In Albania, renewable energy, start-ups, and gaming all present significant market opportunities according to Partner Anisa Rrumbullaku of CR Partners in cooperation with Karanovic & Partners, with significant changes being implemented that stand to not only revitalize the economy but also create a hotbed for legal expertise.

Contributed by Boga & Associates.

Albania underwent a substantial overhaul in its approach to insolvency and restructuring proceedings with the enactment of Law No. 110/2016 “On Bankruptcy” in 2017. This legislative stride replaced a prior law that had been in effect since 2002, often leading to disputes and difficulties in uniform enforcement.

BPV Huegel has advised Verbund on its acquisition of a Burgenland wind farm with a total nominal output of 10.15 megawatts from a private wind farm developer and operator. CMS advised the undisclosed sellers.

DLA Piper appointed Partner Marcell Nemeth as the firm's new Head of the Finance Practice.

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.

Belarus's Revera law firm has teamed up with Adamante Management to open the firm's Cyprus office.

On July 9, 2021, substantial amendments to Belarusian currency legislation entered into force. We will briefly review the key amendments.

Economic optimism in the face of adversity, the introduction of English law instruments, and some new potential for growth are the highlights in Belarus, according to Aleinikov & Partners Senior Partner Denis Aleinikov.

The latest amendments to the Republika Srpska Civil Procedure Law were enacted to ensure procedural improvements, align the rules with the European Convention on the Exercise of Children’s Rights, better regulate cases involving marital and family disputes, and strengthen court rulings.

Did you know that the CEE Q1 leaderboards are available through the Activity Rankings function of the CEELMDirect website?

Did you know that the early 2024 deal leaderboards are already available via the Activity Rankings function of the CEELMDirect website?

Did you know that, according to the Activity Rankings function of the CEELMDirect website, of the 88 law firm partners who have reported working on disputes in CEE over the past 12 months, only nine have reported working on more than one?

CMS has advised Greenvolt Power Solar Poland on its acquisition of an 80-megawatt photovoltaic project – including a battery energy storage system capable of storing electricity up to 25 megawatts per four hours – from AES Global Power Holdings. Spasov & Bratanov, working with Bracewell, advised the seller.

Kambourov & Partners, working with Latham & Watkins, has advised Triton Partners on local aspects of the carve-out and acquisition of Siemens Energy’s Trench high-voltage component business. Baker McKenzie advised Siemens Energy. White & Case advised a syndicate of banks and financial institutions on financing the acquisition.

BDV Batarelo Dvojkovic Vuchetich has advised Kommunalkredit Austria on a EUR 25 million facility for the Star Energy Group's transition strategy into geothermal energy and for enabling continued investment in the group’s oil and gas business.

Impactful legal updates are on the ticket in Croatia according to NLaw Managing Partner Martin Hren, and the stage is set for changes that could significantly bolster the Adriatic country's start-up ecosystem and IT sector, with more work needed to support renewable energy projects and new technologies.

Contributed by Babic & Partners.

BBH has successfully represented the Diamo state-owned enterprise in a dispute concerning its obligation to perform a contract worth over CZK 1 billion.

Contributed by Dentons.

JSK has advised the Genesis Growth Equity Fund I on its sale of the Homecare Holding to the Penta Group. AK Evan reportedly advised the buyer.

Former Counsels Maria Nefeli Bernitsa and Fotodotis Malamas have been appointed to Partner positions with Greek law firm Bernitsas.

Former Senior Associate Tania Patsalia has been promoted to a Partner position with Bernitsas.

Bernitsas Law has advised Dodoni on its issuance of a EUR 75 million bond loan with mandated lead arrangers Piraeus Bank and Eurobank. Koutalidis reportedly advised Piraeus Bank and Eurobank.

The National Tax and Customs Authority (NAV) published its 2024 audit plan on 26 March 2024, which shows that it plans to carry out more rigorous audits this year than in recent years.

To enhance the competitiveness of the Hungarian economy, the Government plans to accelerate the process of setting up companies in Hungary for foreigners. Currently, individuals who do not understand Hungarian language, should wait days or even weeks to receive the decision from the Hungarian Company Registry Court certifying the registration of their new company.

Kinstellar has advised the Hungarian Power Exchange and the Hungarian transmission system operator on the Project Bluesky transaction which saw HUPX join the regional Adex power exchange. Lukman Odvetniska Druzba reportedly advised Adex's Slovenian shareholder, ELES. Isailovic & Partners reportedly advised EMS, the Serbian shareholder of Adex.

