Galloping inflation and post-COVID-19 challenges are shaping the litigation market in Austria, with an unparalleled volume of insolvencies feeding into a high rate of litigation. Meanwhile, the Austrian government remains hesitant to implement the European collective redress system.
External and Internal Investigations Affected by Recent Developments
Internal investigations continue to be a crucial part of a robust compliance management system. Short messages exchanged on smartphones have become a significant source for internal as well as external investigations. The Austrian prosecution authority understands that screening smartphones is close to “manna from heaven” for any investigator. This Market Snapshot reports on two important developments in Austria: a constitutional court decision requiring a significant change of the law, and the impact of the newly implemented law for the protection of whistleblowers.
Emerging Europe’s Energy Transition
Discussing how the energy markets are evolving – diversifying, moving away from dependence on Russian gas, and becoming ever-greener – CMS Partners Horea Popescu, Blazej Zagorski, Thomas Hamerl, and Maria Orlyk take a deep dive into the dynamic shifts in the energy landscape post-2022.
The Corner Office: 2024 Wishes and Perils
In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. As we bid farewell to 2023, this time around we turn our attention forward: What is your one main wish for 2024 and what do you see as the biggest potential risk?
Looking In: Interview with Jonathan Marks and Richard Jones of Slaughter and May
In our Looking In series, we talk to Partners from outside CEE who are keeping an eye on the region (and often pop up in our deal ticker) to learn how they perceive CEE markets and their evolution. For this issue, we sat down with Slaughter and May Partners Jonathan Marks and Richard Jones.
Austria: Success of Reorganization Plan and Out-of-Court Restructurings, Yet Failure of Preventive Restructuring Procedures
Austria implemented Directive (EU) 2019/1023 on preventive restructuring frameworks with the Restructuring Regulation, which came into force on July 17, 2021, and introduced (further) judicial proceedings for preventive restructuring. Practice, however, has shown that the reorganization plan in insolvency proceedings and out-of-court restructuring remain the methods of choice in Austria.
Schoenherr Advises Hartree Partners on Energy Joint Venture with Botres Group
Schoenherr, working with Legance and Cuatrecasas, has advised Hartree Partners on its acquisition of a 50% stake in the Botres Group. CMS reportedly advised the sellers.
Successful MiCAR Licensing in Austria: FMA Publishes Roadmap for Crypto-Asset Service Providers
As the regulatory landscape for crypto-assets undergoes a significant transformation with the European Union's implementation of the Markets in Crypto-Assets Regulation (MiCAR, Regulation (EU) 2023/1114), attention turns to the preparatory steps entities must take to comply with these new standards.
Did You Know: CEE's Very Early 2024 Leaderboards
Did you know that the early 2024 deal leaderboards are already available via the Activity Rankings function of the CEELMDirect website?
BPV Huegel Advises Josef Hochreiter on Establishing NXAI
BPV Huegel has advised AI researcher Josef Hochreiter on founding the NXAI company together with Netural X and the Pierer Digital Holding. Oberhammer Rechtsanwaelte reportedly advised the other JV partners.
Schoenherr Advises Erste Group on EUR 300 Million Share Buyback and Capital Reduction
Schoenherr has advised the Erste Group Bank on a EUR 300 million share buyback followed by a cancellation of treasury shares and the reduction of its share capital.
E+H and Noerr Advise Coveris on Acquisition of S&K Label in Czech Republic
E+H and Noerr have advised Coveris on the acquisition of S&K Label in the Czech Republic. Deloitte Legal reportedly advised the sellers.
Schoenherr Advises TeraPlast on Wolfgang Freiler Group Acquisition
Schoenherr has advised the TeraPlast Group on its acquisition of the Wolfgang Freiler Group from Austria's Uhl family.
DLA Piper Advises Porr AG on EUR 135 Million Issuance
DLA Piper has advised Porr AG on its EUR 135 million hybrid bond issuance.
Dentons, Binder Groesswang, and DGKV Advise UniCredit Bulbank and EBRD on Financing for Tsenovo Solar Plant
Dentons, Binder Groesswang, and Djingov Gouginski Kyutchukov & Velichkov have advised UniCredit Bulbank and the EBRD on the financing for Enery Development's construction and operation of a large-scale solar plant in north-eastern Bulgaria set to add 112.5 megawatts of solar power generation to the country's electricity system. Schoenherr reportedly advised Enery Development.
Nicholas Coddington Joins Wolf Theiss as Partner in Vienna
Former Deloitte Legal Poland Partner Nicholas Coddington has joined Wolf Theiss in Vienna as a Partner in its Banking & Finance practice.
Herbst Kinsky Advises Everfield on FENZ-Software Acquisition
Herbst Kinsky has advised European B2B software group Everfield on its acquisition of Austria's FENZ-Software.
Austria's Mariella Kapoun and Georg Gutfleisch and Slovenia's Amela Zrt and Ivan Kranjec Make Partner at CMS
Mariella Kapoun and Georg Gutfleisch have become Partners at CMS in Austria, while Amela Zrt and Ivan Kranjec have become Partners at CMS in Slovenia, as part of the firm's latest promotion round.