AUSTRIA
Austrian Supreme Court has finally annulled SIGNA Prime Selection AG’s restructuring plan
In the history of Austria’s economy, few insolvency cases have caused as much uproar as the insolvency of the SIGNA real estate group. The insolvency of SIGNA Prime Selection AG (“Company”) as a major subsidiary of SIGNA is one of the largest of all time in Austria, especially in terms of the amount of claims filed. Moreover, this case is of great interest as the Company holds numerous highly prestigious properties in Vienna and abroad.
BULGARIA
Implementation of Fast Track Liquidation Procedure and Cross-Border Operations
Amendments to the Bulgarian Commercial Act, which entered into force in October 2024, introduce a fast track liquidation procedure and a framework for cross-border operations in line with Directive (EU) 2019/2121. The fast track liquidation is designed to accelerate the process for liquidating companies that meet certain criteria and to enhance cooperation among the relevant authorities regarding the exchange of information.
CZECH REPUBLIC
A Potential reduction of subsidies for renewable energy producers
On 23 October 2024, the Minister of Finance and the Minister of Industry and Trade unveiled a series of four proposed measures aimed at reducing financial support for renewable energy sources (RES). As part of this initiative, the Czech Government proposed amendments to the Act on Supported Renewable Energy Sources. The most significant impact is expected to fall on photovoltaic power plants with a capacity exceeding 30 kW that were commissioned between 2009 and 2010.
ROMANIA
Amendments to Company Law no 31/1990
Published in the Official Gazette of Romania No. 1212 on 3 December 2024, Law No. 299/2024 amending and supplementing Company Law No. 31/1990 (“Law 299/2024”) entered into force on 6 December 2024.
The main amendments to Company Law No 31/1990 that were introduced by Law 299/2024 concern provisions on organizing and holding the general meeting of shareholders online, the convening notice, the delegation of authority related to secondary offices, and the elimination of a series of administrative formalities.
SLOVENIA
Implementation of EU Regulation on Markets in Crypto-Assets in Slovenia
The rapid growth of crypto-currencies has highlighted the need for regulation, not only to ensure market stability, but also to protect investors and prevent abuse. In response, the European Union introduced Regulation (EU) 2023/1114 on markets in crypto-assets (“MiCA”), establishing a comprehensive and harmonized framework for markets in crypto-assets within the European Union. MiCA requires Member States to designate the competent authorities responsible for carrying out the functions and duties under the regulation.