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Kinstellar successfully completes the acquisition of the Bratislava and Prague Offices of Noerr, with the acquisition of Noerr's Bucharest operations to follow imminently
Kinstellar is very pleased to announce the completion of the acquisition of the Bratislava and Prague offices of the highly respected German law firm, Noerr. The acquisition of Noerr’s Bucharest operations, the final piece of the transaction, is set to close following final administrative approvals which are expected soon. This milestone marks a significant step forward in Kinstellar's growth journey. Over the past 16 years, we have grown from 4 offices to a dynamic international firm with 12 offices across 11 markets in Central, Eastern, and South-eastern Europe, Turkey, Ukraine, and Central Asia. Adding the Noerr teams in Bratislava, Prague and, very soon, in Bucharest substantially enhances our strength and depth in these three markets.
Kinstellar advises CCC on the Romanian, Czech, Croatian, Hungarian, and Slovak legal aspects of a PLN 1.8 billion financing agreement
Kinstellar is delighted to announce it has successfully advised CCC—a leading Polish-based footwear manufacturer and retailer with a network of over 1,000 stores across 29 countries—on the Romanian, Czech, Croatian, Hungarian and Slovak legal aspects of a PLN 1.8 billion (approximately EUR 420 million) term and revolving facilities agreement. The financing, which is provided by a consortium of lenders including mBank, EBRD, Bank Pekao, BNP Paribas Bank Polska, PKO Bank Polski, Santander Bank Polska, and Bank Handlowy w Warszawie, as well as the factoring entities Santander Factoring, mFaktoring, PKO Faktoring, and BNP Paribas Faktoring, will support CCC’s ongoing operations and the further development of its brands
Kinstellar announces New Office Managing Partners in Bratislava and Prague, Adam Hodoň appointed as COO
Kinstellar is delighted to announce the appointment of new managing partners for our Bratislava and Prague offices, and of a new Chief Operating Officer (COO) effective 1 July 2024. Viliam Myšička is the new Managing Partner of the Bratislava Office, succeeding Adam Hodoň. Adam has been appointed as the Firm’s COO. Viliam has been with Kinstellar since its inception and was previously with Linklaters. He leads the M&A service line in Slovakia and serves as the head of the firm-wide Restructuring & Insolvency service line, as well as the co-head of the firm-wide Technology, Media & Telecommunications (TMT) sector. Viliam brings nearly 20 years of professional experience, advising clients across a wide range
Navigating the Regulatory Landscape: An Overview of Banking as a Service
In an era defined by digital transformation and the ever-evolving landscape of financial services, the concept of banking as a service (“BaaS”) has emerged as a key force reshaping the industry. By enabling non-bank entities to offer financial services through partnerships with licensed banks or financial institutions, BaaS has opened up a new realm of possibilities, facilitating innovation, enhancing customer experience and promoting financial inclusion. However, realising these opportunities is closely linked to navigating the complex regulatory framework that governs BaaS operations. BaaS can take various forms, allowing non-licensed entities to provide financial products such as banking, payment, e-money
Update on the ESG reporting obligations in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia
CSRD implementation uneven a month before deadline June 2024 – With less than a month to go before the 6 July 2024 deadline for transposing the EU Corporate Sustainability Reporting Directive (EU) 2022/2464 (the "CSRD", the “Directive”), countries in Central and Eastern Europe (“CEE”) are still at different stages of implementation. While Romania and Slovakia have completed their legislative processes, Bulgaria and Croatia are still in the legislative pipeline. The Czech Republic and Hungary have completed, at least partially, their transposition, with additional legislation still to be implemented, albeit within uncertain timeframes. For a more comprehensive overview of each stage of the progress on CSRD transposition
Lifting financial assistance prohibition in Slovakia by allowing whitewash procedure
Effective 1 March 2024, financial assistance, i.e., the so-called whitewash procedure, is allowed for joint-stock companies, subject to certain conditions. Previously, such financial assistance was completely prohibited for joint-stock companies. No other types of companies in Slovakia were subject to this limitation. 1. What is the whitewash procedure? Financial assistance is defined as granting advance payments, loans or credits by a target company for the purpose of acquiring its shares and granting security by such company for this purpose. The financial assistance rules apply also for establishment of pledge over the company’s own shares as well as for acquiring, subscribing or establishing a pledge
