The Legal 500

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Main work contacts

CategoryContact
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 Brogyanyi
Insurance Florian Kremslehner, Felix Hörlsberger
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, Georg Birkner, 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
  • EU/AT: Austrian gas law's possible non-compliance with EU Gas Directive

    On 18 July 2014, the Austrian energy regulatory authority E-Control released its affirmative decision in relation to the certification of Trans Austria Gasleitung GmbH (" TAG ") as a transmission system operator (" TSO ") for gas. In its decision, E-Control not only requires TAG to be comprehensively restructured, but also takes a stance on the European Commission's (" EC ") opinion on the potential non-compliance of the Austrian Natural Gas Act 2011 (Gaswirtschaftsgesetz " GWG ") with EU unbundling rules.  read more...
  • UA: New rules for conversion of FX proceeds

    The National Bank of Ukraine (NBU) introduced the compulsory exchange of 100% of foreign currency proceeds.  read more...
  • Slovenia: IPPC baseline reporting to become serious very soon

    Slovenian legislation is still lagging behind in transposing the IPPC/IED baseline reporting requirements into national environmental law. However, the Slovenian government recently presented a new draft decree that inter alia defines and specifies the obligation of drawing up baseline reports. Many industries will be hit by the new legislation, which is expected to enter into force by the end of 2014.  read more...
  • MD: Finally! Liquidating a Company is Now a Mission Possible

    On 29 May 2014, the Moldovan Parliament passed the Act No. 90/2014 on amending and supplementing of certain legislative acts (Act No. 90). Act No.90, which entered into force on 27 June 2014, implements simplified rules on the liquidation of companies in Moldova (in particular, at the decision of their shareholders), namely by inter alia amending the Civil Code of Moldova, Act No. 845/1992 on Entrepreneurship and Enterprises, Act No. 220/2007 on State Registration of Companies and Individual Entrepreneurs.  read more...
  • AT: German Supreme Court enacts duty for banks to disclose internal commission payments

    In a recent landmark judgment (3 June 2014, XI ZR 147/12), the banking law senate of the German Supreme Court stipulates far-reaching disclosure obligations for banks (active in Germany) with respect to internal commission payments for investments. While the country's banks are obliged to inform their clients of such "hidden" internal commission payments as of 1 August 2014, they will not be held liable for not having disclosed such commission payments in the past. The German Supreme Court's decision will certainly have an immediate impact also in Austria.  read more...
  • Austria: Rules for voluntary disclosure in criminal tax matters are expected to be tightened

    Austrian tax law enables taxpayers to avoid criminal tax sanctions or penalties in case of fiscal offences by submitting a voluntary disclosure. The taxpayer's exemption from any criminal tax sanctions on account of having submitted a voluntary disclosure is subject to specific preconditions. A draft tax bill on the Amendment of the Austrian Fiscal Criminal Tax Act 2014 (Finanzstrafgesetznovelle 2014) that is currently pending for vote in the Austrian Parliament is set to tighten these requirements significantly. The new rules are expected to enter into force as of 1 October 2014.  read more...
  • AT/EU: New Sanctions Regime against Russia

    The European Union has recently agreed to an additional, higher level of sanctions against Russia. The new packages include (i) severe restrictions on doing business in Crimea or Sevastopol, (ii) a significant expansion of the list of designated persons and entities (see our newsletter of 28 March 2014 ), and most importantly (iii) severe limitations on the ability of Russian state banks to access (capital markets) financing, embargoes on weapons sales (including dual-use goods), as well as prior authorization requirements for the transfer of sophisticated oil drilling technology.  read more...
  • Romania: Law 84/2014 on employee inventions

    In Romania, a new law on employee inventions entered into force on 29 June 2014 (Law 83/2014). This new law abrogates former provisions on employee inventions set forth inter alia by the country's Patent Law (Law 64/1991).  read more...
  • RS: Seconding Austrian nationals to work in Serbia

    It is commonplace for foreign companies active in the Republic of Serbia, including Austrian firms, to second their employees to the country via their affiliates or business partners. In the practical application of such secondments, one must differentiate between secondments in which seconded employees are employed for a fixed term with an employer in Serbia, and those in which employees are not employed by an employer in the country.  read more...
  • Austria: ISO 19600: Compliance Management Systems - Guidelines

    As a young and complex matter, compliance presents numerous challenges for organizations. This is partly due to the lack of global standards, which could provide guidance. As a consequence, organizations are having a hard time recognizing those compliance requirements that are necessary, appropriate and capable of serving as indicators of a functioning Compliance Management System ("CMS"). Therefore, it is highly welcome that the International Organization for Standardization ("ISO") is currently working on a global standard for CMS.  read more...