14
Sat, Dec
45 New Articles

Bond financing has recently become quite popular in the Czech Republic and companies often finance their business needs by issuing corporate bonds instead of the more usual credit financing. Obviously, the popularity of corporate bonds is also associated with the greater willingness of investors to buy them. Bonds are perceived by the general public as a safe and conservative investment instrument. Nevertheless, recent market developments show that corporate bonds issued by private companies may not always be a safe investment, as evidenced, for example, by the insolvency of online fashion store Zoot, which funded its expansion by issuing bonds.

One of the challenges of introducing class actions to the Czech legal system is the finding of a proper balance between the interests of clients and those of attorneys. While the default position is that attorneys are to protect the justified interests of their clients and place them before their own (within statutory limits, of course), a careful balancing exercise will need to be carried out if class actions are to be allowed. While class action law is still at the stage of an initial proposal in the Czech Republic, this proposal is demonstrative of the direction the Czech Ministry of Justice intends to take.

The Deal: Earlier this year, CEE Legal Matters reported that Clifford Chance Prague had advised CTP, an industrial developer in the CEE region, on a EUR 1.9 billion underwriting package agreement with Erste Group Bank AG; Ceska Sporitelna a.s.; Societe Generale S.A. and Komercni Banka a.s.; and UniCredit S.p.A. and UniCredit Bank Czech Republic and Slovakia a.s. White & Case advised the lenders on the agreement, which covered CTP’s Czech industrial portfolio consisting of over 200 buildings and covering 2.7 million square meters of industrial space.

In the 36 years since its launch in 1993 by Marek Prochazka as a Prague banking and finance boutique, PRK Partners has added offices in Bratislava and Ostrava and grown into one of the largest and most successful law firms in the Czech and Slovak Republics. That growth, the firm’s partners maintain, is a by-product of the firm’s traditions of flexibility, professionalism, and innovation, rather than the result of a predetermined plan.

No doubt we all agree that a good lawyer should not only have extensive legal knowledge and experience, but should also constantly monitor the market. In reviewing the state of the Czech legal market over the past six months, I would like to point out several issues I personally find interesting or important.

It’s not easy to get to the top of a profession. Among lawyer in particular, there is fierce competition, great pressure, slim margins of error, and a number of people waiting to capitalize on mistakes. Making it to the top, and staying there, is a tightrope that must be walked over and over. And yet, the Hanslik family has not one but two such high achievers, in two different countries, as Austrian brothers Erwin and Guenther Hanslik have senior positions at offices of two of the most respected and successful international law firms in Europe.

Czech Republic Knowledge Partner

For more than 25 years PRK Partners has been providing top tier, comprehensive legal services in all areas of law – always at the highest professional level. The company’s offices in Prague, Ostrava and Bratislava, as well as its specialised teams of legal practitioners and tax advisors, allow PRK Partners to offer solutions to any kind of legal issues, providing an international point of view and in-depth knowledge of the respective local legal system.

The full-service law firm has worked on many of the region’s largest and most complex transactions. The firm puts emphasis on the highest standards of quality, efficiency and flexibility in its advisory services, which are tailored to the specific requirements of each client. 

Our team is composed of professionals with international education and experience. The firm frequently works on a non-exclusive basis with leading international law firms on large cross-border transactions.

PRK Partners is consistently recognised among the top law firms by leading international and domestic directories and ratings agencies and has been honoured with numerous awards: 

• National Law Firm of the Year 2016 by the Chambers Europe Awards, the most prestigious international law firm competition. This is the fifth award PRK Partners has received since the awards were first given; National Law Firm of the Year 2014, 2013 and 2010 and Law Firm of the Year 2012 for Best Client Service.

• 2018 Best Law Firm of the Year in the category of Banking &Finance and the absolute winner in the main category of the Domestic Law Firm of the Year awards organised by epravo.cz under the auspices of the Czech Bar Association three times since the award's inception (in 2016, 2013 and 2011).

• a finalist of the Central European Law Firm of the Year category in The Lawyer European Awards 2018. 

The firm has a strong commitment to corporate social responsibility and pro bono work.

PRK Partners is the exclusive member firm in the Czech Republic for Lex Mundi, the world’s leading network of independent law firms, with in-depth experience in 100+ countries worldwide. In addition, the firm is a member of Celia Alliance, AFI (Association for Foreign Investment) and CVCA (the Czech Private Equity and Venture Capital Association).

Firm's website: www.prkpartners.com

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