Ogier promotes three partners in the Channel Islands- Ogier
Gorodissky & Partners in 2015 again, for the 17th time in a row became No.1 Russia’s firm in patent and trademark prosecution and announced “IP firm of the year”.