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Austrian Economic Legal Issues and Insolvencies

Cyprus: Evidence Destroyed?

According to reports by the media in Cyprus, important evidence about the heavily affected Bank of Cyprus was destroyed.

April 4, 2013

Serbia: Financial Underhand Practices Discovered

Financial underhand practices had lead to losses of € 700m for the Serbian state.

March 30, 2013

Cyprus: 37.5 % Tax on Assets

The compulsory levy on bank assets exeeding € 100,000 has now been fixed. Assets above the amount will be taxed with 37.5 %.

March 30, 2013

EVN to Get Support by State Secretary

State Secretary Lopatka intervened in EVN’s dispute with Bulgarian government. He urges Bulgaria to ensure protection of investments.

March 29, 2013

Cyprus: Trying to Avoid Chaos at Banks

Today, Cyprus‘ banks are supposed to be opened after almost two weeks of closing. The citizens are called for calm and there are limits for drawing money. The currency rate was downgraded to Caa2 by Moody’s.

March 28, 2013

Commission Praises Croatia’s Progress

Croatia has fullfilled all criteria for the EU accession on July 1, 2013.

March 26, 2013

Dacic to Meet Head of EULEX Mission

International mission in Kosovo to ensure complete protection of all citizens.

March 26, 2013

Meinl Needs to Reimburse Starbet Investors

The Regional High Court (OLG) in Vienna has passed the judgement that Meinl Bank has to compensate sports betting company Starbet

March 23, 2013

Belgrade Considers Conditions Unacceptable

The sudden failure to reach a final conclusion to the Kosovo-issue puts a dampener on Serbia’s way towards the EU.

March 21, 2013

Time Is Running Out Fast for Serbia and Kosovo

It is probably one of the last chances for Serbia and Kosovo to make progresses for EU rapproachment.

March 20, 2013

Austria: Meinl‘s Bail Money to Be Reduced Significantly

According to the Higher Regional Court (OLG) in Vienna, Julius Meinl is to receive € 90m of his bail money back.

March 19, 2013

EVN to Start Arbitration Procedure

Today, Austrian power supply company EVN informed the state of Bulgaria about opening arbitration proceedings.

March 19, 2013

Austria: Investigation Against VBAG Board Members

The Austrian Justice is currently investigating a case of the Austrian Volksbanken AG (VBAG) where three former board members are accused of having forged balance sheets. Board director CEO Michael Mendel is not among the suspects.

March 18, 2013

Spindelegger Criticizes Orban Sharply

Austria´s Vice Chancellor and Foreign Minister Michael Spindelegger wants Hungary to “return to the European legal basis”.

March 16, 2013

Hungary: Orban Rejects Criticisms

After making amendments to the Hungarian constitution, Prime Minister Viktor Orban and his leading Fidezs party have to face harsh criticisms. EU Justice Commissoner Viviane Reding announced to take measures.

March 15, 2013

Mignon (PACE) Praises Serbia For Progresses

Today, president of the Parliamentary Assembly of the Council of Europe (PACE) Jean-Claude Mignon gave credit to Serbia’s progress in the execution of reforms and expressed faith in finding solution for the Kosvo issue.

March 12, 2013

Hungary: Constitutional Amendmends Signed By Vast Majority

EU Commission fears that Hungary’s state institutions will have to experience major restrictions.

March 12, 2013

Austria: Hypo Group Still Sailing in Stormy Waters

Hypo Group wants a fast selling until the end of 2013. Vending of Italian and CESEE subsidiaries could take longer as the economic situation is not appealing at the moment.

March 12, 2013

Austria: Nationalizing Hypo Group Prevented BayernLB from Losses

EU Competition Commission pushes the Austrian government to shut down the loss-making Hypo Group.

March 11, 2013

Montenegro: Knocking on Brussels’ Door

In an interview with the Austrian newspaper Presse, state secretary for European integratition and Montenegro’s chief negotiator Aleksandar Pejovic informs when his country is ready to join the EU.

March 9, 2013

Austria: Hypo Managing Board Warns of Losses

Hypo Group’s managers fear that selling the bank precipitately might lead to additional losses up to € 5bn for the bank and federal state.

March 7, 2013

Austria: Elsner Files Lawsuit in US Supreme Court

Former BAWAG CEO Helmut Elsner filed a lawsuit over $ 1.8bn against members of the Austrian Social Democrat party (SPÖ).

March 7, 2013

Austria: New CEO for Alpine

The construction company was saved from bankrupcy and is now looking for a new CEO

March 5, 2013

Austria: Alpine Turns Out a Big Burden For FCC

The construction company has avoided bankrupcy and is save – for the time being.