Estonian law firm Lextal, Latvian law firm RER Lextal, and Lithuanian law firm ILAW Lextal have unveiled their new name and identity: Widen, "a Baltic law firm that sees itself as the Legal Jazz Company."

Former Alterna Partner Annika Vait has joined Rask as a Partner and Co-Head of the firm's Business Consulting and Transactions department.

Walless and Fort have announced their agreement to merge their Estonian operations under the Walless brand, while Walless will also strengthen its operational capacities in Latvia with the addition of the Fort Latvia litigation team.

Contributed by Boga & Associates.

Did you know that the CEE Q1 leaderboards are available through the Activity Rankings function of the CEELMDirect website?

In Kosovo, there has been a diverse blooming of local and international companies. In the daily transactions of these companies, financial institutions continue to act as a catalyst that affects industries’ development. However, as opposed to these companies, financial institutions in Kosovo are regulated exclusively by the Law on Banks and the Law on Insurances. One important aspect of these laws is the procedures for the establishment, recovery, and liquidation of financial institutions in Kosovo, where an active role is foreseen for the Central Bank of the Republic of Kosovo (CBK) as a regulatory body in issuing guidelines and also approvals in cases of restructuring and voluntary dissolution of the financial institutions.

Estonian law firm Lextal, Latvian law firm RER Lextal, and Lithuanian law firm ILAW Lextal have unveiled their new name and identity: Widen, "a Baltic law firm that sees itself as the Legal Jazz Company."

TGS Baltic has advised recycling company Eco Baltia on its acquisition – via its Latvijas Zalais Punkts subsidiary – of harmful and hazardous waste collection company Eko Osta.

Walless and Fort have announced their agreement to merge their Estonian operations under the Walless brand, while Walless will also strengthen its operational capacities in Latvia with the addition of the Fort Latvia litigation team.

TGS Baltic has advised Coinvest Capital on liquidating its investment in Lithuanian crisp producer Chazz through the sale of its 26% stake to the company's founders and other shareholders.

Estonian law firm Lextal, Latvian law firm RER Lextal, and Lithuanian law firm ILAW Lextal have unveiled their new name and identity: Widen, "a Baltic law firm that sees itself as the Legal Jazz Company."

TGS Baltic has advised the investors, including Scale Wolf VC and Linas Sargautis, on participating in Vilnius-based Blackswan Space's EUR 760,000 pre-seed funding round.

Contributed by Debarliev, Dameski & Kelesoska.

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.

Slovenia and Croatia adopted the Minimum Tax Act (MTA). The MTA implements Directive (EU) 2022/2523 to ensure a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the EU. The latter is a consequence of the OECD’s global fight against tax base erosion within the scope of Pillar II.

ACI Partners' Competition practice is busier than ever in Moldova, according to Legal Manager Carolina Parcalab, who points to transactions, Competition Council investigations, and competition law educational initiatives as their primary work sources.

Contributed by Aci Partners.

This Section includes information on legal acts implementing new rules or amendments, published in the Official Journal of the Republic of Moldova, referring to corporate, employment, social, taxation, customs, environment, and other matters. This Section also includes draft legislation of any direct or indirect relevance to the Company; as well as the temporary legislative measures approved pursuant to the state of emergency in the Republic of Moldova.

Contributed by Jovovic, Mugosa & Vukovic.

Slovenia and Croatia adopted the Minimum Tax Act (MTA). The MTA implements Directive (EU) 2022/2523 to ensure a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the EU. The latter is a consequence of the OECD’s global fight against tax base erosion within the scope of Pillar II.

A huge new infrastructure project, a historical first USD-denominated bond issuance, and potentially transformative news on price controls and concessions make for interesting times in Montenegro, according to JPM & Partners Senior Partner Lana Vukmirovic Misic.

Did you know that, according to the Activity Rankings function of the CEELMDirect website, of the 88 law firm partners who have reported working on disputes in CEE over the past 12 months, only nine have reported working on more than one?

Rymarz Zdort Maruta has advised Polish state-owned company Weglokoks on its acquisition of an 80% stake in Port Polnocny from Belgian group Sea-Invest. DLA Piper advised the seller.

Allen & Overy has advised Mutares SE & Co on its acquisition of Eltel Networks Energetyka and Eltel Networks Engineering. Greenberg Traurig advised seller Eltel AB on the deal.

Filip & Company has advised the significant shareholders of One United Properties on their sale of 234.2 million company shares to local and international institutional investors.

