On 4 October 2022, the Slovak parliament adopted an amendment to the Labour Code (the "Amendment") that enters into effect on 1 November 2022. The aim of the Amendment is mainly to implement two EU directives (No. 2019/1152 on transparent and predictable working conditions in the EU and No. 2019/1158 on work-life balance for parents and carers) and to respond to certain requirements resulting from application practice. In this article, we present an overview of the most important changes.
Zoran Draskovic and Peter Hodal Join Hillbridges as Partners
Former Aldertree Legal Partners Zoran Draskovic and Peter Hodal have joined Hillbridges as Partners together with their team.
Kinstellar and Skubla & Partneri Advise on EUR 100 Million Loan Refinancing for Penta's Bory Mall
Kinstellar has advised a syndicate of banks led by VUB Banka on their EUR 100 million loan facility for refinancing and investment in Bratislava's Bory Mall. Skubla & Partneri advised Penta Real Estate on receiving the loan.
CMS and Kinstellar Advise on Marsh’s Sale of Insia to Unilink
CMS has advised Marsh on its sale of an 80% stake in Insia to the Unilink Group. Kinstellar advised the buyer.
Kinstellar and Wise3 Advise on Powerful Medical EUR 6.2 Million Seed Round
Kinstellar has advised Powerful Medical on its EUR 6.2 million seed funding round from investors including Arieli Capital, Venture To Future Fund, CB ESPRI Impact One, BPD partners, and several angel investors. Wise3 advised CB ESPRI Impact One.
Dentons Successful for Same-Sex Couple Before Regional Court in Zilina
Dentons has successfully represented Mariano Ruiz and his husband Jakub Sanko, on a pro bono basis, before the Regional Court in Zilina in residential proceedings.
KSB Advises on VGP’s Expansion of Warehouse Space in Slovakia and Hungary
Kocian Solc Balastik has advised the VGP Group on expanding its warehouse space in Slovakia and Hungary.
Drakopoulos Among Plethora of Firms Advising European Commission on Directive 2018/2001 Transposition Review
Drakopoulos has advised the European Commission's Directorate-General for Energy on reviewing the transposition process of Directive 2018/2001 (RED II) on the promotion of the use of energy from renewable sources into the Greek legal framework. Dimitrov Petrov & Co, Kirm Perpar, Wardynski & Partners, and Kinstellar Croatian affiliate Zuric i Partneri advised on the transposition review in Bulgaria, Slovenia, Poland, and Croatia, respectively. CLM Bitai & Partners and Vojcik & Partners also reportedly advised the European Commission.
Majernik & Mihalikova Advises KME on Aurubis Acquisition Financing
Majernik & Mihalikova, working with BVK Partners, has advised KME on the financing of its acquisition of Aurubis' flat-rolled products business. Linklaters and Kinstellar reportedly advised the lenders.
In Search of a New Home: Business Relocation Trends in CEE
With the war in Ukraine raging for more than six months, law firms across the region have reported increased workloads in corporate and M&A, tax, employment, immigration law, and inquiries on the sanctions regimes in relevant jurisdictions, noting that companies from Ukraine, Russia, and Belarus are variously looking for a new home. Whether to avoid sanctions or escape the war, those companies consider a variety of factors in determining where to go.
Allen & Overy and White & Case Advise on UniCredit Bank Czech Republic and Slovakia's Mortgage-Covered Bond Issuance
Allen & Overy has advised the UniCredit Bank Czech Republic and Slovakia on the update of its international mortgage-covered bond program and EUR 500 million issuance of mortgage-covered bonds. White & Case advised the joint lead managers.
Dentons Advises Banks on EUR 160 Million ESG-Linked Loan to State Heating Holding
Dentons has advised a club of banks led by Tatra Banka and including UniCredit Bank Czech Republic and Slovakia, Slovenska Sporitelna, and Ceskoslovenska Obchodni Banka on a EUR 160 million ESG-linked syndicated loan to MH Teplarensky Holding. BBH reportedly advised the borrower.
Construction Zoning
In April 2022 deputies of the Slovak parliament, approved two long-awaited laws: Act No 200/2022 on zoning (‘the Zoning Act’); and Act No 201/2022 on construction (‘the Construction Act’). These two laws are about to replace the 1976 Building Act. Although they do not take effect until 1 April 2024, they bring such fundamental changes that need to be considered right away, in particular by the developers and real estate investment funds. The most significant of these changes are summarised below.
Dentons and White & Case Advise on Eurowag Refinancing
Dentons has advised Komercni Banka and Ceska Sporitelna on the EUR 715 million refinancing of the Eurowag Group. White & Case advised Eurowag.
PRK Partners Advises Banks on EPH Financing Bond Issuance
PRK Partners Advises Ceska Sporitelna, Komercni Banka, and UniCredit Bank Czech Republic and Slovakia in the sale of bonds issued by EPH Financing.
Penteris, HKV, and Oppenheim Advise on Immofinanz's EUR 324.2 Million Acquisition of Retail Portfolio from CPI
Penteris, HKV, and Oppenheim have advised Immofinanz on the acquisition of a retail property portfolio from the CPI Property Group for EUR 324.2 million. Reportedly, BPV Braun Partners advised Immofinanz as well.
Politics Getting in the Way in Slovakia: A Buzz Interview with Stepan Starha of Havel & Partners
Political upheaval has been shaking Slovakia, halting legislative efforts and endangering the country's readiness to face the energy and other crises, according to Havel & Partners Partner Stepan Starha.
ECHR’s Intervention to Unjustified Refusal to Enforce ICC Arbitral Award: Victory for Arbitration!
Following a long lasting process since 2010 the European Court of Human Rights (the “ECHR”) held that Slovakia violated right to property due to the refusal of its courts to enforce an International Chamber of Commerce (the “ICC”) arbitral award ruling that the National Property Fund of Slovakia (the “NPF”) was due to pay BTS Holding (“BTS”) approx. EUR 1.9 million plus interest. (the “Decision”)