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.

On 2 May 2016, restrictions on acquiring agricultural and forest real properties located in Poland by foreigners from the European Economic Area (EEA) and Switzerland will cease to be binding. Does this mean that trade in agricultural real properties will be entirely free and not subject to any restrictions as of that time?  read more...

In December 2014, two sets of amendments to the Planning and Construction Act were published in nos. 132/2014 and 145/2014 of the Official Gazette of the Republic of Serbia (collectively " New PCA ").  read more...

At the end of 2014, the Romanian parliament passed a law whose main purpose is to dissolve the Rasdaq market and unlisted securities markets. These measures must be implemented by 27 October 2015. Considering the potential significant disruptions that may occur in the activity of the companies it targets, this law is important for its addressees, but also for their suppliers, sponsors, and contractual partners.  read more...

Proposed EPC is not mandatory for all buildings

In March 2014, three new EU Directives on public procurement law ("new Directives") entered into force, introducing significant adjustments to the current regime such as new procedures, new provisions on award criteria, and new exclusion grounds. At the same, a discussion has been unleashed in Austria placing the issue of wage dumping and social dumping in relation to public construction contracts. Experience has demonstrated that applying price-only criteria contributes to ruinous price wars and destructive competition in the construction industry. The key concern of the so-called "fair procurement" initiative is to preserve jobs and foster SMEs by establishing the mandatory application of the best quality/price ratio (instead of only the lowest price). Against this background, the Austrian government is currently in the process of discussing/preparing an amendment to the Federal Procurement Act that is intended to enter into force even before the implementation of the new Directives (April 2016). The amendment inter alia deals with: read more...

On November 10 2014 the Competition Agency announced that it had concluded another proceeding dealing with resale price maintenance, as prohibited under Article 8 of the Competition Act[1], which mirrors Article 101 of the Treaty on the Functioning of the European Union.  read more...

On 25 December 2014, the Consumer Rights Act, which also amended the Civil Code and introduced several new regulations on sales contracts concerning goods and services, entered into force. The Act's regulations impose new obligations on entrepreneurs executing contracts with consumers, in particular entrepreneurs involved in distance sales or off-premises sales, but should these entrepreneurs be the only ones paying special attention to the amendments?  read more...

Proposed amendment to the Slovenian Commercial Company Act

On 1 January 2014, the Romanian Government introduced a new property tax, namely a tax on constructions. This tax has proven to be controversial, with many deeming it to constitute a severe tax burden for any capital intensive businesses such as energy, telecom, or even retail.  read more...

On 13 December 2011, the new European Directive No. 2011/92/EU on the assessment of the effects of certain public and projects on the environment (hereinafter as the “EIA Directive”), which codified the previous regulation, entered into force. Not for the first time, in April 2013 the European Commission initiated an infringement procedure against the Czech Republic due to the incorrect transposition of the aforementioned Directive that is carried out by Act No. 100/2001 Coll., on environmental impact assessment (hereinafter as the “EIA Act”). read more...