Clifford Chance Badea has advised the PIB Group on its acquisition of the Stein Bestasig Insurance Broker in Romania.

Stratulat Albulescu Partner Adriana Dobre has been appointed the firm's new Head of Dispute Resolution.

The truth is rarely pure and never simple. But in the case of Russia's military operation in Ukraine, it just might be. Russia breached Article 2(4) of the UN Charter, which prohibits the use of force against the territorial integrity or political independence of any state. Russia's acts have prompted the EU, the UK and the US to impose economic sanctions, such as freezing assets and disconnecting Russian banks from the SWIFT international payments network. Whilst the number of private businesses that are halting their activities in Russia is steadily growing, Russia has adopted a law paving the way for expropriations of assets of foreign firms that leave the country following economic sanctions. But what can foreign companies do if Russia proceeds to take their assets, if they are unable to freely transfer returns from investments out of Russia or if their profits collapse?

Baker McKenzie and DLA Piper have joined the plethora of firms announcing their exit from the Russian market.

Debevoise & Plimpton, Dentons, Dechert, and CMS have announced they are closing their Russian offices and exiting the market.

Did you know that, according to the Activity Rankings function of the CEELMDirect website, of the 88 law firm partners who have reported working on disputes in CEE over the past 12 months, only nine have reported working on more than one?

To facilitate easier obtaining of residence and work permits, due to the increasing influx of foreigners coming to live and work in the Republic of Serbia, new amendments were made to the Law on Foreigners and the Law on Employment of Foreigners in 2023. As a result of these legal amendments, there was a need to adopt new bylaws that would comply with the latest changes.

According to the provisions of the Labor Law (“Law”), in case of (culpable) breach of work obligations or non-compliance with work discipline by an employee, before terminating the employment contract or imposing another measure prescribed by Law, the employer is obliged to warn the employee in writing about the existence of grounds for termination of the employment contract and to provide them with a deadline (of at least eight days from the date of receipt of the warning) to respond to the allegations included therein.

The question is not "if" you will face a cyberattack, but "when". Ensure your cyberspace is resilient to security risks early. New cybersecurity regulation will impact many Slovak companies this year and next.

1 March 2024 marks the date when the Transformations Act No. 309/2023 came into force in Slovakia. This regulation comprehensively outlines the procedures for national and cross-border mergers, divisions, and conversions of companies and cooperatives, moving away from the previously scattered provisions in the Commercial Code.

Noerr has announced it is taking "a new direction in its business in the markets of Central and Eastern Europe," with its Czech, Hungarian, Romanian, and Slovak offices to be transferred to Kinstellar.

Kinstellar has advised the Hungarian Power Exchange and the Hungarian transmission system operator on the Project Bluesky transaction which saw HUPX join the regional Adex power exchange. Lukman Odvetniska Druzba reportedly advised Adex's Slovenian shareholder, ELES. Isailovic & Partners reportedly advised EMS, the Serbian shareholder of Adex.

Contributed by Kavcic, Bracun & Partners.

On 22 February 2024, the government adopted a proposal for a new Act on Judicial Protection Procedure for Former Holders of Qualified Liabilities of Banks ("ZPSVIKOB-1 Proposal"),the purpose of which is to eliminate the identified unconstitutionality of the previous Act ("ZPSVIKOB") and to finally appropriately regulate the procedure under which former holders could claim compensation for the controversial decisions of the Bank of Slovenia on the cancellation of their qualified liabilities in 2013.

Former Senior Legal Counsel Can Aksoy has been appointed as Delivery Hero's Principal Legal Counsel M&A.

Former Turkiye Finans Katilim Bankasi Head of Legal Advisory Mehmet Tekergul has moved to the Alternatif Bank as Head of Legal.

Contributed by Nazali Tax & Legal.

Did you know that, according to the Activity Rankings function of the CEELMDirect website, of the 88 law firm partners who have reported working on disputes in CEE over the past 12 months, only nine have reported working on more than one?

On April 8, 2024, Integrites announced it had been selected, alongside Latham & Watkins, to advise the Ukrainian Finance Housing Company on a bridge financing to be granted by international financial institutions and the subsequent securitization of mortgage loans.

Sayenko Kharenko has helped CMA CGM obtain merger clearance from the Antimonopoly Committee of Ukraine for the acquisition of two Spanish port terminals – in Valencia and Bilbao – through the purchase of a 49% stake in Cosco Shipping Ports Holding.