Schoenherr has advised Austrian fintech Bitpanda on a European Series A financing round, led by Valar Ventures, and including other fintech investors such as Speedinvest. The funding secures USD 52 million to further drive Bitpanda's expansion.
In Romania, companies that commit severe professional misconduct are excluded from participation in public procurement procedures. Yet, these companies have received some good news recently thanks to a common opinion issued by the Romanian National Agency for Public Procurement ("ANAP") and the national Competition Council (the "Common Opinion"). In this article we analyse the clarifications introduced by the Common Opinion on how self-cleaning can be achieved by blacklisted companies.
Schoenherr has advised BNP Paribas S.A. Citibank NA, London Branch, and Black Sea Trade and Development Bank on Bulgarian legal aspects of a EUR 90 million syndicated credit facility extended to Oliva AD and Buildcom EOOD, as well as on the establishment of a Bulgarian security package for the facility. Herbert Smith Freehills acted as English law counsel to the banks.
The Romanian labor market before the COVID-19 pandemic was very competitive. On the one hand, foreign companies closely monitored the opportunities of a developing market and local labor force, while on the other hand, the tradition of people traveling abroad in pursuit of happiness and the flood of young and bright minds out of the country had spread enough to make recruitment a difficult process and to significantly affect the labor market in general.
The main concern in the energy sector in Bulgaria, as in the rest of the EU, has shifted from constantly-increasing electricity prices to a significant drop in those prices during the pandemic. The Independent Bulgarian Energy Exchange (IBEX) reported the lowest prices in Europe – from below EUR 4/MWh to approximately EUR 12/MWh – for the day ahead market during the first weekend of April. Although these record-breaking figures have not stayed constant, the reduction of electricity consumption in the industry sector is still prolonging the trend, which is obviously here to stay. Electricity prices from approximately EUR 14 to EUR 35 for the first week of May are still way below the weighted average price of EUR 48.64/MWh for the day ahead market for 2019.
Working outside of the employer's business premises deeply conflicts with the traditional concept of the working environment based on the worker's physical presence in a determined workplace. Nevertheless, exponential technological progress and globalisation trends have changed widely accepted notions about employment and placed work productivity above any other employment indicator. Therefore, the employee's physical presence in the employer's business premises has ceased to be a decisive condition for their inclusion in the organisation and processes. Furthermore, the COVID-19 crisis has demonstrated the significance and benefits of remote work and anticipated its expansion in the years to come.
The General Court (GC) of the European Union ruled in favour of Apple in the state aid case regarding Apple's Irish tax structure, annulling the 2016 decision of the European Commission (EC). As a result, Ireland is at present not obliged to reclaim the amount of EUR 13 billion from Apple. The decision is not yet final due to the EC's right to appeal.
The Supreme Court of the Czech Republic recently issued an interesting decision concerning the employment of a managing director and an accident at work. It should be noted that this decision does not relate to a long-term problem with the concurrence of functions, i.e. the (im)possibility of performing the function of a managing director in an employment relationship, but reflects a situation where the managing director performs non-parallel work, i.e. work outside the function of a statutory body.
The new Montenegrin Companies Act ("Official Gazette of Montenegro", no. 65/20) [Zakon o privrednim drustvima] ("Companies Act"), which entered into force on 11 July 2020, is an innovative and thoroughgoing codification of Montenegrin Corporate Law. The legislator opted for a comprehensive legal instrument which, compared to the previous law, contains more detailed and exhaustive rules determining the establishment, management, restructuring, termination and functioning of business entities.