The first upscale exploration of oil and gas in Montenegro started in 1914, when King Nikola Petrovic approved the National Assembly’s decision for oil exploration around Lake Skadar. The first well in the area of Crmnica dates back to 1922 – although it produced nothing of significance.
Securitization from a Slovenian Perspective
For the past five years the financial market in Slovenia has been characterized by a process involving the selling of non-performing loan and leasing receivables (“Receivables”), mostly to foreign investors. According to information published by the Bank of Slovenia, Slovenian banks still have approximately EUR 1.5 billion of non-performing loans on their balance sheets, and we expect to see more of these loans being sold in the next two years.
Investing in Slovenia: Russia in Focus
Of the former Yugoslavian countries, Slovenia was the least penetrated by Russian businesses – a result of mutual caution on both sides.
Bankruptcy in the Spotlight in Serbia
The past decade was rather dynamic in terms of the development of the legal framework for bankruptcy in Serbia, as, since its adoption in 2009, the Bankruptcy Law has undergone several amendments, most recently in late 2017, designed to improve the efficiency of the bankruptcy proceedings.
Geographical Indications of Origin in Serbia: Where the Past Fuels the Future
Geographical indication of origin, this very peculiar form of industrial property protection, has undergone a revival phase over the past few years, becoming omnipresent not only within natural circles of interest, but also amongst the Serbian public at large.
Montenegrin Law on Capital Market: New Law to Support Investors?
Montenegro, being a small country, is characterized by rapid modifications and changes in its business and financial environments. The new Montenegrin Law on the Capital Market (the “Law”), which came into force at the very beginning of 2018, is designed to create and develop a consolidated financial background, and represents the first attempt to introduce a systematic regulation in this domain to support investors and efficiently protect their interests.
Croatian Law on Nullity of Loan Agreements with International Character
Back in the 2000s, the conditions for getting a loan from a Croatian bank were quite strict and complicated. Beside a good credit rating, the banks were asking for a number of securities: mortgages, guarantors, etc. Recognizing that as a good business opportunity, many foreign financial institutions (primarily banks and leasing companies, but also financial cooperatives) decided to enter Croatian market.
Venture Capital Structures in Bulgarian Start-Ups
Venture capital investments in Bulgarian start-ups are on the rise, and modern legal structures such as share option plans and convertible notes can, if local law peculiarities are taken into account, be applied in the country.
Significant Interest and Activity in the Hungarian Start-Up Ecosystem
The last 18 months have seen significant interest and activity in the Hungarian start-up ecosystem.
Share Swaps and Share Contributions Still Hampered by Romanian Authorities
One of the most controversial parts of corporate reorganization operations planning in Romania involves the use of share capital contributions or share swaps as a means to transfer company control – operations that fall into a legislative and administrative grey area.
Electronic Documents: Will They Prevail or Exist in Parallel With Hard-Copy Documents?
In this era of digitalization, where legal frameworks around the world are rapidly changing to cope with revolutionary developments in the IT sector, the Serbian Government is following a similar path. Serbia is in the EU accession process and is thus obliged to harmonize its legislation with EU laws. One such law is EU Regulation No. 910/2014 on electronic identification and trust services for electronic transactions in the internal market (the “Relevant EU Regulation”).
Amending the Slovak Commercial Code: Wielding a Double-Edged Sword to Protect Creditors
In Slovakia, the purposeful avoidance of insolvency and liquidation proceedings by failed companies (including VAT carrousel fraudsters) has developed into a common market standard.
The Rise of Screening Foreign Direct Investments into EU and Slovenia
The EU has always acknowledged the positive effects of foreign investments into member states and thus has one of the most open regimes in this regard. But in light of recent security issues in Western countries, the EU’s view on foreign investments has slightly changed, and out of concerns for both security and public order direct foreign investments could soon become subject to a so-called “screening mechanism,” in which they would be reviewed by the member state where the investment is planned, by the European Commission, and by other member states.
Employees Participating in Company Management: The Road to Hell is Paved with Good Intentions
The old Czech Commercial Code, which dated from 1991, prescribed that one third of the supervisory board of joint-stock companies with more than 50 employees must be elected by the employees. This originally brief regulation became increasingly complex, and by the time the Commercial Code was repealed thirteen years later it included detailed instructions on the matter.
Company Reincorporation Under Scrutiny: New ECJ Ruling in the Polbud Case
Cross-border reincorporations have long been of interest not only to legal scholars, but also to legal practitioners and entrepreneurs from various business fields.
Exercise of Stock Options Under the Commercial Law of Latvia
Granting of stock options to employees is not new; it has been used for many decades around the world.
Liability of Company Directors Under Lithuanian Law
The Supreme Court of Lithuania has established a precedent that tightened rules on personal liability for directors of companies.
Squeeze-Out of Minority Shareholders in Macedonia
Macedonia’s 2013 Law on Takeover of Joint Stock Companies provides a squeeze-out right enabling a majority shareholder who has acquired at least 95% of the shares of an eligible joint stock company on the basis of a takeover bid to require the minority shareholders to sell their securities at a fair consideration.