There’s a new windfall value-added tax (“VAT”) reclaim opportunity in Hungary based on a recent judgment of the Court of Justice of the European Union (“CJEU”).

The amended Rules of Proceedings (hereinafter referred to as the “Rules of Proceedings”) of the Permanent Court of Arbitration attached to the Hungarian Chamber of Commerce and Industry (hereinafter referred to as the “Arbitration Court”) came into force on 15 September 2024. The amended rules are to be applied in arbitration proceedings initiated on or after the date of its entry into force.

Wolf Theiss has promoted former Counsels Andreea Zvac, Oleg Temnikov, Stefan Horn, and Alexander Zollner to Partner.

Schoenherr has advised Danske Bank, Erste Group, ING, Natixis, and UBS, on Volksbank Wien’s invitation to existing holders of their outstanding EUR 400 million 2.75% fixed to fixed tier 2 notes with an interest rate reset date on October 6, 2022 to tender their notes for purchase by the company for cash. Schoenherr also advised the banks on the successful issuance of EUR 500 million 5.5% Volksbank Wien’s subordinated notes issuance. Wolf Theiss advised Volksbank Wien.

Wolf Theiss, working with Jeantet, has advised Ancala on the acquisition of Elektrana Grubisno Polje from Akuo Energy. Divjak, Topic, Bahtijarevic & Krka reportedly advised Akuo Energy.

Wolf Theiss has advised on the reorganization of Oerlikon’s nitriding business in Slovakia via a spin-off of the business into a standalone legal and operational entity.

Centered around a high-profile public takeover attempt the Austrian market saw this summer, Wolf Theiss Partner Florian Kusznier shares his insights into the country's market landscape, the complexities of recent M&A activities, and the trends shaping Austria’s economic environment.

Wolf Theiss has advised Sekyra Group on the sale of a real estate project in Prague to Banka Creditas.

Wolf Theiss, working alongside Ropes & Gray, has advised Audax Private Equity on its acquisition of Avantor’s Clinical Services business.

Wolf Theiss, working alongside Clifford Chance, has advised Cellnex Telecom on the EUR 803 million sale of its Austrian telecommunications tower assets to a consortium comprising Vauban Infrastructure Partners, EDF Invest, and MEAG. Schoenherr, working with the Paris and London offices of Hogan Lovells, advised the buyers.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With managing firm clients being a critical aspect of firms’ operations, we asked: What are the three most important elements when onboarding a new client?

In export-import trade transactions across Europe, sellers commonly protect their assets by retaining the title of ownership until the buyer has paid the full purchase price. Retention of title allows sellers to reclaim the assets in case of non-payment or the buyer’s bankruptcy before full payment. However, in Hungary, such an arrangement can present unexpected challenges for sellers.

Wolf Theiss has advised Digi Tavkozlesi es Szolgaltato Kft. on acquiring Direct One from Canal+ Luxembourg S.ar.l. CMS advised the seller.

Wolf Theiss has advised the 4iG Group and its telecommunications portfolio manager Antenna Hungaria Plc. on their acquisition of a 100% stake in PR-Telecom Tavkozlesi Zrt.

New regulations governing agreements to complete a job (in Czech: dohoda o provedení práce) came into effect in the Czech Republic on 1 July 2024, with additional provisions set to be implemented on 1 January 2025. These amendments significantly modify the original provisions outlined in the Czech Consolidation Package (Act No. 349/2023 Coll.).

Wolf Theiss has advised the principal shareholder of Ara Cursus on the formation of a tri-partite joint venture with Suez and the Eiffel Investment Group. Bird & Bird reportedly advised Suez. BWW Law Firm reportedly advised the Eiffel Investment Group.

Investment funds in the Czech Republic are regulated by the Czech Investment Companies and Investment Funds Act (ZISIF) and by local implementing regulations (governmental decrees and decrees of the Czech National Bank – CNB).