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Kocian Solc Balastik | August 2008

Act No. 125/2008, Coll., on Transformations of Commercial Companies and Cooperatives, taking effect 1 July 2008, supersedes the existing regulation of intra-state transformations in the Commercial Code and newly regulates certain transformations with foreign elements, i.e. cross border mergers and transfer of assets to a foreign participant ...

Deacons | September 2008

The Civil Justice Reforms will come into effect on 2 April 2009. The new court rules aim to improve cost-effectiveness and reduce complexity and delays in court proceedings. The purpose of this bulletin is to briefly highlight some of the majorchanges to the High Court and District Court Rules, which will come into effect on 2 April 2009. Subsequent bulletins will deal with these topics in more detail.1 ...

Deacons | September 2008

The Chinese insurance market has grown considerably after China’s accession to the World Trade Organization (WTO) in 2001. For example, China’s annual premium income has increased from 210.9 billion yuan in 2001 to 703.6 billion yuan in 2007 and for the first half of 2008 insurers in China have collected premium income of 561.79 billion yuan which exhibits continuing growth ...

Deacons | October 2008

This legal update follows our September 2008 issue which gave a general overview of the major changes to the High Court and District Court Rules to come into effect on 2 April 2009. This and subsequent issues deal with those changes in more detail. This issue deals with the new "underlying objectives" and active case management by the court ...

Summary The Court of Appeal held that administrators were personally liable in costs for litigation in circumstances where a creditor challenged whether the purpose of administration could be achieved. The case highlights a number of important points for administrators and in particular the high standards expected of them following an appointment. Facts Joint administrators were appointed to Ulva Limited ("Ulva") by the sole director on 14 August 2007 ...

Ellex Valiunas | October 2008

On June 17, 2008, the Supreme Court of Lithuania rendered a decision restricting the rights of the trademark owner to revoke his consent to use a trademark as a company name. In UAB Solvex Baltic v. UAB Scandihouse (Case No 3K-3-335/2008 (S)), the owner of the trademark SCANDIHOUSE petitioned the defendant to change its company name ...

Asters | November 2008

Latest Developments Although we have not witnessed any major legislative or policy changes during the last year, these seem to be forthcoming in 2009 as the Antimonopoly Committee of Ukraine (AMCU) developed draft amendment to the Competition Act 2001 introducing fundamental changes into national merger control regime ...

Makarim & Taira S. | November 2008

In May 2008 the government of the Republic of Indonesia issued Government Regulation No. 39 of 2008 regarding the Second Amendment to Government Regulation No. 73 of 1992 regarding Insurance-Related Business Activities (Usaha Perasuransian) in order to anticipate the developing national insurance-related industries, including, among other things, insurance companies (perusahaan asuransi) ...

Makarim & Taira S. | November 2008

Bank Indonesia issued Regulation No. 10/7/PBI/2008 on 19 February 2008 regarding Offshore Loans of Non-bank Companies. Offshore loans are one of the key factors which may have positive and negative impacts on balance of payments, monetary stabilization and development continuity ...

Makarim & Taira S. | November 2008

The Minister of Law and Human Rights issued Regulation No. 03.HT.03.10 of 2007 on 8 November 2007. Under Law No ...

Makarim & Taira S. | November 2008

After lengthy discussion, the Indonesian House of Representatives finally passed the Bill on Limited Liability Companies into law on the 23rd of July 2007 and it was then signed by the President on the 16th of August 2007 and enacted as Law No 40 of 2007 regarding Limited Liability Companies ("Law 40"). Law 40 revokes the previous limited liability companies law, ie Law No. 1 of 1995 regarding Limited Liability Companies ("Law 1") ...

Makarim & Taira S. | November 2008

Since 26 April 2007, Indonesia has had a new Investment Law, namely Law No. 25 of 2007 regarding Investment (“New Investment Law”). The New Investment Law replaces two old laws; ie Law No. 1 of 1967 regarding Foreign Investment, and Law No 6 of 1968 regarding Domestic Investment, both as amended. The New Investment Law accommodates both foreign and domestic investment ...

