Schoenherr has advised the HS Timber Group and Blue Minds on their sale of the Interfloat Corporation and Glasmanufaktur Brandenburg to Borosil Renewables.

The Hungarian Government issued a decree that amends certain provisions of the bank's liquidation proceedings.  The decree entered into force on 15 April, and it affects the solvent liquidation of Sberbank Hungary, subsidiary of Sberbank Europe AG, Hungarian member of the Russian Sberbank group. 

In “The Corner Office” we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. The question this time: Who was your favorite professor in university and why?

The pioneering Austrian legislator is breaking new ground in the area of crypto taxation. Income from cryptocurrencies will no longer be taxed progressively, at up to 55% for individuals, but at a flat rate of 27.5% withholding tax. With these rules, the Austrian legislator has brought clarity to the taxation of crypto assets for the first time and has responded to the increased practical relevance of cryptocurrencies and the need to tax them in line with securities. The previous taxation of crypto assets was mainly based on non-binding information from the homepage of the Austrian Ministry of Finance.

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.

Schoenherr and Stuttgart-based Oppenlaender Rechtsanwaelte have advised NTT Data Business Solutions on its acquisition of Business Services and Technologies. Tzvetkova & Partners advised the shareholders of Business Services and Technologies.

Schoenherr has advised Bulstrad Life Vienna Insurance Group on its brokerage and outsourcing agreements with the Global Benefits Group and the related reinsurance agreement with AXA France Vie.

Schoenherr, working with Hogan Lovells in Germany, has advised S&T on a voluntary partial public takeover offer by Grosso Tec. EY Law advised Grosso Tec.

With the effects of the war in Ukraine remaining difficult to predict, there is ample work generated by the sanctions alone, according to Schoenherr Partner Martin Ebner.

After a rather lengthy legislative process, Directive (EU) 2019/633 (the "UTP Directive") was implemented in Romania on 12 April 2022 by Law No. 81/2022 on unfair trade practices (UTPs) between companies within the agricultural and food supply chain (the "UTP Law"). It sets out a new set of rules applicable to food retailers and suppliers that have an annual turnover of around EUR 2m.

On 31 March 2022, the Romanian Ministry of Energy launched a call for projects under a new state aid scheme for supporting the development of new wind and solar power plants, with or without integrated power storage capacities (the "Support Scheme").

In a preliminary ruling following a request by the German Federal Court of Justice (case C-371/20), the Court of Justice of the European Union (CJEU) interpreted Point 11 of Annex I to the Unfair Commercial Practices Directive (Directive 2005/29/EC; UCP-Directive). This provision aims at preventing the use of editorial content in the media to promote a product where a business has paid for the promotion without making this clear in the content or through images or sounds clearly identifiable by the consumer (advertorial).

On February 24, four leading lawyers in Croatia sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea. The conversation focused on the current state of affairs of ESG in the country at the moment and the challenges of raising awareness in the topic.

War-related concerns have put the new government’s plans and a number of business transactions on hold, according to Schoenherr Local Partner Ilko Stoyanov.

The truth is rarely pure and never simple. But in the case of Russia's military operation in Ukraine, it just might be. Russia breached Article 2(4) of the UN Charter, which prohibits the use of force against the territorial integrity or political independence of any state. Russia's acts have prompted the EU, the UK and the US to impose economic sanctions, such as freezing assets and disconnecting Russian banks from the SWIFT international payments network. Whilst the number of private businesses that are halting their activities in Russia is steadily growing, Russia has adopted a law paving the way for expropriations of assets of foreign firms that leave the country following economic sanctions. But what can foreign companies do if Russia proceeds to take their assets, if they are unable to freely transfer returns from investments out of Russia or if their profits collapse?

Contributed by Schoenherr.

Russia’s invasion of Ukraine represents one of the worst security crises in Europe. It is also expected to have far-reaching implications for the global economy, particularly given Russia’s role as the world’s second-largest producer of natural gas. Sanctions will mean higher energy prices in Europe.

The Hungarian Competition Authority ordered online shop Alza to compensate consumers for a total amount 11 times as much as the fine to be paid to the HCA.