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Dentons, DGKV, Karanovic & Partners, and Ilej & Partners in cooperation with Karanovic & Partners advised Hungary's Optima Befektesi Alapkezelo on its acquisition of a 61.49% share in Globe Trade Centre S.A. from Lone Star Funds. Schoenherr advised the sellers on the deal.

“The Government has responded timely to the crisis and I think that the economic measures it has put in place can have positive effects,“ states Boris Baklaja, Partner at Baklaja Igric Tintor in Belgrade. “The Decrees adopted on April 10 provide for legislative follow-through for some of the measures previously announced by the Government are designed to produce two types of effects: support to companies primarily by postponing the regular obligatory payments — such as the tax and social contributions which are due as part of the employee’s gross salaries and advanced payment of profit tax —due in this period, and a direct, minimum wage, non-refundable financial aid for employees’ salaries for March through May.”

In the commercial sector, due to corona crisis impact and amid nationwide state of emergency, we are receiving the following questions with reference to a transaction between two commercial entities. In our answers, we have not, however, considered any distinctions which might be necessary if the transaction involved consumers. Nevertheless, distinctions between the treatment of transactions which are principally for the sale of goods and those which are principally for provision of services have been taken into account.

Every day we are hearing news from all around the world about coronavirus and countries are in lockdown situation with no economic activity. Magazine Economist predicts we could see a drop in GDP of 5% and a loss of a quarter of the global GDP forecast for 2020.

The worldwide pandemic of the COVID-19 has forced governments to undertake actions in order to fight the rapid spread of this infectious disease. Since March 15, 2020, Serbian authorities have been imposing various kinds of measures for the purpose of protecting its citizens and preventing the spread of the COVID-19.

After the declaration of the state of emergency in Serbia, caused by the global outbreak of the coronavirus, businesses introduced and implemented a series of extraordinary requirements, conditions and measures, some of which significantly affect and challenge the continuation of the traditional concept of employment relationship.

CMS, in cooperation with GFA Consulting Group, has helped the EBRD prepare a tendering process for the Serbian City of Pirot for the selection of a private partner in a PPP project titled “Reconstruction and Maintenance of the Public Lighting System in the City of Pirot.”

The Republic of Serbia has officially closed its border crossings for passengers in road, rail, air and water traffic at 8.00 a.m. on 20 March 2020. The passing of humanitarian aid and crossings of national importance that are approved by the competent authority are still allowed. International passenger traffic to and from the Nikola Tesla Airport has been suspended in accordance with the Government of Serbia’s decision on 19 March 2020 from 12.00 p.m. onwards.

Like many other states throughout the World, the Republic of Serbia (henceforth: the Republic) has proclaimed the state of emergency due to the epidemic of the infectious disease COVID-19 on the whole territory of the Republic (henceforth: the State of Emergency) by rendering the Decision on Proclamation of the State of Emergency.

When it comes to performance of contractual obligations, the basic postulate of the Serbian general contract rules is that such obligations must be duly executed – conscientiously, in the manner predicted by the contractual provisions, and timely – within a deadline stipulated by the contract.

Since the state of emergency was declared in Serbia on 15 March 2020, the status of foreign citizens has been uncertain. This is because the Directorate for Foreigners has been closed for serving parties at the counters (as well as all other public institutions except for Tax Administration, Customs Administration and Treasury Department). Due to the fact that the Directorate for Foreigners has not yet introduced the possibility of submitting requests and documentation electronically, foreign citizens residing in Serbia were basically unable to initiate proceedings in order to regulate their stay.

Serbia Knowledge Partner

Who we are

Karanovic & Partners is a regional legal practice in Southeast Europe with tradition spanning two decades and cooperating offices in Serbia, Croatia, Slovenia, Montenegro, Macedonia and Bosnia & Herzegovina. With more than 100 attorneys at law cooperating across the region, we take pride in our work, dedication and understanding of our clients' industries and needs.

What we do

We work with some of the most respected and reputable businesses in the world, banks, as well as governments, state-owned entities, startups and NGOs. We see our clients as long-term partners.

We focus on straightforward solutions and tailor-made advice. Lawyers cooperating with us are fully immersed in our clients’ culture and industry to ensure that the work is delivered intelligently and reliably.

What sets us apart?

In our company culture, excellence is a must. We are reliable, adaptive and fast.

Karanovic & Partners operates under the “one team” principle, combining our regional reach and local know-how to deliver coordinated legal advice necessary for achieving our clients’ goals.

All News about, and Legal Analysis by, Karanovic & Partners can be found here.

Firm's website: https://www.karanovicpartners.com/

 

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