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Client Alerts

Newssquare New Developments in the Enforcement Legislation - Slovenia

In this Alert, we present recent developments in the enforcement legislation: Amendment to the Enforcement Act (ZIZ-J) | Comparison of the sale of debtor`s property in an enforcement and in bankruptcy proceedings | The Constitutional Court annulled certain provisions on enforcement based on a bill of exchange | Regulation of the European Parliament and Council establishing an European Account Preservation Order procedure to facilitate a cross-border debt recovery in civil and commercial matters | European Insolvency Register.

Newssquare Amendment of the Albanian Industrial Property Law(IP law)

Amendment of the Albanian Industrial Property Law(IP law)

Newssquare Proposed Amendments to the Ukrainian Gas Transportation Management System

On 18 June 2014 the Cabinet of Ministers of Ukraine ("CMU") introduced the Draft Law "On Amending Certain Laws of Ukraine on Reforming the Management System of the Unified Gas Transportation System of Ukraine" (the "Draft Law") to the Parliament. If the Draft Law is approved, a number of laws will be amended to permit US and European companies to participate in the management of the Gas Transportation System of Ukraine ("GTSU") and Ukrainian underground gas storage facilities. The Draft Law has been registered at the Parliament and is now pending review by the parliamentary committees.

Newssquare Developments in the legal framework regarding gas storage and export and Ukraine’s power sector

On 23 June 2014 the Law of Ukraine "On Amendments to Paragraph 9, Section II of the Closing Provisions of the Law of Ukraine "On Amendments to Certain Legal Acts of Ukraine" (the "Law") was signed by the President and will shortly come into effect. Based on this Law, the export of gas to member-states of the Energy Community is exempt from customs duty. Before the Law exported gas was subject to a 35 per cent duty.

Newssquare Increased Criminal Liability for Corruption Related Crimes

On 4 June 2014 the Law of Ukraine "On Amendments to Certain Legal Acts of Ukraine in the Area of the State Anti-Corruption Policy in Connection with the Implementation of the Action Plan on Liberalization of Visa Regime for Ukraine by the European Union" (the "Law") came into effect.This Law expands criminal liability for corruption related criminal offences.

Newssquare Austrian Government Agrees on a Bill to Wipe Out Claims of Subordinated Creditors of HYPO ALPE-ADRIA-BANK INTERNATIONAL AG

Further to our client alert of last week , the attached client alert gives a first snapshot of the bill to restructure HYPO ALPE-ADRIA-BANK INTERNATIONAL AG. Most notably, the bill contemplates a complete wipe out of certain subordinated creditors of HYPO ALPE-ADRIA-BANK INTERNATIONAL AG.

Newssquare Changes in the Legal Framework regarding Dismissal of Company Officers

On 1 June 2014 the Law of Ukraine "On Amendments to Certain Legal Acts of Ukraine on Protection of Investors` Rights" came into effect. This Law introduces significant changes to the procedure of dismissal of officers of Ukrainian companies ("Officers"). In particular, the changes concern directors, board members, supervisory board members, and heads of internal audit commissions (or sole internal auditors).

Newssquare Hypo Alpe Adria - Investors in Subordinated Bonds face Haircut

In the past months, the Austrian Government had come under considerable political pressure in connection with losses of HYPO ALPE ADRIA BANK INTERNATIONAL AG, the nationalised Austrian bank. In an attempt to shake of such pressure, the Government has recently announced its plans to mandatorily require holders of certain subordinated bonds issued by HYPO ALPE ADRIA BANK INTERNATIONAL AG and guaranteed by the federal state of Carinthia to share in such losses.

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