Schoenherr North Macedonia > Belgrade, Serbia > Firm Profile
Schoenherr North Macedonia Offices
BULEVAR VOJVODE BOJOVICA 6-8
11000 BELGRADE
Serbia
Schoenherr North Macedonia > The Legal 500 Rankings
Serbia > Banking and finance Tier 1
Moravcevic Vojnovic and Partners in cooperation with Schoenherr has an enviable track record in restructurings, public takeovers, acquisition and project finance, property development, and investment-grade corporate lending. Co-heading the group are banking and finance, capital markets, and restructuring and insolvency specialist Nikola Babić and Matija Vojnovic, a capital markets and corporate finance expert. The second line of key advisers includes ‘skilled negotiator‘ Vojimir Kurtić and attorneys at law Jovan Barović, Jelena Arsić and Dušan Obradović.Practice head(s):
Other key lawyers:
Testimonials
‘They really know what they are doing in capital markets deals and their associates are top notch.‘
‘I really admire the team’s ability to find legal solutions for extremely complex transactions.‘
‘They are fast, accurate and competent.’
‘Nikola Babić is available 24/7, knows matters inside out and is 100% reliable.‘
‘Vojimir Kurtić is a fantastic lawyer and skilled negotiator. He is very knowledgeable and able to look at transactions from different angles.‘
‘Great cooperation from Matija Vojnovic and Jelena Arsic. They are always available, very up do date, efficient and transparent. In addition, they have great knowledge of both the legal issues and commercial aspects – I would definitely recommend them.‘
‘Jelena Arsić is an excellent lawyer – very reliable and solutions oriented, and gives the best legal advice no matter how complex the transaction is.‘
‘Dušan Obradović is an outstanding banking and finance law professional. He manages complex financing deals successfully and with ease, and I believe that he will accomplish great things in his career given the knowledge and professionalism he already has.‘
Key clients
Deutsche Bank
UniCredit Bank
Credit Suisse International
Commerzbank
National Bank of Greece
Renaissance Capital
Erste Bank
Banca Intesa
HETA Asset Resolution
Bank Of Cyprus
The European Bank for Reconstruction and Development
International Swaps and Derivatives Association
Société Générale
OTP Bank
ABN AMRO Bank
PNB Paribas (Suisse)
Magyar Export-Import Bank
Raiffeisen Bank International
Citigroup Global Markets
VTB Bank (Europe) SE
Deutsche Bank
J P Morgan Securities
Sun Valley
Oaktree Capital Management (UK)
Victoria Oil (Serbia)
Work highlights
- Advised a syndicate of major regional and international banks on a €125m project financing for the development of one of the region’s largest shopping malls.
- Advised J P Morgan Securities, Deutsche Bank (London Branch), UniCredit Bank and BNP Paribas on the issuance of $1.2bn notes by the Republic of Serbia.
- Advised Export-Import Bank of China on the Serbian law aspects of a facility agreement pursuant to which loans are to be granted to the Republic of Serbia to construct a district heating pipeline.
Serbia > Commercial, corporate and M&A Tier 1
In addition to its strong track record in headline banking M&A, Moravcevic Vojnovic and Partners in cooperation with Schoenherr‘s corporate and commercial practice routinely advises on healthcare, pharmaceuticals and energy-related deals, along with major infrastructure projects in Serbia and regionally. Co-heading the team are M&A specialist Matija Vojnović, who advises strategic investors and private equity firms, and Luka Lopičić, a retail, consumer goods, pharma, telecoms and automotive sector expert. The practice also includes name partner Slaven Moravčević, corporate and M&A specialist Vojimir Kurtić, and key attorney at law Bojan Rajić.Practice head(s):
Other key lawyers:
Testimonials
‘This commercial, corporate and M&A practice is top notch.‘
‘They are very experienced and have really broad expertise that extends beyond the issue at hand.‘
‘They not only excel at the task, but anticipate potential issues that could come down the road much better than the vast majority of legal advisers I have worked with.‘
‘The firm combines a strong brand name and international network and standards with a local touch and commitment to clients.‘
‘Matija Vojnović combines outstanding legal expertise with really good business and commercial sense and instincts, which are quite rare in the legal profession.‘
‘Luka Lopičić and Matija Vojnović are our typical port of call, and we are very happy with their quality of service, and level of professionalism and commitment.‘
‘Both Matija Vojnović and Vojimir Kurtić are excellent communicators and a pleasure to work with.‘
‘Vojimir Kurtić manages complex engagements exceptionally well and accomplishes tasks in a manner that is professional, collegial, and highly productive at the same time.‘
Key clients
Oaktree
Endava
Carlyle Group
Nidec Corporation
Elektroprivreda Srbije
Syneos Health
BM Consulting
Masdar Taaleri Generation
RWE
E ON
Shoppster DOO Beograd
TN Invest Anstalt
Opportunity Transformation Investments
Hleb & Kifle
Work highlights
- Assisting Rio Tinto with an investment in Serbia, including potential corporate structuring and regulatory issues.
- Advising Nidec Corporation on its greenfield investments in manufacturing facilities in Novi Sad.
- Advised Elektroprivreda Srbije on its acquisition of 51% of the share capital of HES Gornja Drina, a concession project company established for the construction and operation of a hydropower plant system.
Serbia > Competition Tier 1
Moravcevic Vojnovic and Partners in cooperation with Schoenherr ‘has an outstanding team of competition law experts‘. The sizeable team in Serbia advises on the full spectrum of competition law-related matters, including investigations, merger control proceedings, follow-on damages actions, competition law compliance and state aid. Heading the firm’s EU competition practice group for the Balkans region, Srdjana Petronijević has a strong track record in high-profile, multi-jurisdictional merger control proceedings. Danijel Stevanović advises on competition law matters in Serbia and several other countries in the region, while attorney at law Zoran Šoljaga is also a competition specialist.Practice head(s):
Other key lawyers:
Testimonials
‘I have cooperated with several distinguished legal offices in my previous and current work, but without any doubt I was the most satisfied with this firm.‘
‘They are simply different. Tailor-made advice from very smart, completely dedicated lawyers – great preparation and experience.‘
‘The firm has an outstanding team of competition law experts.‘
‘They really stand out from other offices for their expertise, experience and the number of antitrust lawyers in the team. We appreciate their professional dedication and detailed assessment of every competition law issue that we have. We also highly value the fact that they are practical, pragmatic and client focused.‘
‘All experiences with this firm are really exceptional, especially with Srdjana Petronijević, who is smart, dedicated, very cooperative, and displays out-of-the-box thinking.‘
‘Srdjana Petronijević is an excellent team leader, and a person who is easy to reach and to work with. She is able to provide practical solutions for complex matters, and communicate competition law concepts in an understandable way. I really love working with her!‘
‘Danijel Stevanović is a highly accomplished practitioner.‘
‘Zoran Šoljaga has unique experience and knowledge that distinguishes him from other lawyers. Besides being knowledgeable, he is also easy to deal with and really comprehensive in everything he does. It is always a pleasure working with him.‘
Key clients
Fiat Chrysler Automobiles
Nike
Ikea
Meggle
Nestlé
Japan Tobacco International
Intesa Sanpaulo Bank
Volvo
Daimler
Siemens
OMV
Bosch
Goodyear
EPS
ERS
Generali
Unicredit Group
TransOil
Oaktree Capital
Mylan
Pepsico Group
L’Oréal Group
Work highlights
- Successfully assisted Fiat Chrysler Automobiles with obtaining merger control approval from the Serbian Competition Authority for its merger with Peugeot.
- Advising Nike and Converse on distribution policies in the region.
- Represented Japan Tobacco International in a landmark investigation into an alleged cartel between tobacco manufacturers.
Serbia > Dispute resolution Tier 1
Moravcevic Vojnovic and Partners in cooperation with Schoenherr‘s strong track record encompasses investment arbitration along with representing companies, states and state entities in international commercial arbitration. The team also handles disputes relating to construction projects, insolvencies, and labour and energy law. Jelena Bezarević Pajić focuses on international commercial and investment arbitration; Nataša Lalatović Đorđević acts in commercial and corporate litigation, and investment and commercial arbitration; and Slaven Moravčević‘s recent experience includes representing the State of Montenegro in arbitration proceedings. Tanja Šumar, Vanja Tica and Hristina Todorovic are key attorneys at law.Practice head(s):
Other key lawyers:
Testimonials
‘The best on the market.‘
‘The team has all the skills needed for this practice – diversity, experience, and understanding of the needs of clients.‘
‘Great knowledge and experience.‘
‘All the lawyers stand out for their expertise, knowledge and seriousness in solving all required tasks.‘
‘They show high levels of knowledge.‘
‘Nataša Lalatović Đorđević and Matija Vojnović have great skills, and manage to grow and lead teams that have the same credentials.‘
‘Nataša Lalatović Đorđević has professional and human qualities that every lawyer should possess.‘
Key clients
State of Montenegro
Elektroprivreda Srbije
United Group
Adria Serbia Holdco
Serbia Broadband – Srpske kablovske mreže
UniCredit Bank
Alma Quattro
Rio Tinto
VIG
Wiener Stadtische
Lincoln Electric
Global Dominion
Millet SAS
Lesaffre
Anadi Bank
Mera Investment Fund
Capital Estate
Energoprojekt Oprema
Lidl (Serbia)
NLB Bank
Tehnoexport
Eurobank
Work highlights
- Acted for the State of Montenegro in seven major arbitration proceedings.
