The Legal 500

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.

In a recent decision, the Court of Justice of the European Union (CJEU) held that the resale of used software generally cannot be excluded in licence terms. The judgment, which aimed at the resale of used business software, may also affect the app market. Read more...

On Friday, 22 March 2013, a draft new law (Gesellschaftsrechts-Änderungsgesetz 2013 - GesRÄG 2013) was revealed by Minister of Justice Beatrix Karl and Minister of Economy Reinhold Mitterlehner. The GesRÄG 2013, which is expected to come into force on 1 July 2013, aims at facilitating the establishment of an Austrian limited liability company (Gesellschaft mit beschränkter Haftung - GmbH). This article provides a summary of the draft. 

This guide provides corporate counsel and international practitioners with a comprehensive worldwide legal analysis of the laws and regulations of mergers and acquisitions. This article appeared in the 2013 edition of The International Comparative Legal Guide to: Mergers & Acquisitions; published by Global Legal Group Ltd, London. www.iclg.co.uk .

EU-wide protected Community Trademarks (as well as national trademarks) have to be used for the claimed goods and services in the course of trade within the EU in order to maintain their protection and enforceability. A (partial) lack of use, however, does not automatically result in a (partial) lapse of the trademark registration. On the other hand, after an initial “grace period” of 5 years beginning with the registration of the trademark, genuine use of the trademark would have to be proven when enforcing such trademark against third parties; furthermore, anybody could request revocation of such trademark in so far as it had not been genuinely used for goods and services covered by the registration (Art 15, 51(1)(a) CTMR).

This guide provides the international practitioner and in-house counsel with a comprehensive worldwide legal analysis of the laws and regulations of real estate. This article appeared in the 2013 edition of The International Comparative Legal Guide to: Real Estate; published by Global Legal Group Ltd, London. www.iclg.co.uk .

This guide provides the international practitioner and in-house counsel with a comprehensive worldwide legal analysis of the laws and regulations of real estate. This article appeared in the 2013 edition of The International Comparative Legal Guide to: Real Estate; published by Global Legal Group Ltd, London. www.iclg.co.uk . 

In December 2012, the Austrian Parliament adopted changes to the Austrian Cartel Act as well as the Austrian Competition Act that will enter into force as of 1 March 2013 (Austrian Cartel and Competition Law Amendment Act; KaWeRÄG 2012). Although the Amendment does not lead to a major overhaul of the current system, several changes are noteworthy: 

The Action Plan is titled "European company law and corporate governance – a modern legal framework for more engaged shareholders and sustainable companies" and was made public on 12 December 2012. Its key elements are presented in the following summary.

Based on directive 2008/104/EC, Austria's hiring-out of labour laws have been amended (BGBl 98/2012). According to the directive, the implementation into national law should already have taken place by 5 December 2011. After a first failed attempt in February 2012 to implement the directive effective 1 July 2012, the implementation has now taken place belatedly, effective 1 January 2013. Furthermore, the new laws on the hiring-out of labour not only implemented the directive, but also stipulated further regulations for temporary work. This text provides an overview of the most important amendments in the new laws.

Transparency International ("TI") released its Corruption Perception Index 2012 ("CPI 2012") earlier today. The Corruption Perception Index ranks countries based on how corrupt their public sector is perceived to be. The index, which reflects the views of observers from around the world, offers a yearly snapshot of the problem of corruption by ranking countries from all over the globe. The index covers issues such as free access to information, bribery of public officials, kickbacks in public procurement, and the enforcement of anti-corruption laws. The CPI 2012which is available at: http://cpi.transparency.org/cpi2012/results/ ranks 176 countries.