Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
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On April 14, 2010 the Austrian Cartel Court released a decision1 imposing an overall fine of EUR 1.52 million on four companies participating in a cartel in the printing chemical sector. The investigation of the cartel by the Austrian Federal Competition Authority was triggered by a leniency application. As in other jurisdictions, if all requirements are fulfilled no fine will be imposed on the first leniency applicant for his cooperation. However, in this particular case, the first leniency applicant negligently failed to fulfil its obligation of full cooperation. Consequently, the Austrian Federal Competition Authority requested the Austrian Cartel Court to impose a fine on the first leniency applicant.
- Saxinger Chalupsky & Partners Rechtsanwäl
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Since September 9, 2009 a new law is in force in Austria that allows for a wider exchange of information than before if a double tax treaty, an ECDirective or international agreements provide for it. Since September 18, 2009 Austria is no longer on the OECD's Grey List of countries that are considered to not fully implement OECD tax standards.
- Binder Grösswang Attorneys-at-Law
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Country Q&A Austria: What are the most common forms of security taken in relation to immovable and movable property? Are any specific formalities required for the creation of security by companies?
- Fellner Wratzfeld & Partner Rechtsanwälte Gmb
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In line with many other jurisdictions, the Austrian M&A market has suffered from the financial crisis both in terms of volume and number of deals. Most estimates and statistics have shown a drop-off in 2008 of between 20% and 30% as compared to 2007
- Fellner Wratzfeld & Partner Rechtsanwälte Gmb
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As in many other jurisdictions, the Austrian government was forced to react quickly to the financial crisis in the autumn of 2008. Providing support to banks was a central component of the legislative measures on financial market stabilisation that were adopted in late October 2008. After the joint declaration on the concerted European action plan on October 12 2008, the Austrian government promptly the next day announced a package of measures intended to be taken. One week later the Austrian parliament adopted the implementing legislation on financial market stabilisation which went into effect in large part on October 27 2008. The European Commission state aid approval of the Austrian financial market stabilisation measures was communicated on December 10 2008 and extended to the end of this year by a decision rendered on June 30 2009.
- Fellner Wratzfeld & Partner Rechtsanwälte Gmb
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Country Q&A Austria
- Schönherr
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Companies are often forced to acquire the services of a local partner or intermediary when starting or conducting their business abroad, particularly in CIS countries. If such local partners use corrupt practices, such as bribery, this can cause significant damage to the reputation and finances of the company.
- Schönherr
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In view of the increase in unemployment, Ukraine also will amend its rules and regulations regarding the issuance of work permits for foreigners. These new rules will affect those Austrian expats currently working in Ukraine (e.g. managing directors, members of supervisory boards and other skilled labour) who wish to extend their work permits, as well as those who intend to work in Ukraine once the respective law has been enacted.
- Wolf Theiss
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A practical insight to cross-border Mergers and Acquisitions.
- Schönherr
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In times of crisis, it is particularly important for the managing director of a limited liability company to meet all legally prescribed obligations regarding auditing and notification in a timely manner in order to avoid any possible (personal) liability. In Croatia, countless companies ("društvo s ograničenom odgovornošću" or abbreviated "d.o.o.") exist in which foreigners act as managing directors. Thus, knowledge of and attention to legal distinctions are of significant importance.
- Wolf Theiss