- Successfully assisted Zelena, Energo-Zelena, Kunsttrans and Mera Investment Fund with three investment arbitration proceedings against the Republic of Serbia.
- Acting for United Group and Alma Quattro in two investment treaty cases against the Republic of Serbia.
Serbia > Employment Tier 1
Moravcevic Vojnovic and Partners in cooperation with Schoenherr‘s labour and employment practice consistently works alongside the firm’s well-established corporate and M&A group, particularly to advise on the employment law aspects of major transactions. It also has a strong track record in assisting blue-chip international and national clients with the commencement and termination of employment relationships. Heading up the practice, Marija Vlajkovic handles both day-to-day employment issues and labour disputes, and attorney at law Bojan Rajic is a specialist in contracts and employment investment incentives.Practice head(s):
Other key lawyers:
Testimonials
‘The firm will always try to find a solution that best fits your industry and your business, while at the same time ensuring compliance with legislation.‘
‘I commend their dedication and willingness to listen to us and understand our rather unique position in the Serbian market.‘
Key clients
OMV
United Group
Entelo
SAP West Balkans
Immofinanz
Magna
Timab
Adient
Nepi Rockastle
Phoenix Group
Crowe Horwath
Getinge
Sitel
CRH
Amrest
RP Global
Work highlights
- Assisted OMV with the introduction of working from home due to the Covid-19 pandemic.
- Advised Quest Software on the Serbian labour law aspects of its acquisition of Apex SQL.
- Advised Sitel on regulating its internal set-up for working from home due to the Covid-19 pandemic, including the preparation of a rulebook.
Serbia > Projects and energy Tier 1
Moravcevic Vojnovic and Partners in cooperation with Schoenherr‘s sizeable energy practice advises on both international and domestic transactions, development projects, M&A and privatisations. Other areas of expertise range from PPPs, regulatory work and public procurement to competition law and disputes. Miloš Laković is a renewable energy project specialist; name partner Slaven Moravčević specialises in energy, real estate, and corporate and M&A matters in this field; and corporate and M&A leader Matija Vojnović‘s track record includes advising on major energy projects. Attorney at law Aleksandra Petrović also assists with significant energy and industrial projects.Practice head(s):
Other key lawyers:
Testimonials
‘The firm provides a continuously excellent service.‘
‘Demonstrated good quality, top expertise, full engagement, absolute reliability and flexibility – qualities that are important to clients.‘
‘I can rely on the firm’s lawyers, who offer the best solutions and are always responsive, no matter what time of the day an urgent request may come their way.‘
‘Comprehensive knowledge, perfect analysis, an analytical attitude, and the ability to offer innovative solutions.‘
‘This team has proven its expertise in energy projects, both regionally and worldwide.‘
‘Slaven Moravčević is an excellent professional, and obviously skilful and experienced. He has a deep knowledge of different sectors and regulated industries, and applies this to his day-to-day work. He is also very pleasant to work with.‘
‘Miloš Laković and Aleksandra Petrović are deeply devoted to their work and always available. They are also sharp thinkers, good listeners and even better advisers – they hit the nail on the head in most situations and provide excellent solutions.‘
‘Miloš Laković and Aleksandra Petrović are great for the quality of their work, accuracy and responsiveness.‘
Key clients
Serbian Ministry of Mining and Energy
EBRD
JP Elektroprivreda Srbije
Masdar
GCL
Rio Tinto
Alstom
Carlyle Group
RP Global
Fortum
Enel
Taaleri Finland
Elektroprivreda Crne Gore
Shanghai Electric Power
City of Belgrade
Energy Community
OMV
Gazprom
RWE
New Power Generation International
University of Belgrade – Faculty of Transport and Traffic Engineering
Serbian Agency for Road Traffic Safety
Work highlights
- Advising the Serbian Ministry of Mining and Energy and the European Bank for Reconstruction and Development on setting up an incentive scheme for electricity produced from renewable sources in Serbia.
- Advising Rio Tinto on the development of the large Jadar mining project in Serbia, including the regulatory aspects.
- Advised Elektroprivreda Srbije on its acquisition of 51% of the share capital of HES Gornja Drina, a concession project company established for the construction and operation of a hydropower plant system.
Serbia > Real estate and construction Tier 1
Moravcevic Vojnovic and Partners in cooperation with Schoenherr‘s ‘outstanding‘ real estate department is routinely instructed on headline commercial property mandates. Its key areas of focus cover shopping and retail centres, office buildings and infrastructure construction. The group’s practitioners are also experts in FIDIC-based construction matters, in addition to distressed real estate. Co-heading the team are retail sector expert Ivan Pantović and real estate development project specialist Slaven Moravčević. Ivana Panić is a construction expert, while Dijana Grujić is a ‘very responsive‘ attorney at law.Practice head(s):
Other key lawyers:
Testimonials
‘The team is outstanding – highly skilled professionals with great negotiating skills.‘
‘The firm has great experience and know-how and specialised departments for different aspects of law, which makes them easy to work with. In addition to their legal knowledge, they have amazing awareness of changes in the market and how the relevant Serbian authorities work, which is very important for doing business in Serbia.‘
‘MVP creates teams to match clients’ needs, and within the estimated financial limits.‘
‘Good sound knowledge of FIDIC and how it applies in the region.‘
‘Ivan Pantović is an excellent lawyer, who pays great attention to details and is very competent. I really admire his responsiveness and availability.‘
‘Ivana Panić is a role model as a team leader, with a good sense for workload distribution and control of the goals to be achieved.‘
‘Both Ivan Pantović and Ivana Panić are outstanding professionals in the field of real estate and construction. Their advice is always technically impeccable, but at the same time shows excellent business acumen, which is rare to find in real estate and construction lawyers in Serbia.‘
‘Dijana Grujić is very responsive – her comments are essential and straight to the point, and she is able to work under time pressure. We like working with her.‘
Key clients
Lidl
Immofinnanz
OMV
NEPI Rockcastle
AzVirt
AmRest Holdings
The European Bank for Reconstruction and Development
Adient
Hidroelektrana Dabar
Xprimia Group
Work highlights
- Advising Immofinanz on all aspects of the STOP SHOP portfolio development in Serbia.
- Advised OMV on the acquisition of over 70 locations in Serbia for the purpose of developing petrol stations, including the reconstruction of existing petrol stations.
- Advising the EBRD on the development and potential financing for the construction of the main bus terminal/station in Kragujevac.
Serbia > Intellectual property Tier 2
Moravcevic Vojnovic and Partners in cooperation with Schoenherr‘s ‘outstanding‘ IP department has a particularly strong track record in media-related matters. Typical work ranges from trade mark registrations to advising on technically challenging issues including illegal streaming, online infringements and IP disputes. The team also assists with IP portfolio-related matters, including unfair competition and the IP aspects of transactions. IP and unfair commercial practices specialist Andrea Radonjanin advises several high-profile international clients, such as Beiersdorf, United Group and OMV, on IP and IT issues in the region. Andrej Zoric and Magdalena Petreska are key associates.Practice head(s):
Other key lawyers:
Testimonials
‘The practice is really unique. The team has deep knowledge, and delivers tailored and pragmatic legal advice with a very concise and understandable approach.‘
‘An outstanding team on both the technical and legal side.‘
‘They have excellent expertise and know how to negotiate.‘
‘What is very important to us is that, thanks to their size, they have the capacity to handle different deals and cover all aspects of transactions.‘
‘Andrea Radonjanin is a brilliant and creative lawyer, who is very commercially minded and always responds to clients’ needs.‘
‘Andrea Radonjanin is one of the best IP lawyers that I have worked with. I really admire her expertise and ability to offer the best solutions to complex transactions.‘
‘Andrea Radonjanin has expert knowledge of various IP matters, and I always feel that our IP work will be handled perfectly by her. I am always impressed with the level of legal, technical and commercial insight that Andrea demonstrates.‘
‘Andrej Zoric is very reliable and knowledgeable.‘
Key clients
Beiersdorf
United Group
United Media
Alliance for Creativity and Entertainment
OMV
Laboratoires La Prairie
Maggie Sottero Designs
UniCredit
Adeco
HerbaElixa
Rio Tinto
Qode
Tehnoexport
Albaugh
Rhythm & Blue
Rauch
Work highlights
- Advising Rio Tinto Group on IP-related matters.
