Kinstellar launches Southeast Asia Desk
Setting up operations in C/SEE

Statement on our policy to work for ‘Russian clients’

We remain shocked by and deeply condemn the Russian military aggression in Ukraine and the resulting war and human suffering. One of our largest offices is in Kyiv and our thoughts are with our colleagues, their families, and the Ukrainian people.

We continue standing with the people of Ukraine and are united with those in governments and the business community calling for an immediate cessation of the acts of war, a withdrawal of Russian forces from Ukraine and the restoration of peace with no further delay.

We support the efforts for peace through international sanctions and informal boycotts to bring pressure to bear on the Russian authorities to cease the aggression and stop the war in Ukraine.

We ensure compliance with applicable local, EU, UK and US sanctions regimes and will not work for Russian clients falling within the remits of such sanctions.

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news, deals & insights

Insights September 2022

183 days of war in Ukraine: Tax considerations for refugees and their employers

The war in Ukraine has now passed the 183-day mark. This unfortunate milestone is a reminder to employers with a dispersed workforce of Ukrainian refugees to take a look at the status of these employees. Under many tax treaties mirrored after the OECD Model Treaty, the 183-day period implicates a significant threshold: individuals temporarily present in the treaty-party country (the Host Country) may be taxed by that country on income for personal services performed there if the individual resides in the Host Country for over 183 days in a given tax year. This is called the 183-Day Rule. Few European countries have issued guidance on how they intend to apply the 183-Day Rule to Ukrainian refugees. Although one

Deals September 2022

Kinstellar advises e-gaming company 52 Entertainment on the acquisition of Casualino (Zariba Group)

Kinstellar has successfully advised 52 Entertainment, a worldwide leader in bridge online (BBO, Funbridge) and e-sailing (Virtual Regatta), on its expansion into strategy and mind games by the acquisition of Casualino (also known as Zariba Group), the largest independent gaming studio in Bulgaria. The purchase of Causalino, a prolific creator of live games and highly popular brands, will help 52 Entertainment to continue its contribution to shaping the future of mobile and web gaming. The HLD-backed 52 Entertainment is scaling its operations to create new genre-defining top-grossing games for millions of new players.  Kinstellar’s team was led by Antonia Mavrova (Partner) and Atanas Mihaylov (Counsel) and

Deals September 2022

Kinstellar advises Genesis Capital and Integral Venture Partners on the acquisition of BORCAD

Kinstellar has successfully advised Genesis Private Equity Fund IV (GPEF IV), the newest private equity fund of Genesis Capital, and Evolving Europe Principal Investments I (EEPI I), a private equity and growth capital fund advised by Integral Venture Partners, on its acquisition of BORCAD, an innovative producer of train seats and interior equipment for passenger trains based in Fryčovice, Czech Republic. BORCAD is a leading European producer of railway technologies and offers a full range of seats for personal carriages, from standard seats for regional trains to luxury, fully electrically operated seats for long-distance trains. In its more than 30-year history, the company has produced nearly 500,000 seats for

Insights September 2022

Kinstellar comments on the advantages and disadvantages of the law on the protection of real estate investors in Ukraine

On 15 August 2022, the Ukrainian parliament adopted draft law No. 5091 "On guaranteeing property rights to real estate objects to be constructed in the future" which should protect investors in Ukraine's primary real estate market. At the invitation of, Oleksandr Misiats, Junior Associate in our Kyiv office, sheds some light on the advantages and disadvantages of the law to residential investors. The article published in Ukrainian on portal is available on this link. 

Insights September 2022

Ukraine: The Post-Victory Reconstruction

Historically, Ukraine has been known as a country with a good investment climate, particularly in the energy sector. The country’s high feed-in tariff rates, general digitalization, well-established and simplified regulatory procedures, and the availability of alternative suppliers for works and services, among other factors, have contributed to a large influx of investors in new green energy projects in Ukraine. The large-scale and aggressive war of the Russian Federation against Ukraine, which first began in 2014 and further escalated in 2022, has led to an increasing number of human losses and widespread material destruction. Power plants and power lines, airports, ports, schools, hospitals, roads, residential

Deals September 2022

Žurić i Partneri (ŽiP) Kinstellar advises on the incorporation of employer associations in Croatia

Žurić i Partneri (ŽiP) Kinstellar has advised two separate groups of companies on the incorporation of two employer associations in Croatia: the Association of Trade and Logistics, and the Association of the Processing Industry and Technology. Both associations were founded with the aim of creating stronger conditions to respond to the challenges of the upcoming period and to contribute to the growth of the competitiveness of both industries through joint action and constructive dialogue with the stakeholders of the relevant institutions, business associations and interest groups. The Association of Trade and Logistics (UTIL) – The Association has 30 founding member companies with together more than 17,000

News September 2022

Kinstellar strengthens its Corporate M&A and Real Estate practices in Bucharest with new senior hires

Kinstellar proudly announces that two experienced senior lawyers have joined the growing team in Bucharest: Mihai Stan, Corporate M&A, and Diana Cochileț, Real Estate & Construction. The new hires, following the recent additions to our employment team, show our commitment to service our clients in areas with strong growth. Mihai Stan focuses on corporate M&A. In his almost nine years of practice, he has been involved in a wide range of matters from mergers, acquisitions, sales of operations and exits, to corporate governance, compliance and company formation issues, having worked for clients active across diverse sectors, including financial institutions, industrial, manufacturing, and pharmaceuticals.

