06
Fri, Dec
22 New Articles

Schoenherr has advised Kommunalkredit Austria on a EUR 25 million loan to the INVL Renewable Energy Fund I to finance the construction of solar power plants with a total capacity of 51 megawatts in Romania. Glodeanu & Partners advised the INVL fund. Sorainen reportedly advised Kommunalkredit as well.

Schoenherr, working with Walder Wyss and the Law Office of Loren Richards, has advised Raiffeisen Bank International on its EUR 31 million project financing to borrower Energy Financing Team SE Bileca to develop a 60-megawatt solar power plant in Republika Srpska, Bosnia and Herzegovina.

The UK has not been a member of the European Union and thus of the comprehensive European framework for cross-border civil litigation since 1 January 2021. Within the EU, the Brussels I Recast-Regulation (Regulation [EU] 1215/2012) not only provides a set of common rules on the jurisdiction of the courts but also ensures rapid and simple recognition and enforcement of judgments in civil and commercial matters issued in the Member States. Under the Brussels I Regulation, judgments are enforceable without any declaration of enforceability. A judgment rendered in France or Romania can be enforced in Austria without much trouble and vice versa.

On 15 December 2023, Austria's National Council of the Parliament (lower house) adopted the Flexible Company Act (Flexible-Kapitalgesellschafts-Gesetz, FlexKapGG), which introduces a new company form, the "Flexible Company" (FlexCo) as of 1 January 2024.

With CMS’s recently published European M&A Outlook report taking the temperature of the M&A activity across the continent, CMS Romania Managing Partner Horea Popescu and CMS Vienna Partner Alexander Rakosi share their insights on M&A trends in the CEE region.

The statutory right to vacation originally arose from the employer’s duty of care for its employees. The Austrian Vacation Act of 1976 is a manifestation of this duty of care. It provides for five – with some seniority six – weeks of vacation for each working year. The law also expressly states that vacation should be used up, if possible, by the end of the year in which it was accrued. However, the employer and employee must agree on the specific leave days. In general, this means that neither the employee can take off for vacation unilaterally, nor can the employer impose it. Therefore, if there is no agreement on the actual use of vacation, this leads to an accumulation of vacation days.