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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 and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
The Austrian Federal Government agreed in its 2013-2018 work programme, on the implementation of a nationwide ban on speculative financial transactions for the Federation, the Austrian Federal States, Austrian Municipalities, and other public bodies. read more...
The EU Capital Market Union - European Commission establishes expert group to develop strategy on suOn 28 October 2016, the European Commission decided to establish a High Level Expert Group on sustainable finance, one of the European Commission's primary objectives within the EU Capital Markets Union ( "CMU" ).
The Slovenian courts were recently asked to rule on companies' right to be heard during unannounced investigations (so-called 'dawn raids') by the Competition Protection Agency. read more...
As of 20 October 2016, new legal provisions are in place in Romania setting out how consumers should be informed of products that use frozen foods in their preparation. In this respect, the consumer protection authority enacted Order 183/2016 (" Order 183 ") published in the Official Gazette on 20 September 2016. read more...
Arbitration has long been the favorite of the ADR family. Mediation, however, has established an increasingly relevant position for itself when it comes to resolving (international) commercial disputes quickly, cost-efficiently, and successfully. READ MORE...
The Gas Market Model Ordinance plays a major role in the Austrian gas market, as it regulates network access and the capacity management and balancing system in Austria's three market areas: the east, Tyrol and Vorarlberg. read more...
One of the main advantages of arbitration vis-à-vis state court litigation, is that the parties are free to choose independent and highly specialised experts to decide their cases. Yet, if these experts negligently (or even deliberately) violate the duties that come with the acceptance of the appointment, the issue of liability arises. read more...
As of September 1st 2016, a newly established special department, dedicated solely to white collar crimes, has commenced its work within the Hungarian Metropolitan Public Prosecution Office (Fővárosi Főügyészség). read more...
The CJEU already had the chance to rule on the legitimacy (under copyright law) of hyperlinks to copyrighted works in the Svensson (C-466/12) and Bestwater (C-348/13) cases. In both cases the court came to the conclusion that hyperlinks to copyrighted works freely available on another website are not "communications to the public" (ie a "new public") and therefore do not require the consent of the right holders. read more...
On 2 September 2016, the Bulgarian Commission for Protection of Competition proposed a draft act for amendments (the "Draft") to the Competition Protection Act (the "CPA"). These amendments aim to implement Directive 2014/104/EU of the European Parliament and the Council of 26 November 2014, on certain rules governing actions for damages under national law, for infringements of competition law provisions of Member States, and of the European Union (the "Directive"). read more...