Read the latest headlines about laws, jurisdictions and court decisions in Vienna and Austria with reference to the international interest
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Austrian Economic Legal Issues and Insolvencies

Gazprom May Face Proceedings by Austrian OMV

OMV considers arbitral proceedings against Russian Gazprom in case no joint solution will be found.

October 9, 2013

Austria: Alpine Holds € 52m in Assets

Creditors of Alpine have very little chances of being compensated after the construction company declared bankruptcy. Currently Alpine holds € 52m in assets.

October 9, 2013

Hungary and Croatia to Solve MOL/INA Issue

Both Hungarian Minister of Foreign Affairs Janos Martonyi and his Croatian counterpart Vesna Pusic intend to solve the issue between Hungarian MOL and Croatian INA.

October 9, 2013

Austria: Alpine’s Bankruptcy Claims Amount to € 4.15bn

In regard to construction company Alpine’s insolvency, creditors have so far registered claims in the amount of € 4.15bn, as announced by liquidator Stephan Riel in the run-up to Wednesday’s examination hearing.

October 8, 2013

Hungary Rejects Extradiction of Head of Mol

A Hungarian court rejected the extradiction of Zsolt Hernadi, who is alleged of having bribed former Croatian Prime Minister Ivo Sanander.

October 7, 2013

Austria: Downsizing Models for Hypo

Currently, everything revolves around the establishing of a bad bank despite of Finance Minister Maria Fekter’s objection. However, now, after the elections, this issue needs to be resolved.

October 4, 2013

Ukraine: Clashes between Police and Protesters

During a demonstration against the government in Kiev on Wednesday clashed occurred between police forces and around 400 supporters of the opposition.

October 2, 2013

Croatia: Entry into Schengen Important, Not Decisive

Croatia plans to apply for accession to the Schengen passport-free area in two years.

September 27, 2013

Croatia: Major Reforms Required for Economic Upturn

Croatia continues to suffer from recession - its economy has not grown since 2008, contracting in 2012 by 2% and in 2013 by 1%.

September 26, 2013

Raids at Ukrainian Affiliate of Bank Austria

Ukrsotsbank in Kiev was searched on Friday due to unclear ownership structures of non-performing loans which led to disputes between banks and clients. Within the Unicredit Group Bank Austria is responsible for banks in Eastern Europe.

September 25, 2013

Serbia: EU Screening in Late September

Serbia’s EU accession explanatory screening will start in Brussels on 25 September.

September 24, 2013

Head of Slovenia’s Chief Bank Arrested

Janko Medja, manager of Slovenia’s most important bank NLB, was arrested because of suspicion of corruption.

September 20, 2013

Austria: ÖVP Rejects Tax Reforms by Social Democrats

Chancellor and Leader of the Social Democrats Werner Faymann is in favor of lower taxes on wages. His model includes reliefs of up to € 1,011 annually. However, coalition partner, the Austrian People’s Party (ÖVP) rejects the plans.

September 18, 2013

EU Commissioner Füle Encourages Albania

EU Commissioner Štefan Füle discusses Albania's path to EU with new PM

September 18, 2013

Barroso: “Albania’s Future Is in The European Union”

President of the EU Commission Barroso is confident about Albania’s commitment.

September 17, 2013

EU Commission to Sanction Croatia

The EU Commission is determined to start sanction against the newest member of the European Union, Croatia.

September 16, 2013

Austria: Liquidity Problems On the Rise

This year, insolvencies and delayed payments are expected cause economic costs of 2.1% of the Austrian GDP.

September 6, 2013

Croatia: New Trial for Pre-Bankruptcy Settlement

Croatia giving fourth chance to reach pre-bankruptcy settlement.

September 6, 2013

Slovenia: Former Prime Minister Accused of Money Laundering

Former Slovenian Prime Minister Janez Jansa’s image is further tarnished as he is alleged of having paid money to a relative’s bank account.

September 6, 2013

EU Commission Threatens Croatia with Sanctions Once More

EU Commissioner Reding has not yet resolved the issue with Croatia. She announced to expect an easy change of the law.

September 5, 2013

President of Ukraine Presses for Faster Progess

President Yanukovych urges the parliament to adopt laws for a faster progress to the country’s European integration

September 5, 2013

Alpine: Creditors in Austria and Poland Claim Refunds

Not only the labor market in Austria is burdened but also thousands of creditors have invested in bonds of the construction company and are now facing enormous losses.

September 4, 2013

Croatia Backs Down in EU Arrest Warrant

In the dispute about the extradition of a retired officer of the secret service to Germany, Croatia now seems to back down to the pressure put on by the European Union.

August 28, 2013

Alpine: Former Employees to Receive Wages

Almost 5,000 former employees of bankrupt construction company Alpine can feel relieved as this week the insolvency contingency fund will start with settlements. However, creditors will only be given a rate of five percent.

August 27, 2013

EU Commission Threatens Croatia with Sanctions

Only a few weeks after its EU Accession, Croatia is facing threats of sanctions by the EU Commission.