March 5, 2013

Business Insolvencies Up Again

Last year, Austria has recorded 6,266 business insolvencies. Unlike 2010 and 2011, the number of insolvencies has increased.

January 15, 2013

Hungary: No Mandatory Voter Registration

The Hungarian Constitutional Court rejected the law proposed by the government.

January 5, 2013

Austrian Government Agrees on Bank Restructuring Law

“The agreements at government conference are intended to strengthen financial sector.” Finance Minister Maria Fekter says.

November 9, 2012

A-Tec: Quota Reaches 39%

The insolvent A-Tec Group pays out the insolvency quota next week.

November 7, 2012

FPÖ Files Suit Against ESM

The biggest Austrian opposition party files a legal complaint against the European Stability Mechanism (ESM) at the Austrian Constitutional Court.

October 15, 2012

Private Insolvencies: More than 100,000 Austrians Concerned

This year, 7,000 private insolvencies were registered in Austria. According to KSV (Austrian Association of Creditors), much more people are illiquid, though.

September 28, 2012

Austrian Companies Expect Increase in Lending Costs

Due to Basel III, lending will become more expensive, many Austrian managers and entrepreneurs think.

September 27, 2012

Austrian Business Insolvencies on the Rise

In the first eight months of 2012, the number of insolvencies was up by 8.7% to 2,663.

September 20, 2012

New Airline for Hungary?

After the insolvency of Malev in March 2012, the Hungarian government is said to promote a new airline.

September 6, 2012

270,000 Austrian Households Are Insolvent

The gap between rich and poor households is growing persistently. The number of over-indebted households is still growing.

September 4, 2012

FMA Pushes for Bank Insolvency Law

The Austrian Financial Market Authority increases pressure on the government. Director Helmut Ettl says the Austria needs an insolvency law for banks as soon as possible.

August 7, 2012

Austrian Enterprise Creation Slightly Up

2010: 26 172 start-ups, enterprise creation rate 6.5%; more than 19 000 new employer enterprises.

August 7, 2012

„Dayli“: Up to 20% Yield

With the acquisition of Schlecker Austria, the Austrian investment funds TAP 09 wants to achieve the turnaround soon.

August 2, 2012

Bankruptcy Prevented: Schlecker Austria Becomes „daily“

The Austrian investment funds TAP 09 acquires the financially stricken chemist chain. Schlecker Austria should become a local grocer.

July 31, 2012

Schlecker Austria to be Rescued?

The Austrian subsidiary of the bankrupt German chemist chain and its subsidiaries in Poland, Italy, Belgium and Luxembourg may be continued.

July 30, 2012

Constitutional Court: ESM Examination Takes up to 6 Months

According to the biggest Austrian opposition party FPÖ, the European Stability Mechanism violates the Austrian constitution.

July 25, 2012

Schlecker´s Financial Situation Becomes Critical

Schlecker Austria, the subsidiary of the insolvent German chemist chain, is becoming more and more problematic. The liquidity is said to be used up in a few days.

July 25, 2012

Insolvencies in CESEE on the Rise

In 2011, the number of business insolvencies rose by 25% in the CESEE region. Hungary ranks first.

July 25, 2012

Bank Insolvency Law: No Austrian Solo Run

Austria´s government changed its mind. There will be no national bank insolvency law. Austria will wait for a European solution instead.

July 23, 2012

MTH Takes Over Schlecker´ Subsidiary

MTH, the investment company of the Austrian industrialist Josef Taus acquires 109 branches of IhrPlatz, a subsidiary of the insolvent German chemist chain.

July 20, 2012

Schlecker Austria: Time Pressure Grows

The potential buyers of Schlecker Austria are still highly skeptical. Until August, a decision must be taken.

July 18, 2012

Austrian Opposition Parties Fight Against Fiscal Pact

The three Austrian opposition parties FPÖ, The Greens and BZÖ announced to bring a complaint of unconstitutionality against the Fiscal Pact.

July 13, 2012

Schlecker Austria Sees High Probability of Takeover

The insolvency manager of the German chemist chain Schlecker sees a favorized potential buyer for Schlecker Austria.

July 9, 2012

Alpbach Legal Symposium 2012

Under the motto “Acceptance of Law in Rapid Decline?”, the Alpbach Legal Symposium 2012 will be held from Monday, August 27, 3:00 pm to Tuesday, August 28, 12:45 pm in the Congress Centrum Alpbach.

July 7, 2012

„Good Prospects“ For Schlecker Austria

The insolvency manager of the bankrupt German chemist chain views „promising talks with potential investors“.

June 30, 2012

Austria Appreciates Opening of Accession Negotiations

After the beginning of the accession negotiations with the EU, the Austrian government congratulates Montenegro.

June 26, 2012