We are honored and excited to introduce (and extend a big thank you to!) our regional Final Selection Committee of Jurors for the 2022 CEE Deals of the Year awards.

Contributed by Nazali Tax & Legal.

Commercial companies need capital to execute its business activities. Thus, paying the capital is regarded as the fundamental obligation of partners. In accordance with this, partners who do not pay their capital share on due date will be held liable accordingly to the private law in the context of TCC.
In addition to this, it is seen that this breach is sometimes interpreted as distribution of disguised profit through transfer pricing in the context of Corporate Tax Code (“CTC”).

There is a growing concern, across CEE, about a potential wave of insolvency and restructuring proceedings. Given the economic aftermath of COVID-19, coupled with the ramifications of rising inflation and interest rates, energy crisis concerns, and the war in Ukraine – the road ahead seems bumpy at best.

An in-depth look at Nazif Karatas of Nazali Attorney Partnership covering his career path, education, and top projects as a lawyer as well as a few insights about him as a manager at work and as a person outside the office.

Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki Attorney Partnership has advised Sabanici Ventures and Turkiye Development Fund’s TKYB Sermaye Fonu on their investment in Figopara. Nazali advised L2G Ventures on leading the USD 11 million round. The Gokce Attorney Partnership advised Figopara. Kolcuoglu Demirkan Kocakli advised Logo Yazilim on its investment. Reportedly, BTS & Partners advised Eczacibasi on participating in the round. 

The sixth package of European Union sanctions imposed on Russia is a widely discussed topic, yet the overall levels of preparedness to adopt the associated energy import ban varies from one country to another. Indeed, with Russian oil and gas exports being such a dominant source of energy for a number of European countries, it remains to be seen how all of them adapt to the change. To gain insight into how certain EU member states and non-EU countries are (likely) to fare in the immediate wake of the ban, we reached out to legal professionals from Turkey, Poland, Bulgaria, the Czech Republic, and Moldova.

The Turkish electricity market has been under a liberalization process since 2001. Specific steps had been taken during the 1980s, 1990s, and 2000s but the main amendment to the legal framework for the creation of a competitive electricity market was the enactment of the Electricity Market Act No. 4628, which was brought into force in 2001. As a result, the integrated structure of the electricity market was to be unbundled, following the privatization of distribution activity in accordance with a specific timetable.

Energy prices have been a salient issue in CEE for the past year. Part 1 of this article covered just how high the energy prices had climbed in Bulgaria, the Czech Republic, Moldova, Montenegro, Poland, and Turkey, the impact of those prices on people, businesses, and governments, as well as the reasons why some countries fared better than others. Then Russia’s war against Ukraine changed everything, making a new energy pricing normal seem more distant than ever. In Part 2 we look at what energy experts believe could alleviate the situation and whether the war has impacted those plans.

In the past twelve months, energy prices seem to have taken a life of their own. Their continued and, at times, shocking growth has raised concerns across the region and prompted differing responses and policy changes in each country. To get a more accurate picture of recent developments, we reached out to experts in Bulgaria, the Czech Republic, Moldova, Montenegro, Poland, and Turkey and asked them about the current energy prices, their impact on local economies, the drivers behind their growth, and whether any plans were in place to address the issue.

A vibrant technological ecosystem, driving massive amounts of M&A transactions in Turkey and continuing the trend of 2021 well into this year, is the most important recent takeaway, according to Nazali M&A Partner Nilay Duran.

Zamfirescu Racoti Vasile & Partners has successfully represented video-chat company Pro Studio owner Markus Ardelean in a tax evasion case.

On February 25, four leading lawyers in Turkey sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the Turkish technology sector, its recent developments, and the technology sector-related regulatory landscape.

Crowdfunding is a new generation funding and investment system which allows different individuals to invest in a project in exchange for shares or interest. Crowdfunding offers an alternative funding market that creates a win-win situation for entrepreneurs and investors.

It is not often that a CEE law firm decides to expand beyond the borders of its home market. Seeking out clients abroad and maintaining a standard of quality service is not only taxing but may also prove harmful – if not planned correctly.

Nazif Karatas and Gozde Saruhan Berk have been promoted to Partner at Nazali.

Contributed by Nazali Tax & Legal.