- Acting as general counsel in relation to the Serbian IP portfolio of OMV.
- Acting for a group of companies, including United Media, SBB, Grand and other major television channel and movie producers in the Balkans region, on illegal streaming of their copyright content through IPTV platforms.
Bosnia & Herzegovina > Banking, finance and capital markets Tier 2
Moravcevic Vojnovic and Partners in cooperation with Schoenherr‘s team has strong banking expertise, advising a combination of regional and domestic clients. Project financing is a core area of expertise for the group, and it is particularly involved in energy projects. Beyond that, it is able to advise lenders on key investments. Matija Vojnovic leads the team from Belgrade. Key in Sarajevo is junior partner Minela Šehović.Practice head(s):
Matija Vojnovic
Other key lawyers:
Minela Sehovic; Jelena Arsić
Testimonials
‘Their banking and finance practice is the best in the region. They have a multi-disciplinary team of highly experienced lawyers. I love working with them. They always offer seamless cross-border solutions.’
‘Matija Vojnovic is an outstanding lawyer who is very sharp and supportive. The combination of his wealth of experience and creative approach always brings the best results.’
‘Jelena Arsic is a great lawyer, fluent in international financial and corporate law matters. Her advice is always insightful, she is great in finding solutions and delivers a high-quality product.’
‘Minela Sehovic is very knowledgeable and experienced lawyer with excellent market knowledge.’
‘I appreciate the team’s professional and innovative approach and ability to handle all matters, especially complex, landmark financial transactions in the region. They get the deal done and give decisive guidance, they are an extremely well-organized team.’
‘Matija Vojnovic is the leading banking and finance and corporate lawyer in the region. I particularly appreciate his commercial approach to transactions.’
‘Jelena Arsic leads all transactions we have been working on, she is one of the best finance lawyers I worked with. She is commercial in her approach, tries to understand the commercial background and is also able to get into the technical details. She delivers excellent results.’
‘Minela Sehovic is a very good lawyer with significant experience in financial and corporate law matters.’
Key clients
Sberbank
UniCredit
GETINGE GROUP
VTB Bank (Europe) SE
Hidroelektrana Dabar
United Group
Wiener Insurance Vienna Insurance Group a.d
APG SGA
UNIQA
Work highlights
- Advising Hydro Power Plant “Dabar” on all financing matters concerning the 160 MW hydropower plant “Dabar.”
- Advising VTB Bank (Europe) SE on the refinancing of its €100m loan to Poslovni sistem Mercator d.d.
- Advised UNIQA insurance group on the streamlining of its group structure to improve the efficiency of the management of the group.
Bosnia & Herzegovina > Commercial, corporate and M&A Tier 2
Moravcevic Vojnovic and Partners in cooperation with Schoenherr's serves a mix of local and international clients, with a particular emphasis on multijurisdictional transactional matters. Industry expertise includes pharmaceuticals, energy, real estate and financial services. Minela Šehović is a key name to note in Sarajevo, advising on market entrances and M&A matters. Associate Azem Ahmic is also noted. Matija Vojnovic and Luka Lopičić lead the team from Belgrade.Practice head(s):
Other key lawyers:
Testimonials
‘Minela Sehovic is covering all corporate law matters locally, it is always a pleasure to work with her. She is an experienced lawyer, and she knows how to handle any matter in understandable way and with a practical approach.’
‘People collaboration’
‘The team has all skills needed for the practice – diversity, experience, understanding of the needs of clients – social skills needed for such processes; all this built on a strong knowledge and experience.’
‘The team is very good. They operate by high international standards and are widespread across the region thus having excellent people in the international team, and they always invest in people. That is their main strength.’
‘Matija Vojnovic leads an outstanding M&A team that he built from scratch over the past decades in a challenging market – he always looks for new talents and involves them in the business – most valuable in times where every firm looks for talent, is the ability of the firm to establish long term co-operations with the team so that the law firm, team and client grow hand in hand.’
‘Matija Vojnovic is one of the most prominent corporate/M&A experts in the region. He always delivers high-quality legal input and specialised advice and can handle any complex transactional work.’
‘Luka Lopicic is a very professional lawyer, straight to the point and very hard working. I admire his commitment and pragmatic guidance.’
Key clients
Phoenix Pharma
UniCredit
Getinge Group
Hidroelektrana Dabar d.o.o. Trebinje
Javno preduzeće Elektroprivreda Republike Srbije (JP EPS)
Tom Tailor GmbH
Salvado Investment Corp
Partnera Oyj
Endava
Work highlights
- Advised Endava on the acquisition of Comtrade Digital Services.
- Advising Elektroprivreda Srbije on the construction of three hydro plants on the river Drina.
- Advised Partnera Oyj on the acquisition of Finnish limited liability company KPA Unicon Group Oy.
Bosnia & Herzegovina > Competition Tier 2
Moravcevic Vojnovic and Partners in cooperation with Schoenherr offers clients looking to do business in Bosnia competition advice from its Belgrade and Sarajevo offices. The team serves a mix of local and regional clients, with a particular emphasis on providing merger control support, foreign direct investment advice, and offering contentious support in certain matters. Srdjana Petronijević leads the team from the Belgrade office. Also key are Minela Šehović and Azem Ahmic, both of whom are based in Sarajevo.Practice head(s):
Srdjana Petronijević
Other key lawyers:
Testimonials
‘People and collaboration.’
‘They are truly excellent, very knowledgeable and responsive. The team has high commercial awareness and deep knowledge of our business.’
‘I really love working with them because I know that they will handle any obstacle with ease.’
‘The team has consistently been a great support to us over the years. They have a strong knowledge and innovative approach in handling any project.’
‘The advice they provided us with was excellent. It was delivered in a coherent and systematic way, which made it very easy for us to understand all aspects of the competition aspect of our project. Both jointly and individually they provide outstanding advice.’
‘Minela Sehovic, amazing potential!’
‘Srđana Petronijević – I think she is an outstanding lawyer, extremely insightful and skilled. Given her strong and long-standing experience, she is without a doubt an authority on competition law in the region. Her advice is always clear, precise and quick, and we value that greatly.’
‘Minela Šehović – I see her as a valuable attorney with impressive knowledge and capability. She is a great asset to Schoenherr’s competition team and to their on-spot practice in Bosnia altogether. Minela is a talented lawyer who has been a great support whenever we would need assistance in Bosnia.’
Key clients
Elektroprivreda Srbije
RIDG Holding
Thales Group
Phoenix Pharma
Direct Media
UniCredit Bank d.d. Mostar, Unicredit bank a.d. Banja Luka
Triglav Osiguranje
Getinge Group
Hidroelektrana Dabar d.o.o. Trebinje
Teva Pharmaceutical Industries
CIAK Group
Siemens AG Group
Nike
Nestle
Marbo
Work highlights
- Advising Elektroprivreda Srbije on the construction of three hydro plants on the river Drina.
- Advised Siemens AG Group and its subsidiary Siemens Healthineers Holding I GmbH on the acquisition of Varian Medical Systems.
- Advising NIKE and Converse on their distribution policy in the region.
Montenegro > Leading firms
Moravcevic Vojnovic and Partners in cooperation with Schoenherr's key areas include corporate and M&A deals, banking and finance, financial services regulatory work, project development and dispute resolution. It also assists with multi-jurisdictional IP issues, as well as acting in merger control proceedings before the Montenegrin Competition Authority. The principal Podgorica practitioners to note are attorney at law Ana Vukčević, a key member of the energy, corporate, M&A, dispute resolution, and healthcare and life sciences practice groups; and associates Luka Veljović and Petar Vučinić. Belgrade-based Slaven Moravčević leads the practice.Practice head(s):
Other key lawyers:
Testimonials
‘A team of experienced and skilled lawyers providing high-quality legal advice.‘
‘The team is clearly skilled in handling challenging, high-end, legal matters that have high levels of complexity.‘
‘Lawyers with a sharp and yet easy-going mindset, getting right to the point when analysing complicated legal issues.‘
‘The best law firm in the region – that is why we have a long-lasting collaboration.‘
‘Their know-how, practical knowledge and dedication to the client make them one of a kind.‘
‘Capable of smoothly handling various daily issues at any time, because of the great structure of the team and availability 24/7.‘
‘Attorney at law Ana Vukčević is one of a kind. I admire how knowledgeable, skilled, detail oriented, and approachable she is.‘
‘Ana Vukčević is a fast thinker and very intuitive in business, so I can easily trust her decisions.‘
Key clients
State of Montenegro
Enemalta
Shanghai Electric Power
ICBC Austria Bank
Mozura Wind Park
Elektroprivreda Crne Gore
Fortum
United Group
Enel Global Trading
Deutsche Bank
Citigroup Global Markets
Erste Group Bank
Merrill Lynch International
Société Générale
The Ministry of Transport and Maritime Affairs of Montenegro
UNIQA Insurance Group
UNIQA Österreich Versicherungen
Raiffeisen Bank International
Sucafina
Hydra Brokerage
Société Générale
Atena Bohor
Novi Volvox
Zenith Electronics
Luxoft USA
Generali CEE Holding
Siemens Healthineers
Daimler
AB Volvo
Work highlights
- Counsel to the State of Montenegro (and related agencies) in arbitrations and litigation, which were commenced by CEAC Holdings in relation to the privatisation and shutdown of Kombinat Aluminijuma Podgorica (Montenegrin aluminium plant).
