The Legal 500

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Main work contacts

Arbitration Florian Kremslehner, Christian Dorda, Christoph Stippl
Banking and finance Andreas Zahradnik, Tibor Varga
Capital markets Andreas W Mayr, Christoph Brogyányi
Central and Eastern Europe Martin Brodey, Stefan Artner
Competition and antitrust Stephan Polster
Corporate and commercial Christoph Brogyányi, Bernhard Rieder, Francine Brogyányi
Insurance Felix Hörlsberger, Florian Kremslehner
IT, IP and media Axel Anderl
Employment Thomas Angermair
Litigation Florian Kremslehner, Felix Hörlsberger
M&A Martin Brodey, Andreas W Mayr, Jürgen Kittel
Private client Paul Doralt, Elmar Drabek
Public procurement and administrative law Bernhard Müller
Real estate and construction Stefan Artner
Restructuring and insolvency Andreas Zahradnik, Tibor Varga
Tax Paul Doralt, Martina Znidaric

Legal Developments by:
Dorda Brugger Jordis

  • Survey of Austrian insolvency law and its current developments

    Austrian law distinguishes between composition proceedings in accordance with the Composition Code (Ausgleichsordnung-AO) and bankruptcy proceedings in accordance with the Bankruptcy Code (Konkursordnung-KO). Bankruptcy proceedings have to be opened if the debtor is unable to pay. In particular, inability to pay must be assumed if the debtor suspends payments. Inability to pay does not require that creditors are actively seeking payment. Bankruptcy proceedings are also opened in the event of overindebtedness in relation to commercial companies if no personally liable partner is a natural person, in relation to the assets of legal entities and in relation to the estates of deceased persons.
    - Dorda Brugger Jordis

Legal Developments in Austria

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • The ruling on the field stands: The ECJ follows Advocate General and declares Safe Harbour invalid

    Yesterday, the European Court of Justice (ECJ) followed Advocate General Yves Bot's recommendations in the ECJ Case C-362/14 ( Maximilian Schrems vs Data Protection Commissioner ) and declared the Commission's US Safe Harbour Decision invalid. In brief, Schrems, an Austrian law student, challenged Facebook's practice of storing personal data on U.S.-based servers, a practice that allegedly allows the NSA, or similar United States intelligence organizations, to have easy access to the personal data of EU citizens.  read more...
  • Bulgaria: Range of Eligible Counterparties to Financial Collateral Arrangements Extended to Embrace

    On 14 August 2015, an amendment to the Bulgarian law implementing the EU Financial Collateral Directive and extending its personal scope to "any person" entered into force. The amendment was primarily meant to allow the Bulgarian Bank Deposits Guarantee Fund to serve as an eligible counterparty to repo transactions. However, the new law might have a wider impact, as it allows some SPVs set-up for particular bonds or derivatives transactions that previously did not fall in the personal scope of the law to now serve as eligible counterparties to financial collateral arrangements.  read more... 
  • Turkey: Recognition & Enforcement of an Award

    Enforceability of a foreign award in Turkey requires a recognition lawsuit to be filed before the Turkish courts. The Code on International Private and Procedure Law (number 5718) (the “Law”) explicitly regulates the terms and conditions in this respect.  Read more...
  • Europe: EU-Export Compliance – Loosening of Iran trade restrictions

    In order to prevent Iran from developing a nuclear programme for the construction of weapons of mass destruction ("WMD"), the UN Security Council from July 2006 onwards passed a series of resolutions by which several foreign trade restrictions were imposed on Iran. Consequently, the EU too enacted a series of restrictive measures against Iran through which the UN resolutions have been implemented and materially amended. The EU has imposed additional sanctions against Iran due to human rights infringements and internal repression in Iran. Currently, the following EU trade restrictions are in place:  read more
  • Slovenia: New Employment Legislation Brings Simplifications for Foreigners

    The recently adopted ZZSDT, which enters into force on 1 September 2015, sets out new conditions for the employment, self-employment and work of foreigners and indirectly transposes the relevant EU Directive into national legislation.  Read more... 
  • Czech Republic: Employee share incentive schemes – capital market regulatory assessment

    The Czech law provides – under Act No. 256/2004 Coll., the Capital Market Undertakings Act (the "Act") – the obligation to publish a securities prospectus, if those securities are offered to random investors in the Czech Republic. But does this obligation also apply to employee share incentive schemes and are there any exceptions to this obligation?  Read more...
  • SK: Did you Finish your Homework? Period for Employers to Comply with New Whistleblowing Act Ended

    On 16 October 2014, the National Council of the Slovak Republic adopted Act No. 307/2014 Coll. on Certain Measures Related to Reporting of Anti-social Activities and on Amendment and Supplements to Certain Acts ("Act"), which is considered as the first comprehensive regulation of whistleblowing in Slovakia. The Act came into force on 1 January 2015.  read more...
  • Poland: Changes in the Labour Law

    On 21 August 2015 an act amending the Polish Labour Code was published in the Journal of Laws. The long-expected changes come into force after 6 months from publication. We would like to highlight the following changes:  read more... 
  • Czech Republic: Business Shares in the Community Property of Spouses

    The discussion about the business shares of companies owned in the community property of spouses – regulated by the new Czech Civil Code and Business Corporations Act (both effective from 1 January 2014) – has recently come to a standstill over the question of the consequences of the absence of such a regulation, which was formerly included in the old Civil Code from 1964. This regulation distinguished between proprietary and management issues (corporate issues), which meant that if a married person acquired a business share it did not automatically result in membership in the company for their spouse. Read more
  • Serbia: New Law on Conversion of Right over Construction Land into Ownership against Compensation

    The long-expected Law on conversion of usage right into ownership against compensation (" Conversion Act ") entered into force on 28 July 2015.  Read more...