Stankovic & Partners (NSTLaw) has announced that the Commercial Court in Zajecar has adopted the pre-packaged reorganization plan for the four companies of the RTB Bor Group’s copper mining and smelting complex in Serbia. NSTLaw describes the restructuring, worth EUR 1.2 billion, represents the largest financial restructuring in bankruptcy ever in Serbia.
SOG / Samardzic, Oreski & Grbovic acted as local Serbian counsel to the Danaher Group regarding Serbian aspects of the spin-off of the Fortive Corporation as a company independently traded on the New York stock exchange.
Zivkovic Samardzic has successfully represented Vojvodjanska Banka a.d. Novi Sad before Serbia's Supreme Court of Cassation in civil proceedings related to a bank guarantee issued by the bank’s legal predecessor to Moscow Investment Bank (MIB) as collateral for a USD 3 million loan granted to petrochemical plant HIP Pancevo.
Women’s Day is behind us, but the subjects of gender equality and equal opportunity are of year-round concern. This, the first part of a special two-part CEE Legal Matters article on women in private practice in CEE, provides the numbers and percentages from leading law firms across CEE, as well as a more thorough snapshot of one representative market. Part II of the report, in the June issue, will pull back the curtain even more, providing feedback and perspectives from lawyers across the region.
On 29 December, 2015, the Serbian National Assembly enacted the Law on the Chamber of Commerce (Official Gazette of RS No. 112/2015). This Law will enter into force on the eighth day after publication in the Official Gazette of the Republic of Serbia, except for Articles 10 and 33 of this Law which will be applied as from 1 January, 2017.
The new Decree on the Content and Manner of Submission of Merger Notifications (“Decree”) which entered into force on 2 February 2016, has introduced the possibility of submitting a short-form merger notification, simplifying the procedure before the Commission for Protection of Competition, being the competent authority for protection of competition in the Republic of Serbia.
JPM has advised Delta Real Estate on the sale of its ownership quota in companies that own and operate the Delta City Shopping Malls in Belgrade and Podgorica — and has advised Hemslade Trading Limited on the sale of its ownership in the company that owns and operates the shopping mall in Podgorica as well — to Hyprop Investments Ltd (South Africa) and Homestead Group Holdings Ltd. Harrisons advised the buyers on the deals, which amounted to EUR 202.75 million.
One of the characteristics of the Serbian tax system is that it deals very little with the issue of tax treatment of payments resulting from family relationships. Except for the rule specifying that transfer of property directly related to divorce does not count as capital gain, and for tax exemption in the case of gifts between persons first in line to inherit, no other issues that could arise from family relationships are regulated at all.