- Advised various banks as joint lead managers (Citigroup Global Markets, Erste Group Bank, Merrill Lynch International and Société Générale) on the issuance of a €750m bond by the State of Montenegro.
- Advising Fortum and Elektroprivreda Crne Gore on the development of a 200MW solar power plant.
Bosnia & Herzegovina > Projects and energy
Moravcevic Vojnovic and Partners in cooperation with Schoenherr's team has been heavily involved in hydroelectric power projects, advising a number of public sector bodies on drafting, financing and transactional matters. Sarajevo-based Minela Šehović is particularly noteworthy for her advice to international investors. Belgrade-based practice head Matija Vojnovic is 'an outstanding regional leader for projects in the renewable sector'.Practice head(s):
Matija Vojnovic
Other key lawyers:
Testimonials
‘Their experience extends across the full breadth of both traditional and renewable energy projects.’
‘They have an extensive network of offices and are able to deliver excellent local knowledge.’
‘The team consists of professionals with whom I have been successfully working for several years.’
‘The team is always available, also on short notice, and always delivers excellent work.’
‘Experienced people with a lot of background knowledge and a hands-on approach.’
‘For complex and multi-jurisdictional matters, we mostly turn to Schoenherr. The team is excellent, reliable, always up to date with the trends in the market, and this is why I love working with them. The projects we have been working on are usually cross-border and their expertise never disappoints.’
‘They have strong knowledge and an innovative approach in handling any project. They are brilliant lawyers, always providing insightful advice, both commercial and practical. All members of the team we work with have the in-depth industry knowledge and easily deal with complex and cross border projects.’
‘Matija Vojnović is an outstanding regional leader for projects in the renewable sector. He is a forward thinker, who understands our business and whose advice is always precise and straightforward. He will find a way to solve any issue no matter how complex it is.’
Key clients
Hidroelektrana Dabar d.o.o. Trebinje
Elektroprivreda Srbije
Azvirt Limited Liability Company
Partnera Oyj
Work highlights
- Advising Dabar HPP and ERS on the €220m contract for the construction and financing of the 160 MW power plant on river Trebisnjica.
- Advising Elektroprivreda Srbije on the construction of three hydro plants on the river Drina.
- Advised Partnera Oyj on the acquisition of a Finnish limited liability company KPA Unicon Group Oy.
Schoenherr North Macedonia > Firm Profile
The firm: Schoenherr is a leading full service law firm, with 15 offices and several country desks in the Central and Eastern Europe. As one of the first international law firms to move into CEE/SEE, the firm has grown to be one of the largest firms in the region.
Moravcevic Vojnovic and Partners in cooperation with Schoenherr has been active on Serbian market since 2002. With a team of more than 50 lawyers, it is among the largest law firms in Serbia. In addition to the Serbian practice, Moravcevic Vojnovic and Partners in cooperation with Schoenherr is frequently engaged in Bosnia and Herzegovina and Montenegro and North Macedonia. This combination makes the firm exceptionally well suited for cross-border or multi-jurisdictional investments and transactions in the West Balkan countries.
Areas of practice: The firm’s main practice areas are corporate, mergers and acquisitions, banking and finance, real estate, dispute resolution, competition, compliance and white collar crime, labour and employment, intellectual property IT and life sciences, insolvency and restructuring, insurance, regulatory and energy.
Among the firm’s frequent clients are companies from the telecommunication, banking, insurance, construction, oil and gas retail, real estate development and IT industries. The firm acts for governments and governmental bodies, investors/contractors, sellers/buyers, employers, developers, engineers, architects and other stakeholders and thus has experience in handling and protecting these different interests, giving the firm’s lawyers particular insight into the opportunities and risks relevant to any project. The firm has played a major role as legal advisor in many of the high profile deals of recent years in Serbia, Bosnia and Herzegovina, Montenegro and Macedonia.
Main Contacts
| Department | Name | Telephone | |
|---|---|---|---|
| Banking, finance and capital markets | Nikola Babic | ||
| Banking, finance and capital markets | Petar Kojdic | ||
| Compliance and white collar crime | Srdana Petronijevic | ||
| Corporate/M&A | Matija Vojnovic | ||
| Corporate/M&A | Luka Lopicic | ||
| Dispute resolution | Jelena Bezarevic Pajic | ||
| Dispute resolution | Nataša Lalatovic Dordevic | ||
| EU and competition | Srdana Petronijevic | ||
| Insolvency and restructuring | Nikola Babic | ||
| Insolvency and restructuring | Petar Kojdic | ||
| Insurance | Matija Vojnovic | ||
| Insurance | Srecko Vujakovic | ||
| IP, IT and life sciences | Andrea Radonjanin | ||
| Labour and employment | Marija Zdravkovic | ||
| Labour and employment | Nataša Lalatovic Dordevic | ||
| Real estate | Slaven Moravcevic | ||
| Real estate | Ivan Pantovic | ||
| Regulatory and energy | Miloš Lakovic |
Staff Figures
Number of lawyers : 52Languages
Bosnian Croatian English German Macedonian SerbianOther
Other offices : Austria (HQ) Other offices : Belgium/EU Other offices : Bulgaria Other offices : Croatia Other offices : Czech Republic Other offices : Hungary Other offices : Moldova Other offices : Montenegro Other offices : Poland Other offices : Romania Other offices : Slovakia Other offices : Slovenia Other offices : Turkey Other offices : Albania Other offices : Bosnia & Herzegovina Other offices : North Macedonia Other offices : UkrainePress Releases
Schoenherr advises CA Immo on sale of Romanian platform
25th November 2022 Schoenherr advised Vienna-based property company CA Immobilien Anlagen Aktiengesellschaft ("CA Immo") on the sale of its Romanian portfolio to Romanian investment entity Paval Holding.Schoenherr advises Greiner Packaging on acquisition of ALWAG
14th September 2022 Schoenherr in cooperation with Moravčević Vojnović and partners advised Greiner Packaging International GmbH (Greiner) on all legal aspects of its 100 % acquisition of Serbian PET flake producer ALWAG DOO NOVA GAJDOBRA from ALING-CONEL d.o.o. Gajdobra (Serbia) and REIWAG Facility Services GmbH (Austria).Austria/CEE: Schoenherr advises on the sale of significant parts of Kontron Group’s IT services business in eleven countries for EUR 400m
15th August 2022 Schoenherr advised stock exchange listed technology group Kontron AG (formerly S&T AG) on the sale of significant parts of Kontron Group’s IT services business to VINCI Energies S.A. in the course of a competitive auction process for a purchase price of approx. EUR 400m.Schoenherr advises NEXI on signing agreement with Intesa Sanpaolo regarding merchant acquiring business in Croatia
6th July 2022 Schoenherr advised NEXI S.p.A. ("NEXI") on reaching an agreement with Privredna banka Zagreb d.d. ("PBZ Bank") and PBZ Card d.o.o. ("PBZ Card"), a Croatian company indirectly controlled by Intesa Sanpaolo S.p.A., to purchase PBZ Card’s merchant acquiring business in the Croatian market, for consideration of EUR 180m.Austria: Schoenherr advises Caverion on acquisition of PORREAL Group
4th July 2022 Schoenherr advised Caverion Österreich GmbH on acquiring all shares in PORREAL GmbH in Austria, also including its subsidiary ALEA GmbH (together "PORREAL Group").Schoenherr advises technology service provider ARZ in Austria on acquisition by Accenture
9th June 2022 Schoenherr advised ARZ Allgemeines Rechenzentrum GmbH (ARZ), a technology service provider focused on the banking sector in Austria, on its acquisition by Accenture.Austria: Schoenherr advises MedAustron in EIA milestone of fourth treatment room at centre for ion therapy and research and receiving operating permit
24th May 2022 Schoenherr advised the Austrian cancer treatment and research centre MedAustron in the environmental impact assessment for the commissioning of a fourth treatment room.Austria: Schoenherr advises Storyblok on USD 47m Series B financing
20th May 2022 Schoenherr advised the Austrian scale-up Storyblok on its Series B financing worth USD 47m, one of several major transactions in the Austrian start-up scene on which Schoenherr has advised in the recent past.Schoenherr advises HS Timber on the acquisition of Luvian Saha (Finland)
9th May 2022Schoenherr advised Austrian HS Timber Group on the acquisition of Luvian Saha Oy, one of the largest private sawmills in Finland, from private owners. The transaction closed on 29 April 2022.
