The Legal 500

Continuing our practice of regularly updating our clients on changes in the Russian legislation, in this legal alert we would like to inform you that as of September 1, 2011, the Ministry of Health and Social Development of the Russian Federation will introduce a new procedure for assessing working conditions in workplaces. 1 [1] Results of workplace assessments with respect to the working conditions conducted before September 1, 2011 (in accordance with the procedure currently in effect 2 [2]) will remain valid up until the next regular assessment.

Choosing or changing a multinational company's headquarters involves considerations of quality of living and political stability in addition to economic and legal issues. This arti-cle, in two parts, outlines some of the advantages of and basic information about choos-ing Austria for a company’s headquarters. Part 1 is an overview of Austria's social and political background and of some legal forms to consider for a holding company. Part 2 will introduce Austrian tax law and provide additional legal information.

The Hungarian Companies Act ("CA") and others have long contained provisions to protect creditors. One provision prohibits a limited liability company from paying dividends to its shareholders if it does not have sufficient funds.

One of the primary objectives of the reformed Austrian Insolvency Act ("IO"), which entered into force on 1 July 2010, has been to increase the number of successful corporate reorganisations and to facilitate the continuation of business operations during financial crises. After the initiation of insolvency proceedings, the creditors of an insolvent debtor shall not be entitled to revoke or terminate contracts that are essential for continuing the debtor’s business operations.

Romania

Bulgaria

Austria Christian Schmelz and Bernd Rajal - Schönherr Rechtsanwälte GmbH

The latest amendment of the Austrian Act on Equal Treatment (Gleichbehandlungsgesetz – GlBG; in force since 1 March 2011) sets into force a provision requiring the declaration of minimum remuneration in job postings. As of 1 January 2012, any infringement of this provision may lead to sanctions.

Neli Nedkova and Dessislava Iordanova - Wolf Theiss In 2010 the activity of the Bulgarian Commission for Protection of Competition (the Commission) showed a trend of increasing focus on compliance shifting slightly from the antitrust area. Proceedings that have started and the most recent decisions show that this trend is likely to continue in 2011.

From 1 January 2012, the transfer of a construction right will be VAT exempt only until the construction permit is issued. The previous regime had allowed the exemption until the completion of the rough construction.

On December 8, 2011 an amendment of the Foreign Trade Act 2011 (Außenwirtschaftsgesetz 2011, until then Außenhandelsgesetz 2011, “FTA 2011”) entered into force imposing a substantial new barrier on foreign investors when acquiring shares in Austrian companies that operate in areas of public security and order. This amendment came as a surprise as part of the Budget Consolidation Act 2012 (Budgetbegleitgesetz 2012), governing different topics. The key points of the new barrier for foreign investors are the following: