corporate & reorganisations news
Read through our corporate & reorganisations team's articles, publications and news:
A new addition to the Polish legal system: the family foundation
Starting on 22 May 2023, it will be possible to establish and register family foundations in Poland. The Polish legal system will thus be expanded by a new institution that allows assets to be accumulated and managed, and profits to be distributed to beneficiaries. The legislature wished to provide the means for family-owned businesses and their owners to engage in intergenerational wealth management and to grow their wealth over time while protecting it from dispersal to unrelated entities and persons. Hence, family foundations may serve as a means to retain and multiply a family's wealth, independent of inheritance law.
Austria: New Federal Electronic Announcement and Information Platform
The mandatory fee-based publication in the print medium of the Official Journal of the Wiener Zeitung (Amtsblatt der Wiener Zeitung) ("Official Journal") is going to be replaced by free-of-charge publication on the new Electronic Announcement and Information Platform of the Federation ("EVI").
Austria: Schoenherr advises sell-side in RHI Magnesita's acquisition of Seven Refractories
Schoenherr advised Seven Refractories GmbH on the sale of its European, Indian and US operations to RHI Magnesita for a cash consideration of approximately EUR 93m. Closing is expected in the second half of 2023 and is subject to the fulfilment of customary regulatory approvals.
Serbia: Schoenherr advises on acquisition of Expobank A.D. Belgrade
Moravčević Vojnović and partners in cooperation with Schoenherr advised the owner of Adriatic Bank A.D. Podgorica on the acquisition of 100 % of the shares in Expobank A.D. Belgrade.
Romania/Moldova: Schoenherr advises Banca Comercială Română on sale of Chișinău subsidiary
Schoenherr advised Banca Comercială Română (BCR) on the full sale of its shares in its Chișinău subsidiary (BCR Chișinău) to Banca Comercială Victoriabank.
20 March 2023
austria bulgaria montenegro serbia slovenia
C.Herbst S.Hödl I.Stoyanov K.Kaloyanova-Toshkova S.Moravčević P.Vučinić M.Vojnović V.Kurtić V.Kobe B.Brežan
The International Comparative Legal Guide to: Mergers & Acquisitions 2023
Joint Ventures: Ein Exit aus Joint Ventures will geplant sein
Wer ein gemeinsames Unternehmen gründet, sollte Beschränkungen von Anteilsübertragungen und Exit-Szenarien berücksichtigen.
Austria: Schoenherr advises América Móvil on extension of its partnership with OBAG as to Telekom Austria including on a spin off by Telekom Austria of its tower business
Schoenherr advised América Móvil as the controlling shareholder of Vienna Stock Exchange listed Telekom Austria on the terms of a ten-year extension of its shareholder agreement with Oesterreichische Beteiligungs AG (OBAG) and on related measures.
Romania: Schoenherr advises Eurobank on sale of Brico Depot Iasi to Radacini Group
Schoenherr Romania advised Eurobank S.A. Greece ("Eurobank") on the sale of a real estate asset in Iasi, Romania. The commercial space, which has a sales area of approx. 8,000 m2 and houses a Brico Depot do-it-yourself ("DIY") store, was sold to the real estate division of Radacini Group.
Joint Ventures: Wenn Zusammenschlüsse dem Kartellrecht widersprechen
Vor der Gründung eines Joint Ventures sollte geprüft werden, ob der Zusammenschluss erlaubt ist. Das Kartellrecht sollte bereits in einer Planungsphase berücksichtigt werden.
Joint Ventures: Wie man festgefahrene Konflikte löst
Partner eines gemeinsamen Unternehmens sollten sich schon im Vorfeld darüber einigen, wie mögliche Konflikte gelöst werden sollen
CZ: Schoenherr Journal Edition 13
The Schoenherr Journal, published by Schoenherr's Prague office, examines the latest important legal developments in the Czech Republic.
ECJ ruling ends unlimited public access to UBO Register
Under Article 30 (5) (c) of Directive (EU) 2015/849 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing (AML Directive 2015), Member States are obliged to ensure that information on beneficial ownership is accessible by any person or organisation that can demonstrate a legitimate interest in obtaining it.
Bulgaria paves way for innovative businesses with new start-up visa
Country welcomes non-EU investors to boost local start-up ecosystem
After Decree No 318 of 7 October 2022 adopting the Ordinance on the conditions and procedure for issuing, extending and revoking a certificate for a high-tech and/or innovative project (the "Ordinance") was promulgated in issue 82 of the State Gazette of 14 October 2022, Bulgaria joins the almost half of EU countries that issue "start-up visas".
New rules in Czech UBO law as of 1 October 2022. Immediate threat of sanctions
The Czech Act on Ultimate Beneficial Owners1 (the "UBO Act") has been effective since 1 June 2021. Not even a year and a half later, Czech lawmakers introduced an amendment to the UBO Act2 (the "Amendment") after significant pressure from the European Commission to comply with the Fifth Anti-Money Laundering Directive3 ("AMLD5").
Nachfolge mit Stolpersteinen: Was Unternehmen bei der Erbfolge beachten sollten
Beim Generationenwechsel in Familienunternehmen können gewünschte gesellschaftsrechtliche Lösungen mit dem Erbrecht in Konflikt geraten
Austria/CEE: Schoenherr advises on the sale of significant parts of Kontron Group’s IT services business in eleven countries for EUR 400m
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.
Romania: Am I saying anything when abstaining from voting as a shareholder?
Historically speaking, uncertainty always existed in Romania regarding the meaning of abstention in general meetings of shareholders. What is at stake is the means to calculate the majority required for the adoption of resolutions of ordinary general shareholders meetings, in which case the Romanian Companies Law (Law no. 31/1990) provides that resolutions are adopted by the "majority of expressed votes".
Austria: Schoenherr advises Red Bull on joint venture with Marcel Hirscher and Dominic Tritscher (VAN DEER-Red Bull Sports) and on acquisition of Augment Ski GmbH
Schoenherr advised Red Bull GmbH on the establishment of a joint venture with the founding shareholders of VAN DEER-Red Bull Sports Equipment GmbH, Marcel Hirscher and Dominic Tritscher, and on the subsequent acquisition of Augment Ski GmbH by VAN DEER-Red Bull Sports Equipment GmbH.
Schönherr berät ARA bei Kooperation für Errichtung einer Sortieranlage mit Der Grüne Punkt und Bernegger zur Erreichung der EU-Recyclingziele
Schönherr hat die Altstoff Recycling Austria AG (ARA) bei der Verhandlung und dem Abschluss eines Kooperationsvertrags für die Errichtung einer neuen leistungsstarken Hightech-Sortieranlage in Oberösterreich mit DSD - Duales System Deutschland (Der Grüne Punkt) und Bernegger GmbH beraten.
Austria: Schoenherr advises ARA on cooperation agreement for construction of sorting plant with Der Grüne Punkt and Bernegger GmbH
Schoenherr advised Altstoff Recycling Austria AG (ARA) on the negotiation and conclusion of a cooperation agreement for the construction of a new high-performance high-tech sorting plant in Upper Austria with DSD - Duales System Deutschland (Der Grüne Punkt) and Bernegger GmbH.
CZ: Schoenherr Journal Edition 12
The Schoenherr Journal, published by Schoenherr's Prague office, examines the latest important legal developments in the Czech Republic.
Austria: Schoenherr advises Red Bull on joint venture with Teletest consortium
Schoenherr advised Red Bull GmbH on the establishment of a joint venture with Arbeitsgemeinschaft Teletest ("AGTT").
Austria: Schoenherr advises HS Timber on the acquisition of Luvian Saha (Finland)
Schoenherr advised Austrian HS Timber Group on the acquisition of Luvian Saha Oy, one of the largest private sawmills in Finland, from private owners.
The Austrian Civil Code in the Digital World: Reflections on the Legal Classification of NFTs
Austria: Schoenherr advises HS Timber Group and Blue Minds on the sale of Interfloat to Borosil Renewables, Limited, India
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.
07 March 2022
austria bulgaria montenegro serbia slovenia
C.Herbst S.Hödl I.Stoyanov K.Kaloyanova-Toshkova S.Moravčević P.Vučinić M.Vojnović V.Kurtić V.Kobe B.Brežan
The International Comparative Legal Guide to: Mergers & Acquisitions 2022
Austria: Schoenherr advises IMMOFINANZ supervisory board in bidding contest between CPI Property Group and S IMMO
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.
Rechtsträgerexistenz der übertragenden Gesellschaft im Fall von sequenzierten Umgründungen (Mehrfachumgründungen) auf einen gemeinsamen Stichtag
08 February 2022
T.Wenger S.Adrian-Waltner H.Wollmann E.Hlina M.Ebner P.Feyl M.Kovacs V.Stark
Austria: Schoenherr advises Herba Chemosan board on management buy-out
Schoenherr has advised the board of the Austrian pharmaceutical wholesaler Herba Chemosan Apotheker-AG (Herba Chemosan) on the recent management buy-out (MBO).
Moldova: Digitalisation has made it easier to establish, operate and sell companies
Through its 11 November 2021 law ("Law 175/2021"), the Moldovan Parliament passed certain amendments to existing legislation with the goal of digitalising the national economy. As a result, the norms implemented have made it simpler to establish, operate and sell companies in Moldova.
Law 175/2021 entered into force on 10 January 2022.
Austria/CEE: Schoenherr recognised as leading Austrian M&A Legal Advisor for 2021 by Mergermarket
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.
Decision-making of the executive director vs. due managerial care
The key duty of a company's executive director is the duty of due managerial care.
Cross-border mergers in Serbia: clash of laws postponed?
The Serbian Companies Act defines cross-border mergers as mergers of at least one commercial entity registered in Serbia and at least one commercial entity from EU Member States or states signatory to the EEA Agreement.
Art und Modus der Gläubigersicherstellung bei Aktiengesellschaften in der Abwicklung
12 December 2021
N.Rosová M.Voldánová O.Fiala H.Hangler R.Bicek M.Jendželovský E.Purgerová
CZ: Schoenherr Journal Edition 11
The Schoenherr Journal, published by Schoenherr's Prague office, examines the latest important legal developments in the Czech Republic.
20 September 2021
C.Herbst M.Lang V.Weiss A.Amann M.Thorbauer M.Woller T.Waidmann N.Zafoschnig
Austria: Schoenherr advises P&I on the acquisition of 100% of shares in VRZ
Romania: Schoenherr advises Nofar Energy on the acquisition of a 153 MW photovoltaic park under development in Romania
to the point: Gesellschafts- und Unternehmensrecht | Q2 2021
In unserem "to the point" beleuchten unsere Experten für Sie jedes Quartal die aktuelle österreichische Rechtsprechung im Gesellschafts- und Unternehmensrecht.
Stricter liability of statutory body members (and others) in case of company insolvency
The amendment to the Business Corporations Act effective from 1 January of this year (the "Amendment") brings, among other things, a significant change in the liability of members of a statutory body, which will affect the current topic of insolvency.
Austria: Schoenherr advises leading energy service providers on e-mobility joint venture
Unternehmensnachfolge | Teil 1: Erbrecht für Unternehmer
Im Leben jedes Unternehmers stellt sich früher oder später die Frage der Nachfolge. Mit der Webinar-Reihe zum Thema "Unternehmensnachfolge" wollen wir Unternehmern die Entscheidungsgrundlagen dazu darlegen und mögliche Gestaltungen aufzeigen.
09 March 2021
austria bulgaria montenegro serbia slovenia
C.Herbst S.Hödl I.Stoyanov K.Kaloyanova-Toshkova M.Laković S.Moravčević M.Vojnović V.Kobe B.Brežan
The International Comparative Legal Guide to: Mergers & Acquisitions 2021
A new reality coming for Polish groups of companies
Work is underway to amend Poland's corporate law by introducing a "holding law" or "group of companies law", which would not only govern relations between a parent company and its subsidiaries, but also recognise the interests of creditors, minority shareholders and members of corporate bodies.
General meeting decision-making process to become more flexible
Czech Act No. 90/2012 Coll., on Business Corporations ("BCA") provides that the options for making decisions within the general meeting or outside the general meeting by letter (per rollam) using technical means (e.g. Webex or Skype electronic conferencing tools) must be permitted by the company's constitutional document.
Austrian Limited: a new type of corporation for start-ups in Austria
The agenda published by the Austrian Federal Government at the beginning of 2020 has already provided for the establishment of a new type of corporation: the Austrian Limited. Implementation plans are becoming more concrete. The general aim is to ensure that founders and start-ups have an "internationally competitive option" in the early stages with a new form of corporation.
Bulgarian corporate life: Adapting to a new informal normal
The guiding principle of 2020 was adaptation and, as it seems, the tendency has been for corporate life to become more informal. Statutory deadlines have been pushed, legal requirements have been loosened, documents are more often filed online instead of in hard copy and shareholders meetings are held in absentia.
Austria/CEE: Schoenherr maintains position as top M&A legal advisor on the Austrian market
Schoenherr has again maintained its position as the top M&A legal advisor on the Austrian market, leading the Austrian Mergermarket M&A league tables.
Austria: Schoenherr advises voestalpine on foundation of technology joint venture for production of TransAnt
Schoenherr successfully advised voestalpine Stahl GmbH on the establishment of a joint venture with the ÖBB Rail Cargo Group for the production of the TransAnt – an innovative platform car. The 50/50 joint venture which aims to further combine the activities of both companies to additionally enhance the jointly developed TransAnt platform car is now entering a preparatory phase.
Czech Republic: Schoenherr advises KB SmartSolutions, a.s. on the strategic entry and acquisition of a stake in Platební instituce Roger a.s.
Schoenherr advised KB SmartSolutions, s.r.o. ("KB Smart Solutions"), a subsidiary of Komerční banka, a.s. focusing on collaborating with innovative fintech companies and start-ups, on the strategic entry and acquisition of an almost 25 % share in Platební instituce Roger a.s., which connects investors with companies that suffer from long invoice maturities.
Romania: Schoenherr advises OMV Petrom on strategic partnership with Auchan to open 400 MyAuchan proximity stores in Petrom filling stations
Schoenherr Romania advised OMV Petrom on all legal matters regarding the extension of an existing partnership with Auchan Retail Romania, to open 400 MyAuchan proximity stores in Petrom filling stations over the next five years. Depending on the square meterage of the station, up to 2,500 products will be available on the shelves of MyAuchan proximity stores, allowing Petrom customers to do their grocery shopping while fuelling their cars.
Mandatory e-communication for companies seated in Croatia
The digitalisation of the Croatian court system is proceeding and e-communication is expanding. Snail mail and "paper" communication are on the verge of extinction. As of 1 September 2020, all legal entities will have to use e-communication with the court.
The International Comparative Legal Guide to: Corporate Governance 2020
The International Comparative Legal Guides provide current and practical comparative legal information on a range of practice areas, following a Q&A format to ensure thorough coverage of each topic within different legal systems worldwide.
Chapter 6: Austria
Bilanzierung zwischen Bilanzstichtag und Auflösungsstichtag bei Aktiengesellschaften
Wird eine Aktiengesellschaft während des laufenden Geschäftsjahres aufgelöst, entsteht ein Rumpfgeschäftsjahr und es stellt sich die Frage, ob – neben der Abwicklungseröffnungsbilanz – auch ein Jahresabschluss für den Zeitraum zwischen dem letzten Bilanzstichtag und dem Auflösungsstichtag (somit die letzte Phase als "werbende Gesellschaft") aufgestellt werden muss.
29 May 2020
bulgaria croatia czech republic hungary poland slovakia turkey austria
M.Gabrovska V.Mandarić* G.Szalóki P.Halwa K.Pawlak S.Hekelová T.Šilhánek M.Kutluğ
The effects of COVID-19 on distribution of dividends in selected CEE countries
Does endorsement have a service function in relation to share transfer agreements?
Wer kann bei Bilanzfälschung durch Vorstandsmitglieder zur Verantwortung gezogen werden?
CEE: Schoenherr wins four Deal of the Year awards from CEE Legal Matters
Schoenherr has won the Deal of the Year Award for Bulgaria, Croatia, Montenegro, and North Macedonia at this year's CEE Deal of the Year Awards organised by the regional legal industry journal CEE Legal Matters.
Das COVID-19-GesG – aktuelles zu Virtuellen Versammlungen im Gesellschaftsrecht und zu elektronischen Notariatsakten
Update 10/04/2020
Der Nationalrat hat unter anderem im Zuge der COVID-19-Gesetzgebung mehrere gesellschaftsrechtliche Maßnahmen im Rahmen eines sog. gesellschaftsrechtlichen COVID-19-Gesetzes (COVID-19-GesG) beschlossen.
01 April 2020
bulgaria serbia slovenia montenegro austria
C.Herbst S.Hödl M.Laković M.Vojnović V.Kobe B.Brežan I.Stoyanov K.Kaloyanova-Toshkova S.Moravčević V.Kurtić
The International Comparative Legal Guide to: Mergers & Acquisitions 2020
The International Comparative Legal Guides provide current and practical comparative legal information on a range of practice areas, following a Q&A format to ensure thorough coverage of each topic within different legal systems worldwide.
Auswirkungen der COVID-19-Krise auf Verjährungsfristen
Das 2. COVID-19 Gesetz, das nach der Kundmachung im Bundesgesetzblatt (BGBl 16/I/2020) mit Beginn des 22.03.2020 in Kraft getreten ist, enthält auch ein Bundesgesetz betreffend Begleitmaßnahmen zu COVID-19 in der Justiz.
What's new for Polish companies in 2021? | Poland
2021 will be a year of changes for companies in Poland. With the recent postponement of the already announced innovations and the new obligations for joint-stock companies and joint-stock partnerships, companies have time to prepare for what's to come.
Moldova: Schoenherr advises Fintur on the divestment of Moldcell to CG Cell Technologies DA
Schoenherr advised Fintur Holdings B.V., wholly-owned by listed Swedish telephone company Telia Company AB, on the divestment of its 100 % holding of Moldcell S.A., to CG Cell Technologies DAC for USD 31.5 million.
Fragwürdiger Schutz vor unerwünschten Investoren
This article was first published on DerStandard, 25.02.2020
Vor allem aus Sorge vor Übernahmen aus China werden in Europa neue Kontrollen von Beteiligungen aus Drittstaaten eingeführt
Bulgaria: Approaching Deadline for Inactive Companies | Bulgaria
Pursuant to the Bulgarian Accountancy Act (Закон за счетоводството), companies must publish their annual financial statements in the Commercial Register and Register for Non-profit Legal Entities ("Commercial Register") by 30 June of the calendar year following the reported period.
The four-eyes principle: Joint representation of executive directors and proxyholders | Czech Republic
The four-eyes principle is an effective way for companies to control management dealings. It is based on the idea that the company must be represented by two people acting jointly, usually two members of the statutory body.
"If you want to keep a secret, you must also hide it from yourself." ― George Orwell, 1984
Royalty Financing: A New Source of Capital in Mining, Tech and Beyond
Royalty financing is a type of alternative finance where the financier, often called the royalty holder, advances a one-off up-front fixed cash amount to a company, a royalty payor, which in return promises to pay a percentage of its future revenues or profits to the royalty holder. This type of financing is used to develop an asset or a business when traditional debt or equity financing options are limited. It is a true alternative to traditional debt finance, since there is no fixed repayment plan and payments depend on the performance of the underlying business or asset. Also, unlike equity financing, the ownership and control in the royalty payor is not diluted, since it is not giving away its equity stake.
Not every corporate story ends with "happily ever after"
"Once upon a time" is a promising beginning for any story. Even for corporate ones. But statistics show that unhappy endings are all too common. In Romania, for every four new legal entities incorporated each year, one existing company is wound up.
30 December 2019
R.Bicek E.Purgerová V.Pakosta J.Marek S.Bednář V.Čížek L.Dočekalová H.Hangler K.Lehečková
CZ: Schoenherr Journal Edition 8
The Schoenherr Journal, published in Czech twice a year by Schoenherr's Prague office, examines the latest important legal developments in the Czech Republic.
to the point: Gesellschafts- und Unternehmensrecht | Q4 2019
In unserem "to the point" beleuchten unsere Experten für Sie jedes Quartal die aktuelle österreichische Rechtsprechung im Gesellschafts- und Unternehmensrecht.
Von Wien nach München - grenzüberschreitende Umwandlungen in der Praxis
Mit dem rezenten Beschluss des OLG Wien v 3. 9. 2019 (6 R 179/19s) liegt erstmals eine obergerichtliche Entscheidung zu einer grenzüberschreitenden formwechselnden Umwandlung und Sitzverlegung ins EU-Ausland vor.
Erste GmbH-Gründung über die Kamera
First published on Der Standard, 6.11.2019
Eine Gesellschaft kann in Österreich nun ohne physische Anwesenheit gegründet werden
Global Legal Insights to: Blockchain & Cryptocurrency Regulation 2020 - Chapter Serbia
The Global Legal Insights series provides essential insights into the current legal issues, providing readers with expert analysis of legal, economic and policy developments through the eyes of the world's leaders.
Global Legal Insights to: Blockchain & Cryptocurrency Regulation 2020 - Chapter Montenegro
The Global Legal Insights series provides essential insights into the current legal issues, providing readers with expert analysis of legal, economic and policy developments through the eyes of the world's leaders.
Schoenherr advises Black Toro Capital, the owner of the Spanish motorcycle manufacturer GasGas on a joint venture with KTM
Schoenherr, together with the Spanish law firm Pastor & M.Monche Abogados, have advised the owner of the Spanish motorcycle manufacturer GasGas, Black Toro Capital, on a joint venture with the Upper Austrian motorcycle specialist KTM Industries AG.
Schoenherr advises Horizon Capital on its exit from Purcari Wineries, a leading wine producer in CEE
Schoenherr advised Horizon Capital, the management company of Emerging Europe Growth Fund II L.P. ("EEGF II"), on the fund's exit from Purcari Wineries Plc ("Purcari"). EEGF indirectly held a 22.7 % stake in Purcari.
Schoenherr advises Spanish manufacturer Torrot on delivery of electric scooters and related technology to ŠKODA AUTO DigiLab
Schoenherr Prague advised Spanish manufacturer Torrot Electric Europa, S.A. ("Torrot") on the delivery of complex technology solutions for scooter sharing (including also electric scooters, advanced IT technologies and IT services) to ŠKODA AUTO DigiLab s.r.o. ("ŠKODA AUTO DigiLab"), which will use them for its new e-scooter sharing service BeRider in Prague.
Private companies must now declare their beneficial owners - Romania
Failure to comply with the recently introduced obligation to declare beneficial owners for registration purposes with the Central Register of Beneficial Owners of Private Companies can mean fines of up to RON 10,000.
Management's liability for payments upon onset of insolvency
A financial crisis and situations where insolvency is imminent are not only challenging for a company and its management, but also entail significant liability risks for management in the case of subsequent insolvency proceedings.
Say on pay and related party transactions: implementation of EU Shareholder Rights Directive II
The EU Shareholder Rights Directive II (2017/828) (SRD II), amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement, must be transposed into national law by 10 June 2019.
Schoenherr represents Austrian Core Shareholders on re-acquisition of majority shareholding in C-Quadrat from HNA Group
Schoenherr has advised and represented an investment company controlled by San Gabriel Privatstiftung and the C-Quadrat management board member Cristobal Mendez de Vigo, on the re-acquisition of a controlling participation in Cubic (London) Limited ("Cubic"), and thus indirectly in C-Quadrat Investment AG ("C-Quadrat"), from HNA Group (International) Asset Management Co., Limited, Hong Kong ("HNA"). The Jebsen Group, an investment company based in Hong Kong, will hold a minority participation.
Exit strategies: registering a share transfer when target shares are encumbered by third parties
The stock market's flexibility is its greatest selling point for publicly traded companies, as it allows a fast flow of capital while still enabling majority shareholders to implement fundamental corporate changes should they wish to exit the market.
Legal Alert for Approaching Deadline of UBO Registration
Bulgarian anti-money laundering law requires that companies and other entities having their seat in Bulgaria register their ultimate beneficial owner(s).
Einschränkung des Antrags auf Kosten im Außerstreitverfahren - hier: Ersatzbestellung eines Schiedsrichters
Comment to the Austrian Supreme Court's decision of 21 August 2019, no. 18 ONc 3/18p, relating to the merits of a notice of arbitration and the appointment of arbitrators by the Austrian Supreme Court in arbitral proceedings under the Austrian Arbitration Act.
Schoenherr wins three CEE Deal of the Year Awards for Austria, Bulgaria and Montenegro from CEE Legal Matters
Schoenherr received the CEE Deal of the Year Award for Austria, Bulgaria and Montenegro from the regional legal industry journal CEE Legal Matters.
Austria: Schoenherr advises UniCredit Bank Austria AG and Erste Bank der oesterreichischen Sparkassen AG on sale of majority stake in ÖHT to OeKB
Schoenherr has advised UniCredit Bank Austria AG and Erste Bank der oesterreichischen Sparkassen AG on the sale of their combined 68.75% stake in Österreichische Hotel- und Tourismusbank Gesellschaft m.b.H (ÖHT) (a specialist bank established in the tourism and leisure industry as a financing and development institution) to Oesterreichische Kontrollbank AG (OeKB).
Angriff der Aktionärsaktivisten
First published on Der Standard, 14.02.2019
Die neue Aktionärsrichtlinie wird den Kampf von aktivistischen Investoren um Einfluss auf börsennotierte Unternehmen in der EU verstärken – auch in Österreich
Austria: Schoenherr advises bsurance on its Series-A financing
Schoenherr has advised Austrian insurtech start-up bsurance on its Series-A financing round. The investment totals EUR 4 million and was provided by UNIQA Ventures GmbH and an additional investor.
Legal hiccups in start-up financing
From pre-seed to exit, start-ups are chronically in need of money to ensure their steady growth. Due to lack of access to bank financing, start-ups are typically financed by their shareholders via equity finance or debt. But there are also hybrid instruments that can be used to bridge the gaps between financing rounds or to overcome valuation issues.
Czech Republic: Schoenherr advises Finnish company Caverion on the disposal of its Czech subsidiary to a company in the ČEZ Group
Schoenherr Czech Republic advised Finnish company Caverion Emerging Markets Oy ("Caverion") on the disposal of its Czech subsidiary Caverion Česká Republika s.r.o. to KART spol. s r.o., a member of the ČEZ Group.
Filling the Gaps in Polish Corporate Law
On 30 November 2018, a new law implementing several changes to existing legislation (1), notably to the Civil Code and the Commercial Companies Code, as well as to tax laws, was announced. The new law, which will enter into force at the beginning of 2019 (with respect to matters commented on below, mostly as of 1 March 2019).
Czech Republic: Which compliance programme can exculpate your company from criminal liability?
Bulgaria: High time for companies to register their beneficial owner
Companies have until 31 May 2019 to register their beneficial owners in the Bulgarian Commercial Register and Register for Non-profit Legal Persons (the "Commercial Register"). This obligation comes as a result of the adoption of a new Law on the measures against money laundering in March this year (the "AML Law").
Romania: All board decisions made by delegation of powers can be challenged in court
To enable decisions to be passed efficiently, the Companies Law (31/1990) created flexible mechanisms and procedures allowing specific shareholder powers to be delegated to a company's management.
Austria: Increased due diligence obligations for shareholder creditors?
The Austrian Insolvency Code provides for the possibility to challenge certain disadvantageous transactions carried out by the debtor after material insolvency has occurred, especially if the creditor knew or should have known of its debtor's material insolvency.
New Act on the Control of Investments Detrimental to the Interests of Hungarian National Security
The Hungarian Government recently adopted Act no. LVII of 2018 on the Control of Investments Detrimental to the Interests of Hungarian National Security (the "Act").
Austria/SEE: Schoenherr advises immigon and VR-Leasing on sale of VB-Leasing International
Schoenherr has advised German VR-Leasing AG ("VR-Leasing"), a leasing subsidiary of DZ Bank, and Austrian immigon portfolioabbau ag ("immigon"), the wind down company of the former Österreichische Volksbanken-Aktiengesellschaft, on the sale of VB-Leasing International to a consortium of partners consisting of APS, a leading CEE/SEE distressed debt investment advisor and manager, Nomura, the Asia-headquartered financial services group, and Balbec Capital, a global private investment firm.
CEE: Schoenherr advises on sale of United Group by KKR to BC Partners
Schoenherr has advised on the sale of a majority stake in United Group, the leading media and communication services provider across South East Europe, by KKR to funds advised by BC Partners.
Romania: Companies can now distribute dividends on a quarterly basis - but will they?
Until recently, Romanian companies could distribute dividends to shareholders only on an annual basis and on approval of their annual financial statements at the end of each financial year. This paradigm has changed and companies can now opt to distribute their dividends annually or quarterly.
Schoenherr CEE experts advise Telenor on sale of regional assets to PPF Group
Schoenherr advised Norwegian mobile operator Telenor ASA ("Telenor") on the sale of its Central and Eastern European assets to the CEE private investment firm PPF Group for a consideration of EUR 2.8bln.
Schoenherr advises NOVOMATIC on sale of majority stake in I-NEW Unified Solutions
Schoenherr has advised NOVOMATIC AG ("NOVOMATIC"), one of the world's largest producers and operators of gaming technologies, on the sale of 76.81 % in I-NEW Unified Mobile Solutions AG ("I-NEW"), a local telecommunications software and hardware firm, to CYAN AG ("CYAN").
Schoenherr advises Endeit Capital in largest Austrian start-up financing round in 2018
Schoenherr is harnessing its start-up and venture capital expertise by advising Dutch capital investment firm Endeit Capital in a EUR 50 million Series C financing round for Austrian tour booking platform TourRadar.
Hungary: Introducing the managing director without representation rights
Hungarian law has always permitted shareholders of a company to limit the power of the company's managing director(s). Thus, it has also been allowed to appoint a managing director without any right to represent the company.
Austria: Schoenherr advises Starwood Capital on the acquisition of a core shareholding of 26% in CA Immo
Schoenherr has advised Starwood Capital Group ("Starwood") on the acquisition of a core shareholding in VSE listed CA Immobilien Anlagen AG ("CA Immo") from VSE listed Immofinanz AG ("Immofinanz").
Schoenherr CEE team awarded for Deal of the Year in Austria
Schoenherr was honoured by the regional legal industry journal CEE Legal Matters with the Austrian award during the inaugural edition of the Deal of the Year Awards Ceremony held on 6 June 2018 in Prague.
Romanian companies will be able to distribute dividends on a quarterly basis
The Romanian Parliament recently approved the Law on the Amendment and Completion of the Accounting Law No. 82/1991, Amendment and Completion of the Companies Law No. 31/1990 and Amendment and Completion of Law No. 1/2005, on the organisation and functioning of cooperative companies.
Schoenherr advises UniCredit on strategic Bancassurance partnerships with Allianz and Generali in CEE
Schoenherr has advised the UniCredit Group on establishing two exclusive strategic partnerships with Allianz and Generali for the distribution of insurance products for individuals and small-businesses in Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Serbia, Slovakia, and Slovenia announced on 5 June 2018 (see here)
Schoenherr advises EVO Payments on strategic payments partnership with MONETA Money Bank
Schoenherr's financial services team in Prague advised EVO Payments International ("EVO") on the creation of a long-term strategic alliance with MONETA Money Bank ("MONETA") for payment acceptance services to the bank's retail customers.
Austria: Schoenherr represents Austrian Core Shareholders on sale of majority shareholding in listed C-QUADRAT to HNA
Schoenherr has advised and represented the core shareholders of Cubic (London) Limited ("Cubic"), including San Gabriel Privatstiftung, and T.R. Privatstiftung, as indirect controlling stockholders in C-QUADRAT Investment AG ("C-QUADRAT"), on the sale of the majority shareholding in Cubic, and thus C-QUADRAT, to the HNA Group (International) Asset Management Co., Limited, Hong Kong ("HNA"). HNA is part of the HNA Group, a leading Chinese diversified industrial group. C-QUADRAT is an independent asset management company listed on the Vienna stock exchange.
Schoenherr advises Slovenian ENI subsidiary on acquisition of Mestni Plinovodi
Schoenherr has advised Adriaplin d.o.o. ("Adriaplin"), the Slovenian subsidiary of Eni S.p.A., on the acquisition of Mestni Plinovodi d.o.o. ("Mestni Plinovodi"), a local natural gas distribution network operator and gas supplier, from a consortium of sellers consisting of gas distributors Ireti and ACSM-AGAM from Italy and Istrabenz Plini from Slovenia.
Beneficial Owner Register - what to disclose in Austria and Czech Republic?
The disclosure of beneficial owners has come to the fore with the EU Anti-Money Laundering Directive requiring EU member states to adapt their national legal provisions in respect of corporate and legal entities. The registering of beneficial owners in businesses is an attempt to prevent money laundering and to increase transparency of ownership of defined legal entities. The laws in all jurisdictions need to be strictly adhered to, in order to avoid sanctions. What is the applicability of these disclosure regulations in practice? What are the associated registration costs and deadlines involved? What are the sanctions for non-compliance?