Schoenherr named “CEE Wide Law Firm of the Year” by Chambers and Partners
4th May 2022 Schoenherr won the "CEE Wide Law Firm of the Year" award at this year's Chambers Europe Awards Gala hosted by the renowned legal publisher Chambers and Partners.Schoenherr advises HS Timber Group and Blue Minds on the sale of Interfloat to Borosil Renewables, Limited, India
4th May 2022 Schoenherr advised Austrian HS Timber Group and Blue Minds on the sale of Interfloat Corporation and GMB Glasmanufaktur Brandenburg GmbH to Borosil Renewables Ltd, listed on the Indian Stock Exchange. The transaction agreement was executed on 25 April 2022. Closing is expected in the first half of 2022 and is still subject to the fulfilment of customary regulatory approvals.Schoenherr advises S&T AG on voluntary partial public takeover offer
29th April 2022 Schoenherr advised S&T AG, an Austrian company listed on the Frankfurt Stock Exchange, in connection with the voluntary partial public takeover offer by grosso tec AG (Germany) on issues of Austrian law. Hogan Lovells advised S&T AG on German law issues.Schoenherr named Austria M&A Legal Adviser of the Year by Mergermarket
5th April 2022 Schoenherr was awarded the "Austria M&A Legal Adviser of the Year" by Mergermarket at the European M&A Awards Gala on 31 March 2022.Schoenherr advises IMMOFINANZ supervisory board in bidding contest between CPI Property Group and S IMMO
9th March 2022 Schoenherr advised the supervisory board of Austrian IMMOFINANZ AG in connection with the two competing takeover bids by CPI Property Group SA and S IMMO AG.Schoenherr advises Herba Chemosan board on management buy-out
8th February 2022 Schoenherr has advised the board of the Austrian pharmaceutical wholesaler Herba Chemosan Apotheker-AG (Herba Chemosan) on the recent management buy-out (MBO).Schoenherr advises RGREEN INVEST on unique EUR 15m green bond to finance photovoltaic plant in Bulgaria
7th February 2022 Schoenherr advised RGreen Invest, a French management company representing a fund for green energy projects, on a EUR 15m bond to finance the construction of a photovoltaic plant near the town of Razlog in southwestern Bulgaria, as well as on a standard security package for it. The bond's issuer is a member of the Renalfa group, a leading Bulgarian clean energy and e-mobility provider with a focus on renewable energy generation assets.Schoenherr advises Chaos on Bulgarian law aspects in merger with Enscape
3rd February 2022 Schoenherr advised Chaos, a global leader in photorealistic rendering technology, on the Bulgarian law aspects of its merger with Enscape, a leading developer of real-time rendering and design workflow technology for the Architecture, Engineering and Construction (AEC) industries.Schoenherr advises Mayr-Melnhof Holz on acquisition financing for Bergkvist Siljan
2nd February 2022 Schoenherr supported the Austrian Mayr-Melnhof Holz group in the financing of its acquisition of Swedish sawmill group Bergkvist Siljan.Schoenherr strengthens Austrian team with four additional counsel promotions
2nd February 2022 Schoenherr recently announced the promotion of three equity partners and two contract partners effective 1 February 2022. This round of promotions has now been extended to include four new counsels: Sara Khalil, Iliyana Sirakova, Marco Thorbauer and Bojana Vareskic.Schoenherr recognised as leading Austrian M&A Legal Advisor for 2021 by Mergermarket
24th January 2022 Schoenherr has, yet again, been named top M&A legal advisor in the Austrian market by Mergermarket. For over a decade, Schoenherr has been leading the Austrian Mergermarket M&A league tables.Schoenherr advises e-mobility start-up Easelink on EUR 8.3m financing round (Series A)
20th January 2022 Schoenherr advised the Austrian high-tech company Easelink, a provider of automated electric vehicle charging solutions, on its EUR 8.3m Series A financing round.Schoenherr advises Austrian unicorn Bitpanda on expansion of its product portfolio to include exchange traded cryptocurrencies
20th January 2022 Schoenherr advised the Austrian fintech Bitpanda on the expansion of its product portfolio to include exchange traded cryptocurrencies. This product provides investors with easy access to crypto assets via a liquid financial instrument traded on a regulated exchange.Schoenherr advises Mirova and RP Global on sale and refinancing of onshore wind farms in Croatia
17th January 2022 Schoenherr advised Mirova and RP Global on the sale of two onshore wind farms in Dalmatia, Danilo (44MW) and Rudine (34MW), to Professio Energia d.d. (DLPR, Zagreb Stock Exchange). Before the closing of this transaction, Privredna Banka Zagreb d.d., a member of Intesa Sanpaolo Group, refinanced loans provided by the IFC and UniCredit. Schoenherr acted as lead counsel to Mirova and RP Global on both the sale and refinancing transactions.Schoenherr advises Managers on issue of EUR 1.5bln Mortgage Pfandbriefe by Erste Group
13th January 2022 Schoenherr advised the Managers on the successful issue of EUR 750m 0.01 %. Mortgage Pfandbriefe due 2028 (AT0000A2UXM1) and EUR 750m 0.50 %. Mortgage Pfandbriefe due 2037 (AT0000A2UXN9) by Erste Group Bank AG.Schoenherr advises PALFINGER AG on reversal of cross-shareholding with Sany
4th January 2022 Schoenherr advised Palfinger AG, a leading provider of innovative crane and lifting solutions, on the reversal of the cross-shareholding with the SANY Group, a Chinese equipment manufacturing group.Schoenherr advises UNIQA on successful issue of new EUR 375m green tier 2 notes and notes repurchase
16th December 2021 Schoenherr advised UNIQA Insurance Group AG, one of the leading insurance groups in Austria and CEE, on its successful issue of new EUR 375m green tier 2 notes and concurrent repurchase of existing subordinated notes in the same principal amount.Schoenherr advises on 360kompany AG’s sale, one of Austria’s biggest start-up exits
14th December 2021 Schoenherr advised the RegTech start-up 360kompany AG and its shareholders on the sale to Moody’s Corporation, on what is purported to be one of the biggest exits in Austria's start-up scene to date.Schoenherr advises Sanofi on acquisition of Origimm Biotechnology GmbH
3rd December 2021 Schoenherr advised Sanofi, a global leader in healthcare, on the acquisition of 100 % of the shares in Origimm Biotechnology GmbH, a private Austrian biotechnology company.Schoenherr advises Slate Asset Management on acquisition of EUR 90m real estate portfolio
26th November 2021 Schoenherr advised Slate Asset Management, a global alternative investment platform focused on real estate, on the acquisition of a portfolio of essential real estate assets in Austria and Slovakia for approximately EUR 90m.Schoenherr advises Liechtenstein Group on EUR 40m investment in Tesvolt
24th November 2021 Schoenherr advised the Liechtenstein Group on its investment in Tesvolt GmbH, a technology leader for energy storage in the commercial and industrial sector.Schoenherr advises Aquila Part Prod Com on successful IPO worth EUR 74m
19th November 2021 Schoenherr Romania advised Aquila Part Prod Com on the successful completion of an initial public offering ("IPO") for the sale of some 66.6m new shares, for a total price of approx. EUR 74m.Schoenherr to strengthen leadership across Austria and CEE by appointing new equity and contract partners
5th November 2021 Schoenherr will substantially strengthen its leadership by appointing new equity and contract partners across Austria and CEE effective 1 February 2022.Schoenherr advises Sendinblue on acquisition of Metrilo
22nd October 2021 Schoenherr advised the leading French-based all-in-one digital marketing platform Sendinblue SAS on the acquisition of Metrilo OOD ("Metrilo"), a Bulgarian e-commerce metrics company, from its founders and several investors such as Speedinvest II International GmbH, LAUNCHub Fund Coöperatief U.A. and Eleven Capital AD. The advising team in Schoenherr's Bulgarian office advised on all major legal aspects of the transaction, including due diligence and negotiation of transaction documents.Schoenherr advises Nice & Green S.A. on innovative convertible notes funding programme with Marinomed Biotech AG
18th October 2021 Schoenherr advised Swiss investment firm Nice & Green S.A. on an innovative convertible notes funding programme (CNFP) with Vienna Stock Exchange listed Marinomed Biotech AG.Schoenherr advises Joint Lead Managers on issue of EUR 250m covered bank bonds by Kommunalkredit Austria AG
6th October 2021 Schoenherr advised the Joint Lead Managers on the successful issue of EUR 250m 0.01 % covered bank bonds due 2028 by Kommunalkredit Austria AG.Schoenherr advises ZECH Bau Austria on acquisition of Implenia’s building construction business
28th September 2021 Schoenherr advised ZECH Bau Austria GmbH, a German owner-managed construction company, on the acquisition of Implenia Baugesellschaft mbH's building construction business in Austria by virtue of an asset deal. The closing of the transaction is currently subject to merger control clearance.Schoenherr advises P&I on the acquisition of 100 % of shares in VRZ
