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Kinstellar announces new promotions to Partner and Counsel
Kinstellar is delighted and proud to announce the promotions to Partner of Tomáš Melišek (Bratislava), Levente Hegedűs (Budapest), Bulut Girgin (Istanbul), Anastasiya Bolkhovitinova, Natalia Kirichenko, Oleg Matiusha, Illya Muchnyk (all in our Kyiv office), and to Counsel of Dominika Bajzáthová (Bratislava). PARTNERS Tomá š Melišek, Bratislava Tomáš is the Head of the local Banking & Finance service line. He has 15 years of experience in banking and finance, focusing on project and acquisition financing as well as on financial regulations. Tomáš has substantial experience advising clients on significant financing transactions in the areas of real estate, energy, infrastructure, automotive, media
Kinstellar appoints new Service Line Heads
Kinstellar is delighted to announce the appointments of new service line heads. Jan Juroška, a Partner in the Prague office, is the firm-wide Co-Head of M&A, Corporate & Private Equity. Jan has over 15 years of experience advising both local and international clients on a wide range of commercial matters and corporate transactions. Jan specialises in all aspects of corporate law, in particular M&A (including M&A real estate), private equity, joint ventures and employment. Jan is ranked by Chambers Europe and Legal 500 2022 editions, based on excellent client feedback, one stating that ''he knows the business needs of the clients and is very solution and target-oriented''. Edmund Emre Özer, a Partner
Kinstellar appoints new Service and Sector Heads
Kinstellar supports professional growth by offering a broad range of career development opportunities for our team including Sector/Service line head or co-head roles. We provide growth opportunities to all of our talented lawyers with relevant experience and who have an outstanding track record. We believe in an inclusive recruitment process where we create an equitable application, interview and selection process. We are delighted to announce the appointments of the following sector and service line heads: Müfit Arapoğlu, a Partner in the Istanbul office, is the firm-wide Financial Institutions (non-transactional) Sector Co-Head and the firm-wide Head of Banking, Finance & Capital Markets (service line).
Kinstellar advises Austrian KA Finanz AG on the sale of a Greek municipal loan portfolio to Piraeus Bank SA
Kinstellar is delighted to have advised Austrian KA Finanz AG, as the legal owner, on the sale of a Greek municipal loan portfolio to Piraeus Bank SA. KA Finanz AG is the wind up entity of Kommunalkredit Austria AG, a bank focused on infrastructure and energy, which was nationalised and re-privatised during the past decade and which originated the loans. The transaction involved English, Austrian, and Greek law, and due to legal and other considerations, physically took place across multiple jurisdictions, including Greece, Austria, Serbia, the UK, and the US. The transaction was led by Denise R Hamer, Head of C/SEE Asset Solutions, with the support of Branislav Marić, Managing Partner of the Belgrade office
Kinstellar re-launches its Restructuring & Insolvency Practice to help clients navigate today’s market challenges
Co-led by Csilla Andrékó, Head of Kinstellar’s Banking & Finance Practice, and Denise Hamer, Head of Kinstellar’s C/SEE Asset Solutions Sector, Kinstellar’s Restructuring & Insolvency Practice is a multi-discipline and multi-jurisdiction team advising on non-contentious and contentious restructuring and insolvency matters, from strategic financial and operational restructuring to judicial insolvency. The team includes former Big 4 consultants and licensed bankruptcy administrators, as well as lawyers with expertise in dispute resolution, banking & finance, corporate/M&A, real estate, competition & state aid, labour & employment, and IP/IT. Budapest Partner Csilla Andrékó explains
Recent developments in Kazakhstan on the suspension of the initiation of bankruptcy proceedings
3 August 2020 – This note discusses recent developments in Kazakhstan on the suspension of the initiation of bankruptcy proceedings. The proposed suspension was introduced to help businesses overcome the economic crisis caused by the COVID-19 outbreak and measures taken to slow it down. Our note is intended to be a helpful guide - it is not comprehensive and does not constitute legal advice. (i) President's instructions (11 May 2020) President Kassym-Jomart Tokayev first mentioned the suspension of the initiation of bankruptcy proceedings on 11 May 2020 at the final meeting of the Commission on the State Emergency. At that meeting, the president issued instructions to suspend the initiation of bankruptcy proceedings against legal
Romania: Insolvency in the context of the Covid-19 pandemic
