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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
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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.
The IMF (International Monetary Fund) approved last Friday the disbursement of around 280 Million Euros to Cyprus. The IMF praised Cyprus for the economic recovery of the island and for implementing agreed reforms. The Deputy Managing Director of the IMF David Lipton said that Cyprus continues to produce positive results and that economic and fiscal outcomes have been better than expected. Public finances exceeded targets and growth turned positive in the first quarter of 2015.
Managing partner of VEGAS LEX Alexander Sitnikov has been re-elected to the Board of Directors of the TNS Energo power utility.
Stephen Baker, senior partner at Baker & Partners, was invited as a panelist to the International Bar Association (IBA)’s Annual Anti-Corruption conference, Paris, exploring how assets can be located, preserved and recovered in corruption cases.
HaoLiWen recently has helped clients to resolve several customs classification (HS code) cases, and the clients benefits a lot in terms of import duties saves or avoidance of administrative or even criminal penalties.
The participants of a workshop on fraud risks among senior management have discussed reasons of corporate fraud, potentially fraud-conducive environments and ways to fight it.
Danos & Associates has recently established a new office in Kiev, Ukraine. We are proud of our cooperation with Lex-Liga law firm. Lex-Liga is one of the leading law firms in Ukraine. The firm offers full services in all areas of law and is based in Kiev. Lex-Liga's lawyers and staff are highly experienced and professional.
The first translation of the report Airport Competition in Europe commissioned by Airports Council International Europe (ACI EUROPE) has been officially published in Russia. The translation was initiated by the Federal Air Transport Agency (Rosaviatsia) and was carried out by VEGAS LEX law firm and the First Infrastructure Company InfraONE.
On 2 June 2015, the Russian Constitutional Court announced its resolution concerning the claim of OOO Zapolyarneft stating that environmental charges imposed on this company were disproportionate. One of the rules of the Russian Forestry Code and the Russian Government's resolution based on it were recognised as inconsistent with the Constitution.
In the elegant atmosphere of Jugoslovenska Kinoteka in Belgrade, Karanović & Nikolić hosted a celebratoin marking two decades of business operations.
All the evidence indicates that the authorities no longer view mortgage brokers as the middle man, free from all blame. As a result, brokers are increasingly finding themselves in the dock along with people who made the fraudulent mortgage applications that aroused the interest of investigators.