22nd September 2021 Schoenherr advised P&I Personal & Informatik GmbH on the acquisition of 100 % of the shares in VRZ Informatik Gesellschaft mbH (Dornbirn) and its sister company ThinkCreateAct AG (Switzerland). The transaction is currently subject to the condition precedent of regulatory clearance. With the acquisition of the VRZ Group, P&I AG is expanding its presence in Austria and Switzerland.Schoenherr advises on top Bulgarian dental distributor transaction involving Abris Capital Partners
17th September 2021 Schoenherr advised the owner and CEO of Dentatechnica EOOD, the largest distributor of dental equipment and consumables in Bulgaria, on a transaction with Dentotal (Romania), a subsidiary of Abris Capital Partners. Subject to competition authorities' approval, Dentatechnica will become part of Dentotal Group with the aim of creating a regional leader through organic growth and further consolidation of local markets in Romania and Bulgaria.Schoenherr advises Wienerberger AG on the successful placement of 2.5 million treasury shares through accelerated bookbuilding
8th September 2021 Schoenherr advised Vienna Stock Exchange listed Wienerberger AG, a leading international supplier of building materials and infrastructure solutions, on the EUR 81.25m placement of treasury shares with institutional investors.Austria/CEE: Schoenherr advises UNIQA on the acquisition of AXA subsidiaries in CEE for EUR 1bln
31st March 2020 Once again, Schoenherr has advised on a billion-euro transaction in the CEE region: An international Schoenherr team assisted UNIQA on the acquisition of AXA subsidiaries in the Czech Republic, Poland and Slovakia for a purchase price of around EUR 1bln.Austria/CEE: Schoenherr further strengthens leadership with promotions
31st March 2020 Schoenherr is strengthening the ranks of equity partner, contract partner and counsel with new promotions effective as of 1 February 2020. With Pawel Halwa and Thomas Kulnigg, Schoenherr promotes two longstanding Schoenherr experts to equity partners. Constantin Benes, Leon Kopecký, Günther Leissler, Laurenz Schwitzer, Manuela Zimmermann, Georgiana Bădescu, Mădălina Neagu and Miloš Laković are promoted to contract partners, and at counsel level, Dominik Hofmarcher and Clemens Rainer have moved up in the ranks.Legal Developments
European Court of Human Rights: Employers have limited rights to monitor employee communications at
26th September 2017A landmark decision was issued yesterday (Judgement Bărbulescu v. Romania), a source of debate in the media, in which the European Court of Human Rights clarified the restrictions on monitoring employees in the workplace.
Potential Hurdle for Acquisitions in Hungary by Non-EU and Non-EEA Investors
22nd September 2017The Hungarian Ministry of the Interior recently submitted a legislative proposal to the Hungarian Government to amend the Act on Hungarian National Security Services (the "Proposal"). The Proposal suggests an amendment pursuant to which investors from non-EU and non-EEA countries who wish to invest in Hungary would have to obtain prior permission from the minister responsible for national security (the " Minister.
If adopted, investors from outside the EU and EEA would need to apply and obtain such permission if they intend to acquire more than a 25 % interest in an existing or yet to be established company with its registered seat in Hungary, provided that this company pursues activities that are deemed sensitive for national security.
EU: High-Level Expert Group on Sustainable Finance delivers early recommendations
11th August 2017
On 13 July 2017, the High-Level Expert Group ("HLEG") on Sustainable Finance published its interim report ("Interim Report") setting out concrete steps to create a financial system that supports sustainable investments.
This Legal Insight is part of our dedicated newsletter series on the European Capital Markets Union ("CMU").
Background
The growing awareness of environmental challenges and sustainability risks as well as the adoption of the UN 2030 Agenda and the conclusion of the Paris Climate Agreement by the EU in 2015 call for an EU strategy on sustainable finance.
Establishing an EU strategy on sustainable finance is a priority action of the CMU. In December 2016, the HLEG was established to advise on the development of such an EU strategy. The recently published HLEG Interim Report was recently presented in a public hearing on sustainable finance on 18 July 2017. At the same time, the HLEG presented an online questionnaire on the Interim Report aimed at obtaining targeted feedback until 20 September 2017, which would be reflected in the final report of the HLEG scheduled for publication by the end of 2017.
Serbian Competition Authority Steps Up Antritrust Enforcement
11th August 2017
The Serbian Commission for Protection of Competition (the "Commission") recently intensified its antitrust activities before the new Administrative Act came into effect. In one week alone the Commission initiated four antitrust cases and conducted two dawn raids.
1. What/who will be on the Commission's radar?
First Annual Privacy Shield Review to take place in September 2017
11th August 2017One of the core principles of the EU-US Privacy Shield ("Privacy Shield") is its Joint Review mechanism, which obliges the European Commission, the US Department of Commerce and the Federal Trade Commission to jointly review the functioning of the Privacy Shield on an annual basis, together with its national security and law enforcement aspects. The very first Joint Review is scheduled for September 2017. This first review is considered especially important, as it will be the first opportunity for US and EU regulators to closely analyse the operation of the Privacy Shield, address possible concerns about its functioning, and seek to ensure that the Privacy Shield continues to be a valid legal basis for transfers of personal data from the EU to the US.
Hungary: Are Interim Measures Hard to Enforce?
21st July 2017The Hungarian Parliament recently passed new legislation on arbitration (Act LX of 2017 on Arbitration, the “2017 Act”) that will reform Hungarian arbitration law as of 1 January 2018.
The 2017 Act, considering both the shortcomings of the current Hungarian legislation (Act LXXI of 1994 on Arbitration, the “1994 Act”) and the amendment of the UNCITRAL Model Law on International Commercial Arbitration adopted in 2006 (the “Model Law”), repositions arbitration by reforming the choice of arbitrators, the institutional system of Hungarian arbitration panels, and the power of the panels ordering interim measures and preliminary orders. read more...
EU: Council Introduces Action Plan for NPLs
21st July 2017On 10 July 2017, the Commission announced the public consultation on the development of secondary markets for non-performing loans (NPLs) and distressed assets. Following the commencement of this public consultation, the Council introduced its Action Plan for NPLs.
Bulgaria: Remedies imposed on fuel companies following cartel investigations
21st July 2017For the second time in less than five years, the Bulgarian Commission for the Protection of Competition ("Commission") has opened investigation proceedings regarding prohibited agreements and concerted practices against the major fuel companies in Bulgaria and closed them without issuing penalties.
Recast of the EU Regulation on Insolvency Law Applicable as of Today
14th July 2017The EU Regulation on Insolvency Law 1346/2000 (EIR) was considered a milestone in the cross-border coordination of national insolvency proceedings. The recast of the EU Regulation on Insolvency Law 2015/848, applicable to insolvency proceedings opened after 26 June 2017, considers substantial developments in national insolvency laws. read more...
Lessons Learned over Three Years: Amendment of the Hungarian Trust Regulation
14th July 2017The Hungarian Parliament passed an act in June 2017 with the aim of improving Hungary's business competitiveness. Among other things, the amendment has changed the regulation of trusts and their management, hopefully for the better, since the past three years have shown that a lack of such experience still exists. The legal concept of trust was introduced into Hungarian law in 2014, when the new Civil Code entered into force. Contrary to expectations, however, potential market players were hesitant to launch their businesses, mainly due to crippling bureaucracy and the vague regulation of trusts. read more...
Austria: Avoid Expensive Mistakes As Startup Employer
14th July 2017As violations may lead to enormous liabilities, start-up employers are advised from the outset to comply with the applicable laws pertaining to their personnel. In addition to being an underestimated factor when it comes to financial liabilities, employment-law-related mistakes may also result in difficulties in the course of a company's sales process. For a better understanding of what can go wrong in employment relationships, three of the most common mistakes that employers make are listed below. read more...
