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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 relationship between hyperlinking and copyright is much debated. Although recent decisions of the ECJ have shed some light on the question, many questions still remain when hyperlinking to copyrighted content should be considered a copyright infringement. Some of these questions have been addressed by the Austrian Supreme Court in a recent judgment (Decision by the Supreme Court dated 23 February 2016, 4 Ob 249/15v). read more...
Serbia does not currently have any separate regulations in place in respect of protection of "personal data" pertaining to legal entities. It does regulate the protection of natural persons' data, however, without any particular mention of entrepreneurs. read more...
The Czech Ministry of Labour and Social Affairs (the "MLSA") recently submitted a new proposal for interdepartmental comment, that will modify the current Labour Code . read more...
The Hungarian arbitration Act (Act LXXI of 1994 on arbitration, “the Act”) has barely “turned 22” and the pressure to replace it with new legislation has popped up. Considering the current, rapid reform of effective laws in Hungary – meaning that relatively new legislation which has been in force for only five to ten years has been set aside to introduce new legislation –the push to introduce new law on arbitration law is no surprise. read more...
Discussions of arbitrators’ powers have riveted the international arbitration community. Practitioners increasingly face situations where arbitrators seem cautious and reluctant to rule on procedural issues. read more...
This competition newsletter is an update to our previous insight on the first gun jumping decision of the Hungarian Competition Authority ("HCA"), where we set out the background to the Hungarian suspension clause and the calculation of fines in more detail. read more...
Bankruptcy and reorganization are the two primary procedures available for solving a collective action problem in dealing with financially troubled debtors, and both are regulated by the Montenegrin Insolvency Act. read more...
The woodcock mating season has just ended and deer-hunting season has already begun. Are officials allowed to accept an invitation to a hunting trip, or should they be paying the shooting fees and other costs? read more...
The Hungarian Competition Authority ("HCA") has imposed a fine of HUF 1 million (approx EUR 3,200) on CEE Holding Group Limited and Olympic International Holdings Limited, for implementing a concentration prior to authorisation by the HCA (cf Vj/145/2015., the decision may be found here ). read more...
The long-awaited Personal Data Protection Act no. 6698 ( Kişisel Verilerin Korunması Kanunu ) (the " DPA " or " Law ") was approved by the Turkish Parliament on 24 March 2016, was published in the Official Gazette on 7 April 2016, and hence came into force. read more...