August 26, 2013

Austria: Debts of Alpine Increase to € 3.7bn

Gerhard Weinhofer of creditor protection association Creditforum counts with a “micro quota” for creditors of bankrupt construction company.

August 23, 2013

Austria: Alpine Creditors Register € 2.29bn

The downfall of construction company Alpine, the biggest bankruptcy in the history of the second Republic, has not been finished yet.

August 19, 2013

Hungary: Land Reform Evokes Conflict

“Hungarian soil belongs to Hungarian people“. This is the maxim of national-conservative ruling party of Prime Minister Viktor Orban.

August 8, 2013

Serbia: Attempted Murder on Deputy PM Vucic Prevented

According to Belgrade daily “Nase novine“, Serbian Intelligence Service BIA was able to prevent an attempted murder on Deputy Prime Minister Aleksandar Vucic.

August 7, 2013

CESEE Remains Attractive for Austrian Investors

According to a survey, the region of CESEE is still attractive to Austrian investors. Particulary the bigger countries – Poland, Turkey and Russia – are becoming even more popular.

August 1, 2013

Slovenia Likely to Overcome Problems in Banking Sector

Slovenia’s problems in banking sector are controllable, according to experts.

July 31, 2013

EVN Forced to Lower Electriciy Prices in Bulgaria

Austrian energy provider EVN is ordered by the regulator to drop electricity prices.

July 30, 2013

Two Interested Parties for Hypo Alpe Adria Italia

Two investors have shown their interest for the take-over of Italian affiliate of nationalized Hypo Alpe Adria. Banca Popolare di Vicenza and a British-Indian Group are claimed of being interested.

July 29, 2013

Bulgarian Deputy PM: “They Want Social Justice“

In an interview with Austrian newspaper Standard, Bulgarian Justice Minister and Deputy Prime Minister Zinaida Zlatanova (40) talks about the reasons for the protest movement, planned reforms and critizism from abroad.

July 27, 2013

Alpine: Financial Difficulties Existed Longer Than Assumed So Far

The crisis of insolvent construction company Alpine goes back much farther than assumed so far. The company had problems in 2009 already to settle invoices.

July 27, 2013

Hypo Group: Massive Losses in Italy

The Italian affiliate of Austrian problem bank Hypo Alpe Adria has notched up considerable losses.

July 25, 2013

Poland: Opposition Calls for Parliamentary Inquiry

PiS chief opposition calls for parliamentary inquiry into public finances.

July 24, 2013

Voestalpine: Cartel Proceedings Finally Settled

voestalpine AG response to the German Cartel Office's rail cartel announcement issued yesterday.

July 24, 2013

Alpine Inable to Pay in Mid-2012 Already

Former CFO supposed to have asked Spanish parent company FCC for liquidity assistance in the amount of € 115m, otherwise “we are dead”.

July 24, 2013

Dispute about Ina in Hungary and Croatia Escalates

The Croatian prosecution is once more investigating due to bribe payment to former Prime Minister Sanader. Head of Mol, Hernadi, is faced with a possible detention order.

July 11, 2013

Turkey: Gezi Protests Claim Fifth Life

A 19-year-old, who was seriously injured during the protets against the government in Turkey, has died in hospital. The number of fatalities has now risen to five, according to press agency Dogan.

July 10, 2013

Alpine Bankruptcy Hits Clients Hard

According to real estate experts problems for home builders have just started.

July 10, 2013

Turkey: Government Alleged to Have Known About Project Fail

A week before the forceful clearing of Gezi Park in Istanbul, the Turkish government was supposed to know about the fact that it had lost before court with its constructions plans. Protests went on, despite of that.

July 5, 2013

Turkey: Court Forbids Reconstruction of Taksim Square

Controversial construction project led to protests and brutal police force.

July 3, 2013

Alpine Holding: Insolvency Proceedings Now Official

The insolvency proceedings for Alpine Holding have now officially started at the Commercial Court in Vienna. Liabilities come at € 700m.

July 2, 2013

Hypo Group and BayernLB Keep on Fighting

Hypo Group responds to the BayernLB’s lawfile at the Regional Court in Munich. Both banks will not give up their very hard stance.

June 26, 2013

Austria: Deputy Govenor Duchatczek Steps Back

After 37 years of service Duchatczek resigns from his position as Deputy Govenor of the Austrian National Bank (OeNB).

June 25, 2013

Raids at Hypo Group in Italy

Because of suspicions of tax fraud Hypo Group’s affiliate in Udine was searched by the Italian police.

June 25, 2013

EVN Arbitration Proceedings Against Bulgaria to Start

EVN AG commences investment treaty arbitration against the Republic of Bulgaria.

June 21, 2013

Austria: Investigations on Loan to Alpine

Apparently ailing bank Hypo Group plays a role in the bankruptcy of Austrian construction company Alpine. The bank is supposed to have granted a bridge loan.

June 21, 2013