In late November 2019 the Croatian Parliament passed a series of laws amending Croatian tax legislation. The new laws, in the most part, came into effect on 1 January 2020. The changes form part of wider efforts of the Croatian Government to ease the tax burden on both citizens and businesses.
Why would anyone knowingly become a law firm marketing specialist – a role that is demanding, complicated, challenging, and stressful? To explore this mystery, we went to the source. Accordingly, this time around we asked the law firm marketing specialists of CEE to complete the following question: “I went into Law Firm Marketing/BD as a career because ____________.“
Binder Groesswang and Schoenherr have advised Austria's Wiesenthal AG and Wiesenthal Holding on the sale of Wiesenthal & Co GmbH, including Wiesenthal Handel und Service GmbH, to Switzerland's Mercedes Benz Automobil AG. Switzerland's Frotz Riedl law firm and CMS Vienna advised the buyers on the transaction, which is expected to close in June 2020. Financial details were not disclosed.
The amendment of the Austrian Law on the Ultimate Beneficial Owners Register (Wirtschaftliche Eigentümer Registergesetz) as part of the EU Financial Adaptation Act 2019 (EU-Finanz-Anpassungsgesetz 2019) was announced on 22 July 2019. This amendment provides for far-reaching changes of the Ultimate Beneficial Owners Register, implementing the 5th Anti-Money Laundering Directive on the one hand and resulting in improvements in user-friendliness on the other. The main changes that will come into force on 10 January 2020 are summarised below.
“There haven’t been any large shifts in the legal landscape recently if we’re talking about legal offices, teams moving, exits, and so forth,” says Schoenherr Partner Miriam Simsa. “The general situation seems to be that established players have things pretty much in control and that there is not a lot of room for new entries. Yet it is fair to say that the spin-offs have been increasing their market share over the last few years.”
Cash pooling is a staple of corporate treasurers as an efficient way to allocate liquidity and reduce financing costs within a group of companies. Despite its commercial importance, neither Austrian statutory law nor the Austrian Supreme Court has provided any guidance as to whether cash pooling is permissible under Austrian law – in particular whether it is compatible with Austria’s strict capital maintenance laws.
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.
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.