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EUROPE
New Legal Regulation of Public Procurement - CZECH REPUBLIC
by Pavla Prikrylova
As of 1 May 2004, the new Act on Public Procurement, No. 40/2004 Coll., took effect, which replaced the previous legislation on public procurement based on the model legislation on the procurement of goods, buildings and services, as adopted by the UN Commission for International Trade Law (UNCITRAL).
[FULL STORY]
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Transfer of Employment Contracts Upon Transfer of Enterprise - ESTONIA
by Toomas Taube & Marit Savi
Estonian Commercial Code (äriseadustik) (hereinafter the “CC”) provides that an enterprise is an economic unit through which a company operates. An enterprise is comprised of things, rights and obligations, which are or should, by their nature, be designated for the activities of the enterprise. Upon transfer of ownership or possession of things and rights as a whole belonging to an enterprise or to an organizationally independent part thereof, the provisions of the Law of Obligations Act (võlaõigusseadus) (hereinafter the “LOA”) shall apply.
[FULL STORY]
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Residence requirement of members of the management board of public and private limited companies in Estonia
by Piret Luiga
Probably many foreign companies have had problems when establishing Estonian subsidiaries with the requirement that the residence of at least half of the members of the management board must be in Estonia. The Commercial Code sets out that in the case of both private limited companies (ß 180 (2)) and public limited companies (ß 308 (4)), the residence of at least half of the members of the management board must be in Estonia.
[FULL STORY]
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New Irish Company Law Requirements - Directors' Compliance Statements and Related Statements in Directors' Report - IRELAND
by Donal Creaton
The Companies (Audited and Accounting) Act, 2003 ("the Act") was enacted on the 23rd December, 2003. The Act introduced a number of new requirements into Irish Company law including the statutory framework for the establishment of the Irish Auditing and Accounting Supervisory Authority (a body comparable to the Public Company Oversight Board in the US) and the requirement for the establishment of audit committees in certain Irish companies. Perhaps, the most significant new requirement, however, is introduced by Section 45 of the Act which introduced a new section 205E to the Companies Acts, 1990. Section 45 of the Act (yet to be commenced) obliges the directors' of all public limited companies and large private companies to prepare, update, publish and report upon detailed statements about their company's compliance with 'relevant obligations'. Section 45 will not apply to private companies limited by shares whose balance sheet totals do not exceed Euro7,618,428 and whose turnover do not exceed Euro15,236,856. In addition, the requirement will not apply to companies registered outside the State.
[FULL STORY]
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The First Investor-State Arbitration Award Under the Energy Charter Treaty - SWEDEN
Nykomb Synergetics Technology Holding AB, Sweden VS. The Republic of Latvia
by Jonas Wetterfors
An event of concern for the international arbitration community is the handing down of the first arbitral award under the 1994 Energy Charter Treaty (ECT) by an arbitral tribunal seated in Stockholm and convened under the Rules of the Stockholm Chamber of Commerce (SCC). The award by the SCC Tribunal was issued on 16 December 2003.
[FULL STORY CLICK HERE]
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