CEE Legal Matters
In-depth coverage of the news and newsmakers that shape Europe's emerging markets
The government has proposed a package of measures aimed at reducing the state budget deficit in the next coming years. The package anticipates savings of almost CZK 150 billion, which, should bring to the state budget, in addition to changes in tax rates, also changes affecting employees and employers.
Cobalt has advised Eco Baltia on its second EUR 10 million issuance of three-year bonds, conducted as a private placement with arranger Luminor Bank and distributor Siauliu Bankas. Eversheds Sutherland was the bondholders' trustee.
Eversheds Sutherland Bulgarian member Tsvetkova Bebov & Partners, working alongside Freshfields Bruckhaus Deringer, has advised Villeroy & Boch on the acquisition of Bulgarian Ideal Standard- Vidima AD, part of the Ideal Standard Group. White & Case and Boyanov & Co reportedly advised the sellers.
On 23 September 2023, the Act on Preventive Restructuring came into force, which brought a new legal institute into the Czech legal environment – preventive restructuring, through which companies will be able to resolve their unfavorable economic situation.
The relationship between the Czech Republic and Slovakia is forged on a shared history and close economic ties. As the two countries maintain strong trade relations and extensive cross-border business activities, legal firms have recognized the need to establish a presence in both jurisdictions. Havel & Partners Managing Partner Jaroslav Havel, BPV Braun Partners Managing Partner Arthur Braun, and Eversheds Sutherland Managing Partner Bernhard Hager talk about the ties that bind the two legal landscapes.
Binder Groesswang has advised P&V Holding Aktiengesellschaft on the sale of Hoelzel Verlag to Westermann Group subsidiary Medien Union. Eversheds Sutherland advised the Westermann Group.
As the amendment is effective as early as 1 October 2023, we provide below an overview of the main changes, indicating the necessary or recommended steps for employers to be taken:
Cobalt has advised the Nordic Secondary Fund II on its acquisition of a 10% stake in Cleveron AS. Eversheds Sutherland reportedly advised the sellers.
The content of communications recorded by criminal law enforcement authorities (LEAs) and traffic and location data; Not only voice communications, but also electronic messages made not only from a mobile phone, but also from landlines and other devices; Records of surveillance of persons and property by the LEAs. This and other information have so far reached the Czech national competition authority (Czech NCA) without being able to use it legally as evidence in the proceedings.
Eversheds Sutherland Bulgarian member firm Tsvetkova Bebov & Partners has advised the TBI Bank on the public placement of its EUR 10 million first tranche of senior non-preferred MREL bonds due 2026.
Did You Know that a total of 14 partners at Bulgarian law firms have worked on multiple client matters in that country so far this year? That group is led by Boris Teknedzhiev of Tokushev & Partners, who has worked on five reported Bulgarian client matters in 2023.
Eversheds Sutherland member Tsvetkova Bebov & Partners has advised the Bulgarian-American Credit Bank on a EUR 15 million private placement of senior non-preferred MREL notes.
Summary of new Czech whistleblowing legislation
Legal AI developments, the impact of whistleblowing legislation, and the potential for a shorter work week keep lawyers talking in Slovakia, while a slowdown in legislative activity has them worried, according to Eversheds Sutherland Partner Annamaria Tothova.
Contributed by Tsvetkova Bebov and Partners, a member of Eversheds Sutherland.
Contributed by Eversheds Sutherland Bitans.
Eversheds Sutherland with offices in Bratislava and Prague and as part of an international network, provides comprehensive legal advice also in foreign jurisdictions.
Our team consists of a total of more than 40 lawyers in the Czech Republic and Slovakia, most of whom have previously worked at major international and local law firms and have extensive experience in particular in the areas of corporate law, including mergers and acquisitions, capital markets, real estate, employment law, competition law, litigation and arbitration, energy, infrastructure, as well as environmental and ESG law.
Our advisory services are offered in Slovak, German, Czech and English language. Members of our team include attorneys registered with the Austrian Bar Association. On this basis, and because we are part of Eversheds Sutherland, we are also able to offer extensive legal support on various foreign legal issues.
We listen to our clients, we understand their business and we also understand what they need. So we can always find the best solution for the particular situation. We work quickly, efficiently and take responsibility for our work.