Austrian Economic Legal Issues and Insolvencies

Read the latest headlines about laws, jurisdictions and court decisions in Vienna and Austria with reference to the international interest

Bulgaria’s Election Winner To Annul Results

GERB party, winner of the early presidential elections in Bulgaria, announced to file a lawsuit before the Constitutional Court.

May 16, 2013

Alpine: Dispute in Poland About to Escalate

A dispute about the construction of a bridge has intensified. The construction company Alpine has withdrawn from the contract for the building of a highway segment in Poland.

May 15, 2013

Austria: EU Competition Authority to Search Agrana

The European competition authority has paid a visit to listed starch and sugar producer Agrana in April.

May 15, 2013

US: Kerry Announced Support of Ukraine’s EU Integration

US Secretary of State John Kerry announced his support for Ukraine’s move towards an EU membership.

May 13, 2013

Pressure from EU on Orban Increases

EU demands that Hungary withdraws the changes to the constitution.

May 8, 2013

RHI: US Proceedings Completed

Chapter 11 proceedings of the US companies deconsolidated in 2001 completed

May 2, 2013

EU Ready to Adopt Measures Over CEZ in Bulgaria

Van Rompuy promised to take actions during his visit in Prague.

April 29, 2013

Voestalpine: Compensations for Deutsche Bahn

Deutsche Bahn (DB) is to receive compensations by Austrian steel manufacturer voestalpine.

April 29, 2013

EU Commission to Start Proceedings Against Hungary

On Wednesday, Justice Commissioner Viviane Reding told reporters in Brussels that the EU Commission will probably launch infringement proceedings against Hungary.

April 26, 2013

Alpine and Porr to Be Compensated by Serbia

The Austrian construction companies Alpine and Porr claim € 71m from Serbia before the court of arbitration due to a flopped major project for the building of a highway.

April 26, 2013

Albania: Under EU’s Watch

Brussels called for further modernizations of the judiciary in Albania before the EU considers Accession talks with the country. Futhermore the union announced to keep a close eye on the elections in June.

April 24, 2013

Serbia: Agreements in Kosovo Negotiations

Commissioner Ashton announced that both countries have found an arrangement.

April 19, 2013

Cyprus: Increase of Taxes Resolved

The Cyprian parliament has voted for an increase of taxes. Among other things, business taxes will increase from 10 % to 12.5 %.

April 19, 2013

Heated Debate in EP About Hungary

On Wednesday, the European Parliament has lead a heated debate concerning the controversial amendments to the Hungarian constitution.

April 18, 2013

Austria and Turkey to Deepen Relations

Justice Minister Karl wants to improve cooperations with Turkey.

April 17, 2013

„Unlawful“ Farming in Hungary

The estimated 200 Austrians, who are engaged in agriculture in Hungary, are apparently not highly esteemed by Hungarian Prime Minister Viktor Orban.

April 16, 2013

Hungary: Increasing Tensions Between Barroso and Orban

President of the EU Commission, Jose Manuel Barroso wrote another letter to Prime Minister Orban warning him of the impacts in case the government will not realize the claimed measures.

April 15, 2013

Austria: Three Convictions at Immofinanz Process

Former head of Immofinanz, Petrikovics, was sentenced to six years in prison. Co-defendants Schwager and Thornton were sentenced as well.

April 12, 2013

EU Threatens Hungary With Process

The EU Commission has warned Hunary with a lawsuit in case the government in Budapest should not withdraw the controversial amendmends to the consititution.

April 12, 2013

EU Examines Bulgarian Electricy Market

On request of the Bulgarian Government, an expert group will examine the prices for electricity after the protests. Another issue is the independence of the energy regulator.

April 12, 2013

Ukraine: Yanukovych Rejects Pardoning Tymoshenko

President Yanokovych does not consider a pardoning as long as trials continue.

April 11, 2013

Hungary: Commissioner Reding’s Reactions to Allegations

EU Justice Commissioner and Deputy President of the EU Commission Viviane Reding has reacted to the accusations of the Hungarian government.

April 10, 2013

Decisions About Hypo Group’s Future Still Pending

Finance Minister Maria Fekter has presented herself rather reserved after the meeting with EU Commissioner for Competition Joaquin Almunia.

April 5, 2013

Austrian SMEs Keep on Struggling in 2013

Persistant insecurity and subdued growth expectations characterize the 1st quarter of 2013. Enterprises regard new energy efficiency policy as additional bureaucratic burden.

April 4, 2013

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