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CEE Attorneys Advises Simacek on Restructuring of Romanian Entities

CEE Attorneys Advises Simacek on Restructuring of Romanian Entities

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CEE Attorneys/Boanta, Gidei si Asociatii has advised Austria's Simacek group on the consolidation of the facility management activities of its Romanian entities Simacek Cleaning and Simacek Gardening into one Group company — Simacek Facility Services. Simacek Gardening and Simacek Cleaning retained other, non-facility management-related business activities.

"The process of implementing the two partial spin off operations was a complex one," reported CEE Attorneys Partner Nicolae Ursu, who led the firm's team on the deal, "[as] the transfer of assets and liabilities was operated in a single beneficiary company (Simacek Facility Services), by two parallel partial spin-offs. Considering that in practice, the second partial spin-off operation is implemented, as a rule, after the preparation of the financial statements for the first spin-off, the main challenge of the lawyers, tax consultants, and Simacek management was to carry out the two operations simultaneously and in a centralized way, as if it were a single one.”

Ursu was supported by CEE Attorneys Associate Elena Sopotean.

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