Insights September 2022

Czech Republic approves ban and restrictions on selected plastics

The Czech Republic has adopted legislation on reducing the environmental impact of selected plastic products (along with another act amending existing regulations). The respective acts introduce several types of measures – in particular a complete ban on certain single-use plastic items and restrictions on the production of other plastic products; or granting financial support to municipalities. The acts implement the EU’s Directive on single-use plastics – albeit more than one year late. The new laws enter into force on 1 October 2022; but the various obligations become effective as of 1 January 2023, or 1 January 2024, or 1 July 2024, respectively – or, in some cases, even later, such as in 2030. Please

Insights August 2022

Kinstellar overviews the new Ukrainian Law on joint stock companies

On 18 August 2022, the President of Ukraine signed the new Law "On Joint Stock Companies" No. 2493 ("the Law"). It will enter into force on 1 January 2023. The Law was enacted to ensure the fulfilment of Ukraine's obligations under the Association Agreement with the EU regarding the harmonisation of national legislation with EU legislation in the field of corporate governance, as well as to improve Ukraine's position in the World Bank’s “Doing Business” ranking, specifically on the indicator "Protecting Minority Investors".We have prepared a brief overview of the main changes introduced by the Law. Download in English: Download in Ukrainian:

about us

Kinstellar acts as trusted legal counsel to leading investors across Emerging Europe and Central Asia. Our reputation for quality, excellence and integrity speaks for itself.

With offices in eleven jurisdictions and over 350 local and international lawyers, we deliver consistent, joined-up legal advice and assistance across diverse regional markets – together with the know-how and experience to champion your interests while minimising exposure to risk.

Our clients include leading international and regional corporations, banks and other financial institutions, state bodies, multi-lateral institutions, and international law firms with clients that require top-quality legal counsel in our jurisdictions. We handle the most important and complex assignments for clients across diverse industries and business sectors.



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With expert local knowledge and a track record at the international level, our lawyers provide top-tier advice and client service in Emerging Europe and Central Asia.

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Ukrainian refugees and their employers have come to a critical point: Ukrainians become tax residents in their new countries and for many this is an important factor in their decision to stay or return to Ukraine.

An honour, as always, to join the leading real estate conference, CEE Property Forum 2022, in Vienna, both as sponsor and speaker in the panel, an excellent event organized by our longstanding partners at Property Forum Events & News. Victor Constantinescu, managing partner of our Bucharest office and co-head of the firm-wide real estate sector, shared his view on the topic of “Investments without borders – The most active local #dealmakers of 2022''

Meet us at the 52nd International Gas conference, one of the largest and preeminent events in the CentralEuropean region of the gas sector on 27 & 28 September 2022, at the Hotel Azúr Siófok. Kristof Ferenczi, Managing Partner of Kinstellar Budapest and Head of our firm-wide Energy & Natural Resources sector team, will moderate the ‘Gas security of supply issues in the CEE region In the spotlight: 2022-2025’ panel on 27 September.

Kamil Blazek, Partner at Kinstellar’s Prague office and chairman of the AFI - Association for Foreign Investment, recently led a panel discussion co-sponsored by the AFI together with the Moravian-Silesian region. Panel participants included high-ranking representatives of the regional administration: Ivo Vondrak, Governor; Jakub Unucka, Deputy Governor for Industry and Energy, and Jan Krkoška, Deputy Governor.

Turkey is going through transformation to become a real hub between East and West in the very complex geopolitical environment. Turkish companies abroad and foreign investors into Turkey face various legal and other challenges. Risks and rewards are significant. The ways to resolve the disputes among various parties involved are critical.

On 12 September 2022, the Ministry of Labour and Social Affairs of the Czech Republic submitted a long-awaited draft amendment to the Labour Code to the interdepartmental comment procedure. The aim of the submitted draft amendment is primarily to implement two directives whose transposition has been delayed, namely Directive (EU) 2019/1158 of the European Parliament and of the Council of 20 June 2019 on work-life balance for parents and carers and Directive (EU) 2019/1152 of the European Parliament and of the Council of 20 June 2019 on transparent and predictable working conditions in the European Union.

Delighted and proud to share that Mufit Arapoglu, Partner and Head of Capital Markets in Turkey, is singled out among the top ten lawyers in Turkey in terms of the number of reported deals he has worked on since 2013, according to the Activity Rankings function of CEELMDirect, a publication of CEE Legal Matters.

Kinstellar has successfully advised 52 Entertainment, a worldwide leader in bridge online (BBO, Funbridge) and e-sailing (Virtual Regatta), on its expansion into strategy and mind games by the acquisition of Casualino (also known as Zariba Group), the largest independent gaming studio in Bulgaria.

Kinstellar has successfully advised Genesis Private Equity Fund IV and Evolving Europe Principal Investments I on its acquisition of BORCAD, an innovative producer of train seats and interior equipment for passenger trains based in Fryčovice, Czech Republic.