Renewable Energy: Amendment of the Austrian Green Electricity Act Doubles Funding
14th July 2017After four months of negotiations, the Austrian National Council has finally reached an agreement on the amendment of the Green Electricity Act ("Ökostromnovelle"). The required two-thirds majority was reached by a last minute agreement between the coalition parties and the Green Party. The aim of the new legislation is to increase the percentage of green electricity and to achieve an expansion of renewable energy in Austria. read more...
Austria: Slightly Lower Fees, a Little More Liberalisation – The 2017 Amendments to the Austrian Tra
14th July 2017Following a year of intense political discussion, the Austrian Parliament adopted numerous amendments to the Austrian Trade Act 1994 (Gewerbeordnung 1994, "GewO") at the end of June. While the reform falls significantly short of the outgoing government's original announcements last July with the aim to liberalise market access and to cut red tape for businesses, it nevertheless introduces several material changes to business activity in Austria. read more...
Austria: Major Changes in Personal Bankruptcy Law
11th July 2017On 28 June 2017 the Austrian Parliament passed the government's legislative proposal on insolvency law (Insolvenzrechtsänderungsesetz 2017). After lengthy negotiations, the government finally agreed to shorten personal insolvency proceedings to a maximum five years and to abolish the minimum insolvency quota of 10 % under certain conditions. The amendments will be applicable as of 1 November 2017. read more...
Significant Amendments to the Romanian Competition Rules – What’s New?
5th July 2017The newly adopted Government Emergency Ordinance No. 39/2017 (the "Ordinance") introduces significant changes to Romanian competition rules. For example, it implements the provisions on actions for damages resulting from competition law infringements, as regulated under Directive 2014/104/EU (the "Damages Directive") and sets out new provisions impacting the food/non-food retail sector, as well as the dawn-raid procedure and fines applicable by the Romanian Competition Council (the "RCC") to non-resident undertakings. read more...
The Austrian Law on the Responsibility of Associations: New tendency to prosecution authorities to t
21st June 2017The Austrian Law on the Responsibility of Associations (Verbandsverantwortlichkeitsgesetz, "VbVG") came into effect in 2006, stipulating that a company can be held criminally liable for certain criminal acts committed by its employees and decision-makers. According to new tendencies of prosecution authorities, the practical scope of the VbVG could expand in the future. read more...
Croatia: Lex Agrokor – Government Intervention at the Eleventh Hour
31st May 2017Lex Agrokor – behind the scenes
The hottest topic in Croatia right now is the Agrokor situation and the newly enacted Act on Compulsory Administration Procedure in Companies of Systemic Importance for the Republic of Croatia (Zakon o postupku izvanredne uprave u trgovačkim društvima od sistemskog značaja za Republiku Hrvatsku; the "Act"). The Act was immediately nicknamed "Lex Agrokor" because of what appears to be its main purpose.
Austria: Draft Data Protection Amendment Act 2018 in Appraisal
22nd May 2017National Room for Manoeuvre Despite the GDPR
About a year before the General Data Protection Regulation (GDPR) comes into full effect, the Austrian legislator officially started a six-week consultation process for the national Data Protection Amendment Act 2018 (Datenschutz-Anpassungsgesetz 2018). The GDPR will harmonise the EU's data protection laws, but numerous so-called "opening clauses" allow national leeway. Besides, EU Directive 2016/680 requires implementation into national law and provides specific regulations on data processing by security authorities for the purpose of law enforcement. The published draft implements the Directive's provisions in a separate chapter (Hauptstück). read more...
ECB Publishes Practical Fit and Proper Assessments Guide for Board Members of Credit Institutions
22nd May 2017On 15 May 2017, the European Central Bank ("ECB") published a guide on fit and proper assessments (the "Fit and Proper Guide"), which reflects the result of a public consolidation launched by the ECB on 16 November 2016.
European Commission Proposes EMIR Reform that will Minimise the Clearing Obligation for NFC and Cert
16th May 2017On 4 May 2017, the European Commission published its proposal for an amendment of the European Market Infrastructure Regulation (EMIR). The Commission calls the proposed amendment a good example of "better regulation in practice" which is "essential to the creation of the Capital Markets Union (CMU)".
Hungary: New Arbitration Legislation?
2nd May 2017The Ministry of Justice has circulated its initiative for improving the legal environment with the aim of increasing Hungary's competitiveness by amending certain regulations and institutions. Among other things, the initiative concerns cross-border mergers and operation of trustees, and generally aims to lighten administrative burdens. Most notably, if adopted in its current form, it will reform the Hungarian arbitration regulation. read more...
Significant amendments to Austrian Competition Law – Part I (Overview)
7th April 2017On 6 April 2017, the Austrian Parliament adopted significant amendments to Austrian competition law, as set forth in the Austrian Cartel Act ("KartG") and the Act on the Austrian Federal Competition Authority ("WettbG"). The amendments concern three main areas: (i) implementation of the EU Damages Directive; (ii) introduction of an additional transaction value test in merger control; and (iii) certain adjustments to strengthen public enforcement of antitrust infringements. read more...
ECJ Allows Prohibition of Headscarves at Workplace
7th April 2017Employers may prohibit their employees from wearing Islamic headscarves and other religious or political symbols, subject to certain conditions. On 14 March 2017, the European Court of Justice (the "ECJ") adopted a corresponding ruling in Luxembourg and decided on two cases in this respect, one dealing with a receptionist from Belgium and the other with a software designer from France. read more...
Slovenia Adopts New State Aid Legislation
7th April 2017Slovenia adopted a new law regulating rescue and restructuring state aid, which entered into force in mid-February. When notified to the European Commission as a state aid scheme, it will allow the Republic of Slovenia to support companies and cooperatives in difficulty without having to notify support mechanisms in accordance with the provisions of the law as an individual aid measure to the European Commission. read more...
Individual Tax Rulings Now Possible in Moldova – And They’re Binding!
30th March 2017What previously was impossible and not foreseen by local legislation is now possible. Starting 1 January 2017, the Tax Code of Moldova (the "Tax Code") was amended by Law 281/2016 to include a separate norm (Art. 136¹) on individual tax rulings ("ITR") for the benefit of entrepreneurs. Within the limits of its scope and in respect of a concrete beneficiary, an issued ITR is binding on the State Tax Service (the "STS"). The Government and the Ministry of Finance are expected to approve the secondary legislation to regulate the details of the procedure. read more...
Bulgaria: Opening the gas market for foreign traders!
20th March 2017Most recently, the Bulgarian Energy Regulator has taken significant steps towards the full liberalisation of the natural gas market: In December 2016, the Bulgarian Energy Regulator adopted legislative amendments to the Rules for Trading of Natural Gas (Правила за търговия с природен газ, "Trading Rules") and the Rules for Access to the Gas Transmission and/or Gas Distribution Networks and the Natural Gas Storage Facilities (Правила за предоставяне на достъп до газопреносните и/или газоразпределителните мрежи и за достъп до съоръженията за съхранение на природен газ, "Access Rules"). Moreover, it adopted new Rules for Balancing of the Natural Gas Market (Правила за балансиране на пазара за природен газ, "Balancing Rules"). read more...
New regulation on unit-linked life insurance in Hungary
20th March 2017Policyholders of unit-linked life insurance products pay an agreed sum for the unit-linked insurance to the insurance company, as a regular premium, or in one lump sum. These payments cover the life insurance component as well as the investment, administrative costs, contracting fee and the commissions. The "total cost charged" ("TCC") is an indicator – calculated in line with the rules of Hungarian insurance regulations – showing all costs charged on life insurance policies having a savings element, reflected as a percentage value. The regulation of the TCC in Hungary has been amended effective 1 January 2017.
When Arbitration Meets Insolvency in Montenegro – Can They Coexist?
20th March 2017Even at first blush, it is apparent that arbitration and insolvency make strange bedfellows.
The reason they make such an odd couple is the different underlying policies, objectives, and purposes they stand for. The heart of arbitration lies at the privity of contract and the existence of party autonomy independent from the state. In contrast, insolvency reflects a centralized and to a certain extent state-managed procedure that holds all creditors equal, within a set system of ranking – a transparent and accountable process governed by mandatory substantive and procedural law provisions. read more...
Hungary: Increase of Minimum Sale Price May Affect Retail NPL Transactions?
20th March 2017On 7 March 2017, the Hungarian parliament adopted a law that increases the minimum sale price of a residential property in the enforcement procedure from the current 70% of its market value to 100% (market value to be understood as the price set by the appraisal of the bailiff), provided that (i) the claim to be enforced stems from a consumer contract; (ii) the real property is the debtor's only real property; and (iii) the debtor resided in that real property for at least six months prior to the initiation of the enforcement procedure. read more...