8 May 2020 – During the current state of emergency, the Romanian government has adopted a series of measures aimed at reducing the negative effects of the COVID-19 pandemic on the business environment in Romania, such as supporting the payment of technical unemployment, state guarantees for loans with subsidised interest rates for SMEs, and VAT refunds to companies. However, in some sectors of the economy being severally hit, we expect possible future insolvency cases. 1. Immediate action to be taken by the management of a company in the current context According to Law no. 85/2014 on insolvency prevention and insolvency procedures ("Law no. 85/2014"), a debtor in financial difficulty is a debtor who, although executing or capable
Czech Republic: Amendments to the Insolvency Act in relation to the COVID-19 pandemic (updated)
9 April 2020 – The Chamber of Deputies of the Parliament of the Czech Republic, in response to the economic impact of the current crisis resulting from the government measures related to the COVID-19 epidemic, adopted an act on certain measures to mitigate the effects of the SARS CoV-2 coronavirus epidemic on parties involved in legal proceedings, harmed persons, crime victims and legal entities, and to amend the Insolvency Act and the Enforcement Code (hereinafter the “Act on the Mitigation of the Impact of an Epidemic”). The Act on the Mitigation of the Impact of an Epidemic contains a number of significant changes, particularly in the areas of procedural, insolvency and corporate law. The changes seek to respond to the consequences
Czech Republic: Amendments to the Insolvency Act in relation to the COVID-19 pandemic
2 April 2020 – The Ministry of Justice, in response to the economic impact of the current crisis resulting from the government measures related to the COVID-19 epidemic, has prepared an act on certain measures to mitigate the effects of the SARS CoV-2 coronavirus epidemic on parties involved in legal proceedings, harmed persons, crime victims and legal entities, and to amend the Insolvency Act and the Enforcement Code (hereinafter the “Act on the Mitigation of the Impact of an Epidemic”). The Act on the Mitigation of the Impact of an Epidemic contains a number of significant changes, particularly in the areas of procedural, insolvency and corporate law. The changes seek to respond to the consequences of the emergency measures taken
Kinstellar lawyers Denise Hamer and Andriy Nikiforov speak at NPL & Real Estate Investment Summit 2020 in Kyiv
On 26-27 February 2020, Denise Hamer, Special Counsel and Head of Asset Solutions C/SEE, and Andriy Nikiforov, Counsel and Head of Banking & Finance in Ukraine, spoke at the NPL & Real Estate Investment Summit 2020 organised by DDC Financial. The event was a unique opportunity to network, gain insights and discuss the recent developments in the Ukrainian, CEE & Greek markets of distressed assets and real estate. The event brought together a number of leading debt buyers, debt servicers, private equity firms, banks, global investors, advisors and asset managers. Among the notable speakers at the summit were Kateryna Rozhkova, First Deputy Governor of the National Bank of Ukraine, Svitlana Rekrut, Managing Director
Amended Kazakh bankruptcy law: Insolvency proceedings have been simplified
On 10 January 2020, new amendments to the “Law on Rehabilitation Procedure and Bankruptcy” dated 7 March 2014 No. 176-V (the “Old Law”) and related legal acts came into effect by the Law dated 27 December 2019 No. 290-VI (the Old Law, as amended, the Amended Law). The new amendments aim to facilitate and expedite the process for unsuccessful businesses to be liquidated. The main features of the Amended Law are outlined below. Conclusion on financial stability by a temporary manager/administrator Insolve ncy is now determined by a court on the basis of a conclusion on financial stability prepared by a temporary administrator or manager, on the basis of guidelines to be developed by the authorised body (the
New Ukrainian Bankruptcy Code. The finance and debt restructuring perspective
On 21 October 2019, the Code on Bankruptcy Procedures adopted by Ukraine’s parliament on 18 October 2018 (“the Code”) came into effect. The Code replaces the Act of Ukraine on Renewal of Debtor’s Solvency or Declaring It Bankrupt dated 14 May 1992 that applied previously. The Code has sparked controversy in Ukraine and until the last moment there were discussions whether its entering into effect should be postponed until a later date. Launch of insolvency proceedings The Code makes launching insolvency proceedings much easier compared to the previous law. Under the Code, creditors may file to start insolvency proceedings against a debtor as soon as the debtor fails to pay a debt when due, regardless of