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 3 Feb 2014, the European Commission released its Anti-Corruption Report (COM 2014/38 final)[1], which provides comprehensive analyses of corruption within the EU member states, national preventive measures in force, and suggestions for legislative improvements. With this report, the Commission is striving to provide momentum to a pan-European debate on anti-corruption issues and to assist Member States in identifying ways to improve anti-corruption work at the national level. read more...

The Slovenian Competition Protection Agency ("Agency") has lately increasingly been using unannounced investigations or so-called "dawn raids" in order to secure evidence of potential competition law breaches. This is why the answer to how undertakings should react to such inspections is becoming an ever more important topic. read more...

The recent re-codification of Czech civil law has introduced a new legal instrument called a trust fund or simply a trust. In adopting the concept originating from Anglo-Saxon legal tradition, the Czech Republic has become one of the few countries in continental Europe whose legal systems can offer this vehicle, which is attractive for both business and private use. read more...

Starting 9 February 2014, the official list of financial services (the "List") has been expanded by three new financial services.

The long-awaited white paper of the Commission on climate, renewable energy, and energy efficiency going forward beyond 2020 was released on 22 January 2014 (the Communication).

On 24 October 2013, Ukrainian Parliament adopted the Law of Ukraine "On Principles of Functioning of the Electricity Market of Ukraine" No. 663-IV (the "Law"), which became effective from 1 January 2014. read more...

On 1 January 2014, the new Product Piracy Regulation (EU) 608/2013 ("PPR 2014") entered into force. This Regulation is now the legal basis allowing customs authorities within the entire EU to stop goods potentially infringing intellectual property rights from being imported into the EU. read more...

Serbia's Parliament has adopted a new Real Estate Brokerage Agencies Act (Zakon o posredovanju u prometu i zakupu nepokretnosti), which was published in the Official Gazette of the Republic of Serbia No. 095/2013 on 31 October 2013 and entered into force as of 8 November 2013 ("Act"). read more...

On 22 January 2014, the European Commission has issued a Communication on the exploration and production of hydrocarbons using high-volume hydraulic fracturing in the EU (the Communication) and Recommendations on minimum principles for the exploration and production of such hydrocarbons (the Recommendations). read more...

ACER (Agency for the Cooperation of Energy Regulators) and CEER (Council of European Energy Regulators) have recently published their Annual Report on the Results of Monitoring the Internal Electricity and Natural Gas Markets in 2012. This second report looks at the retail and wholesale electricity and gas markets, as well as consumer protection, in the European Union.   read more...