Hungary: Registration Fees for Company Establishment Abolished
20th March 2017In an aim to simplify state administration and support economic growth, the Hungarian Parliament adopted a new law abolishing the registration fee and the publication cost for incorporating limited liability companies ("LLC") (korlátolt felelősségű társaság), limited partnerships (betéti társaság), general partnerships (közkereseti társaság), and sole entrepreneurships (egyéni cég). The new law becomes effective on 16 March 2017. read more...
Legislative vacuum filled: Czech Republic introduces comprehensive new national legislation on e-cig
9th March 2017New legislation regulating e-cigarettes in the Czech Republic entered into force on 1 March 2017, introducing specific safety and quality requirements on e-cigarettes in the country for the first time. read more...
Bulgaria: Amendment to the pricing and reimbursements process for pharmaceuticals
6th March 2017The amendment aims at alleviating the existing regime for pricing of pharmaceuticals for home treatment of chronic, genetic and/or rare diseases and paid by the National Health Insurance Fund (NHIF). It affects the interests of individuals with health insurance and the activities of more than 290 authorisation holders, of the wholesalers of pharmaceuticals, and of pharmacies (as retailers). read more...
Austria: Hospital Consolidation – a Driver of M&A Activity
27th February 20172016 has seen a surprising level of deal activity in the (private) Austrian hospital sector: in Vienna, PremiQaMed, a 100 % subsidiary of UNIQA insurance group, acquired a 75 % stake in the renowned private hospital "Goldenes Kreuz", and the hospitals Hartmannspital and St. Elisabeth announced a merger to form the new "Franziskus" hospital. In Linz (Upper Austria), the "Elisabethinen" and the hospital operated by the Sisters of Charity agreed to combine to form a regional player with approx. 1,200 beds. read more...
Boost your Start-Up with an Advisory Board – Points to consider
27th February 2017Most start-ups are founded by first-time founders directly after graduation, with the founding team consisting, also in most cases, of not more than two members. Such founders are naturally not equipped for all of their business challenges. Founders thus often make mistakes, especially at the very beginning of their activities, e.g. in relation to developing and distributing their products, when and how to raise capital and developing or moving into new markets. read more...
The EU Capital Markets Union – Recent developments on Venture Capital
27th February 2017On 16 December 2016, the Council of the European Union announced agreement on its negotiating stance in relation to the proposed regulation amending the European Venture Capital Funds ("EuVECA") Regulation (Regulation (EU) No 345/2013) and the European Social Entrepreneurship Funds ("EuSEF") Regulation (Regulation (EU) No 346/2013), which is now at the European Parliament's ECON committee, scheduled to be voted on, on 22 March 2017. On 31 January 2017 the call for expression of interest for selecting a fund manager of the Pan-European Venture Capital Fund-of Funds closed; and tax incentives for venture capital and business angels are expected to be proposed in the course of 2017 to foster investment in SMEs and start-ups, close the funding gap and thereby remove obstacles to economic growth in Europe. read more...
Albania: Finally on track for a comprehensive support scheme for renewable energy?
22nd February 2017Current status
Albania has one of the highest percentages of electricity produced from renewable energy sources (RES) in its electricity mix – more than 95 % of electricity generated in Albania comes from hydropower generation. In spite of that (or maybe because of that), Albania has not had a comprehensive policy on the support of RES in place to date. read more...
No Smoking: After a long battle in Parliament, the Czech Republic finally adopts smoking ban
17th February 2017One last hurdle – the signature of Czech President Miloš Zeman –before the so called Anti-Smoking Bill enters into force on 31 May 2017.
On 19 January 2017, the Senate of the Parliament of the Czech Republic approved the government bill of the Act on Protection from the Harmful Effects of Addictive Substances (the "Bill"), which is due to enter into force on 31 May 2017, subject to signature by the President. read more...
Facilitation or Liability Trap for Foreign Employers? – The Revised Austrian Law against Wage and So
3rd February 2017On 1 January 2017, the revised Austrian Law against Wage and Social Dumping ("Lohn- und Sozialdumping Bekämpfungsgesetz" or "Revised LSD-BG") came into force. The Revised LSD-BG applies to matters arising after 31 December 2016.
Austria: Court rules on rights in environmental impact assessment
23rd January 2017If there are two or more conflicting water use projects (eg, hydroelectric power stations), the Water Act provides for a special conflict procedure. A pending conflict procedure suspends decisions in all underlying approval procedures. As a result of the conflict procedure, the project which serves public interests best will take priority over the inferior project. read more...
2016 brought some substantial changes in Austria’s Criminal Law provisions – A Review
17th January 2017In 2016, Austrian Criminal Law experienced some substantive legal developments in both, procedural and material aspects. The following overview reflects the most relevant developments in Austrian Criminal Law in 2016.
1. Material changes
1.1. Breach of trust
With effect from 1 January 2016, the offence "breach of trust" in sec 153 of the Austrian Criminal Code ("ACC") has been fundamentally revised. At first glance, sec 153 of the ACC is not a very complex provision. It states, quite simply, that whoever knowingly abuses the authority conferred to him or her shall be liable, if he or she intends to cause and eventually causes financial harm to his or her principal (eg the company). Thus, sec 153 ACC has three prerequisites: (i) an abuse of authority, (ii) financial harm and (iii) criminal intent. With the reform of sec 153 ACC the Austrian legislator finally addressed the concern that the scope of what constitutes an "abuse of authority" is not always easy to assess: read more
Austrian Supreme Court Establishes New Standards as Regards the Decisive Underlying Reasoning of Arb
3rd January 2017The decisive underlying reasoning ( motifs, Begründung) is, without doubt, an essential part of any arbitral award and as such bears the potential of frustrating parties and arbitrators alike. On the one hand, elaborate reasoning in arbitral awards more often than not comes at the price of long waiting periods for the issuance of the awards, and periods of meticulous drafting on the part of the arbitrator(s). On the other hand, a lack of elaborate reasoning may likewise be a headache, since it exposes the arbitral award to setting aside. read more...
The Czech Republic joins other European countries in regulating the sale and advertising of unhealth
19th December 2016From January 2017, selling and/or advertising chips, soft drinks or mayonnaise-filled sandwiches to children in schools will be illegal.
European Commission releases “Clean Energy Package”
6th December 2016On 30 November 2016 the European Commission published its "Winter Package" containing proposals for new rules for a consumer-centered clean energy transition. The 500 page Winter Package had been eagerly awaited by the energy industry since it was to contain the major energy regulations for 2020 onwards. As expected, the most substantial measures and amendments proposed concern renewables and energy efficiency in the European Union. In addition, the electricity market design is proposed to be amended. read more...
The Constitutional Court of Moldova has spoken: No Need for Acquirer of a Share Stake to Obtain Shar
6th December 2016Through its 27 September 2016 decision ("Decision 27/2016"), the Constitutional Court of Moldova ("Constitutional Court") has declared certain provisions of the local Law on Limited-Liability Companies ("Law 135/2007") unconstitutional. In particular, it ruled that the operation of amendments to constitutive acts cannot constitute a condition and impediment to an acquirer registering its property right over a share stake in the State Register of Companies. read more...
Protection of new and interim financings in restructuring? – The European Commission’s proposal on e
2nd December 2016Since the European Commission adopted the recommendation on restructuring and second chance in 2014, it has been working on the evaluation of its initiative and the introduction of a European legal framework. In 2015 the Capital Markets Union Action Plan included the announcement of a legislative initiative on early restructuring and second chance. Finally, on 22 November 2016, the European Commission published its proposal for a European Directive on preventive restructuring frameworks and a second chance for entrepreneurs. The proposal includes, inter alia, provisions protecting new and interim financing in restructurings. read more...
Austria: Upcoming ban on speculative financial transactions for public bodies
22nd November 2016 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...Slovenia: Do companies have the right to be heard during a dawn raid?
16th November 2016The 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...
The EU Capital Market Union – European Commission establishes expert group to develop strategy on su
16th November 2016On 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").
This Legal Insight is the first part of our dedicated newsletter series on the CMU. We will provide regular updates on CMU-related topics.
Romania: New rules on labelling products that use frozen food in the preparation process
11th November 2016As 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...
Legal Briefings
Hungary – discouraging litigation?
Since 2018, Hungary has a new act on civil court procedures (Act CXXX of 2017 – the Act) which has brought about significant reforms after 50 years. The reforms were aimed at healing previous shortcomings, such as lengthy and tedious procedures, and making court cases concise, yet professional in quite a tight structure. As almost …
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