Kinstellar advises SAMCO Aircraft Maintenance on the acquisition of Austrian Airlines Technik – Bratislava
Kinstellar has successfully advised the Dutch aircraft maintenance provider SAMCO Aircraft Maintenance (SAMCO) on the acquisition of Austrian Airlines Technik – Bratislava (ATB). Located at the Maastricht Airport in the Netherlands, SAMCO provides a wide range of aircraft maintenance activities—from heavy base-maintenance checks, line-maintenance, logistic support, asset and maintenance management to EASA Part 21 approved design changes. With the acquisition of ATB, SAMCO increases its footprint significantly. ATB, located in Bratislava, Slovakia, is fully equipped to perform all base maintenance services with close to 250 staff. With this strategic acquisition, SAMCO creates five additional lines for Embraer
Update on the ESG reporting obligations in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia
CSRD implementation: regional progress uneven as deadline draws near As the 6 July 2024 deadline for implementation of the EU Corporate Sustainability Reporting Directive (EU) 2022/2464 (the "CSRD") approaches, a new landscape of reporting standards is beginning to take shape across Central and Eastern Europe ("CEE"). Three of the six countries in CEE (the Czech Republic, Hungary and Romania) adopted legislative acts in the beginning of 2024 that, at least partially, implement the CSRD into national legislation. The progress in Slovakia, Bulgaria and Croatia however has been slower. Our third status update on the CSRD implementation in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia is available here. For
Kinstellar to continue the operation of Noerr’s CEE practice in the Czech Republic, Romania & Slovakia
Noerr and Kinstellar are very pleased to announce that Noerr’s practices in Bratislava, Bucharest and Prague are to be transferred to Kinstellar. Noerr and Kinstellar have agreed to transfer these practices after the details of the integration are fully worked out. Several important operational and technical aspects, including investments in IT systems, leasehold premises are being worked out and the deal will complete after all necessary regulatory consents and internal approvals have been obtained. Noerr delivers the highest level of service to its clients. For many years, the law firm has successfully pursued a strategy of qualitative growth. Noerr has operated offices in CEE since 1990 and is very proud of the accomplishments
Do you want to litigate in Slovakia? From 1 April 2024 you will pay more
At the end of last year, the National Council of the Slovak Republic adopted changes to administrative fees, court fees and fees in other areas of public administration. From 1 April 2024—just a few days from now—not only will it be necessary to pay more for various administrative matters, but court fees will also increase. Click on one of the images below or click on the following links to read the overview covering the respective changes in English or in Slovak. Downloa d in English: Download in Slovak:
Slovakia – Choice of jurisdiction in purely national relationships resolved
In its decision of 8 February 2024 (C 566/22), the Court of Justice of the European Union (the ECJ) has finally resolved the long-term practical question (and debate among legal practitioners) whether, in the case of a purely national relationship without the presence of a foreign element or link to several legal orders, contracting parties may choose the jurisdiction of the judicial authorities of any EU Member State. The response is YES. This landmark decision is a clear affirmation of the parties’ autonomy to determine the jurisdiction of the judicial authorities. Simply put, if two Slovak entities enter into an agreement under Slovak law without a link to another Member State or non-Member State, the parties are not
Update: ESG reporting obligations in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia
With the 6 July 2024 deadline for the implementation of the EU Corporate Sustainability Reporting Directive (EU) 2022/2464 (the "CSRD”) looming, Member States across the EU have been moving at different speeds to adopt their respective local implementing legislation. Our second status update on the CSRD implementation in Bulgaria, Croatia, the Czech Republic, Hungary, Romania and Slovakia is available here. At the time of writing, three of the six countries in Central and Eastern Europe that we have been following – the Czech Republic, Hungary and Romania – have already adopted legislative acts that, at least partially, implement the CSRD into national legislation. Slovakia has brought a draft act to parliament