With a streamlined system of real estate protection and a modern Civil Code, property interests and real estate investments in Romania have never been more secure. Increasing digitalisation and recent improvements in land registration go a long way to making the legal process of purchasing real estate more effective and efficient.
Radulescu & Musoi and Schoenherr Advise on Black Sea's Acquisition of Stake in Intermedio
Radulescu & Musoi has advised Black Sea Fund I on its acquisition of an unspecified stake in interior design and custom furniture company Intermedio General, which operates under the Theta brand. Schoenherr advised the seller on the deal.
Schoenherr and Scherbaum Seebacher Advise on Union Investment's Acquisition of Residential Complex in Graz
Schoenherr has advised Union Investment on the acquisition of a residential complex in Graz from the Immola Group. Scherbaum Seebacher advised the Immola Group on the deal.
Another Amendment to the Slovak Labour Code Changing Rules of Fixed-term Employment
In response to the coronavirus crisis, which is seriously impacting the Slovak economy, the Government of Slovakia has proposed and the Parliament has passed a second amendment to the Slovak Labour Code within a short period of time. We provide information on this topic below. Should you wish to obtain more details please do not hesitate to contact us.
Schoenherr Advises Lenders on EUR 300 Million Secured Financing for Austrian Airlines
Schoenherr has reportedly advised a club of lenders led by Erste Group and including Raiffeisen Bank International, UniCredit Bank Austria, BAWAG, and Oberbank on a EUR 300 million COFAG-guaranteed and secured financing for Austrian Airlines.
Deal Expanded: United Group’s Acquisition of Tele2 Croatia from Tele2 AB
Schoenherr Partner Alexander Popp in Austria and Attorney at Law Ivan Einwalter in Croatia talk about the CEE 2019 Deal of the Year in Croatia
Deal Expanded: United Group’s Acquisition of Vivacom Bulgaria
Schoenherr Partners Ilko Stoyanov in Bulgaria and Slaven Moravcevic in Serbia Talk About The Deal of the Year in Bulgaria
2019 CEE Deals Of The Year
It is with great pleasure that we announce the 2019 CEE Deal of the Year Award winners – the most important, complicated, significant, and valuable deals across Central and Eastern Europe.
Data Protection Authority Imposes Highest Post-GDPR Fine
The Hungarian National Authority for Data Protection and Freedom of Information (the "Authority" or "NAIH") recently imposed a fine of HUF 100m (approx. EUR 285,000) on one of the biggest electronic communication service providers Digi Távközlési Szolgáltató Kft. ("Digi"). This is the highest data protection fine imposed in Hungary since the entry into force of the GDPR and the highest ever fine levied in Hungary for a violation of data protection regulations.
Romania: More State Incentives for Large Investments on the Horizon
While following the adoption of the Temporary Framework various EU countries have rather quickly implemented state support schemes that also cover large corporations, Romania has so far only focused on SMEs.
COVID Measures and the End of the State Emergency
The Hungarian government introduced a state of emergency in March and took several extraordinary measures to mitigate the economic consequences of the coronavirus crisis. These measures heavily affected the Hungarian economy and legal system. Since the Hungarian government revoked the state of emergency, it is time to summarize the relevant legal background.
Hungary: The Time Needed for Liquidation and Forced Deletion Procedures Has Been Extended Due to Coronavirus
On 28 May 2020, the Hungarian Government adopted amendments to the laws on company liquidation and forced deletion procedures to cushion the impact of the global coronavirus pandemic on the economy.
Is a New World Coming with the Amendment of the Hungarian Insolvency Act?
The Government of Hungary has proposed an amendment to Act XLIX of 1991 on bankruptcy and liquidation proceedings (Insolvency Act) aiming to modernise the procedural rules of insolvency proceedings, for example by introducing communication via email and video conferences.
Concerned about Food Security? Buy Farmland in Romania While You Still Can
With growing expectations of a global recession generated by the COVID-19 pandemic, avoiding disruptions to the food supply chain and food production continues to be a priority. One of the key measures for ensuring food availability is to maintain and support agricultural activities and markets.
Schoenherr Advises European Commission on Legislative Options for Upgrading European Gas Markets
Schoenherr, acting as leader of a consortium of European law firms, has conducted what it describes as "a comprehensive study on the regulatory and administrative requirements for entry and trade on the gas wholesale market in the EU for the European Commission, Directorate General Energy."
New Foreign Investments Screening Rules in Hungary
On 25 May 2020, the Government of Hungary adopted a new decree on the screening of foreign investments in Hungary (the "Decree"). The new screening regime aims to protect public security, order and health during the COVID-19 pandemic, and introduced a new approval requirement for investments into certain Hungarian companies. The screening will be carried out by the Minister of National Economy (the "Minister"). The Decree entered into force on 26 May 2020 while leaving the earlier FDI screening mechanism unaffected (see our earlier FDI screening article). As a result, two parallel FDI screening mechanisms now apply in Hungary.
Austrian Government Proposes New FDI Screening Act
On 27th May 2020 the Austrian government submitted a proposal for a new foreign investment screening act (Investitionskontrollgesetz) to the Parliament (the "Proposal").
Slovenia Introduces Foreign Investments Screening Rules
On 30 May 2020, the third Anti-COVID-19 legislative package was published in the Official Gazette of the Republic of Slovenia, introducing, among other measures, a screening instrument for foreign investments. This is a novelty in the Slovenian regulatory landscape.