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After more than a year of the Covid pandemic, there is hope that vaccinations will allow us to beat the virus and get back to normal life. We will be able return to our workplaces, meet our colleagues face to face and work together more efficiently. However, this is not yet possible, since not all of us are vaccinated or have existing immunity to Covid.

The Supreme Court of Hungary recently put an end to a long debate amongst legal practitioners and academia. In its decision No. 1/2021 PJE, the court confirmed that an agreement cannot be considered null and void only because it was signed on the basis of a power of attorney by:

Government Regulation 261/2011 brought with it considerable changes with effect from 1 January 2021, shifting control and reporting obligations for transport into and out of Hungary to consignors/consignees. The new law has caused uncertainties on the market. Based on initial experience with the new law and discussions with the responsible authority by the Noerr Commercial Trade and Digital Business team, some light can now be shed on the proper application of the new regulation.

Law No. 58/2021 approving GEO no. 211/2020 and amending GEO 132/2020 was published in the Official Gazette of Romania, Part I, No. 345 of 5 April 2021 and will enter into force on 8 April 2021 (the “Law”).

Kambourov & Partners, Latham & Watkins, Shearman & Sterling, NautaDutilh, Noerr, and Bar & Karrer advised private equity firm Silverfleet Capital on its acquisition of a majority stake in the entity resulting from the recent merger of Bulgarian software company Bulpros and German CRM company ec4u. Financing was provided by Ares, which was represented by Ashurst.

After more than 4-5 years from the initiation of the proposal made by the business environment and long discussions of the tax forums with the legislators, including at level of the Coalition for the Development of Romania, the fiscal consolidation in the field of corporate income tax was formalized by Law no. 296/2020 at the end of 2020.

After simplifying the procedure for VAT registration in 2020 (i.e. risk analysis by the taxpayer after VAT registration instead of on the submission date of application for VAT registration), the Romanian tax authorities approved another simplification of the VAT registration procedure at the beginning of this week.

Although Romanian law established criminal liability of organisations in 2006, thus adopting a liability model very similar to that of France, Belgium and Portugal, there is still a lot of confusion when it comes to determining when an organisation is to be held criminally liable. From what we see in our day-to-day activity, the courts are still struggling to determine when offences committed by the management of an organisation can also trigger the criminal liability of the organisation itself.

Noerr at a Glance

Noerr stands for excellence and entrepreneurial thinking. With well-versed teams of strong characters, Noerr devises and implements solutions for the most complex and sophisticated legal matters. United by a set of shared values, the firm’s 500+ professionals are driven by one goal: the client’s success.

Listed groups and multinational companies, large and medium-sized family businesses as well as financial institutions and international investors all rely on the firm.

As one of the top European law firms, Noerr is also well established internationally with offices in eleven countries and a global network of top-ranked “best friends” law firms. In addition, Noerr is the exclusive member firm in Germany for Lex Mundi, the world’s leading network of independent law firms with in-depth experience in 100+ countries worldwide.

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