Shoosmiths LLP | November 2008

As the economic outlook continues to look gloomy we are noticing a considerable increase in employment litigation work - this doesn't just point towards more people being dismissed (although this is certainly a factor) but also that as money gets tighter individuals feel they have nothing to lose and everything to gain by bringing claims. For employers this is obviously a headache ...

Afridi & Angell | November 2008

Commercial disputes in the United Arab Emirates (UAE) are generally resolved through litigation in the courts or arbitration. Arbitration is becoming an increasingly popular way to resolve disputes. The UAE recently signed the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (New York Convention). General overview and court structure The UAE is a federation of seven Emirates established in 1971 ...

Shoosmiths LLP | January 2009

This is largely a codification of duties which already existed under previous legislation or the common law. However, the Act does introduce some new duties. With effect from 1 October 2008, every director of a company now has a statutory duty to avoid a situation in which he has, or can have, a direct or indirect interest that conflicts, or possibly may conflict, with the interests of the company (a ‘situational conflict') ...

PLMJ | January 2009

The first calendar day of 2009 marked the entry into force of the new Portuguese Insurance Contracts Act (Insurance Contracts Act), approved by Decree-law no. 72/2008 of 16 April 2008 ...

Lavery Lawyers | January 2009

The Supreme Court of Canada ended a lengthy legal saga on November 20th, 2008 when it ordered St.Lawrence Cement Inc. to compensate residents of Beauport living near its cement plant. Comments on prescription, the assessment of damages and the granting of future damages. The Supreme Court's decision was expected and will have a major impact. Indeed, this decision imposes a burden that will be almost impossible for businesses to meet ...

Makarim & Taira S. | January 2009

In response to the current global financial crisis, on 9 October 2008, the Chairman of the Capital Markets and Financial Institutions Supervisory Board (BAPEPAM-LK) issued a new regulation on buybacks of shares by public companies (Decree No. Kep-401/BL/2008 or Regulation No. XI.B.3). This new regulation provides fewer requirements than the previous regulation issued in 1998, Regulation No. XI.B.3 which remains valid ...

Makarim & Taira S. | January 2009

Government Regulation No. 63 of 2008 on the Implementation of the Law on Foundations (“GR 63/2008”) was issued on 23 September 2008. GR 63/2008 is the implementing regulation of Law No. 16 of 2001 as amended by Law No. 28 of 2004 regarding Foundations (“Foundations Law”). Under GR 63/2008, foundations must have a name and be registered in the register of foundations at the Ministry of Law and Human Rights ...

Makarim & Taira S. | January 2009

On 10 November 2008, BAPEPAM-LK issued Regulation X.E.1 concerning the obligation of securities companies to submit periodic reports. This Regulation X.E.1 replaces a regulation issued in 2006 and is basically intended to improve the provisions of the previous regulation, especially on the procedures for submission ...

Makarim & Taira S. | January 2009

Decree of the Minister of Finance No. 424/KMK.06/2003 (as amended) which contains the guidelines on the financial condition of insurance and reassurance companies has been further amended by Regulation of the Ministry of Finance No. 158/PMK.010/2008 ...

Lavery Lawyers | January 2009

In August 2009, the Court of Appeal issued a judgment(1) in which it ruled on the foll owing interesting practical issues relating to liability insurance:1) what is the appropriate procedural vehicle for a liability insurer to exercise recourse against another insurer in situations where there is overlapping insurance?2) does the exception respecting members of the household of the insured (article 2474 C.C.Q ...

PLMJ | January 2009

The Bank of Portugal set up a regime to govern the advertising of the banking products and services that come under its supervision in Regulation No. 10/2008, of 9 December, which came into force on 1 January 2009. The Regulation builds on the general regime laid down in Articles 77 and 77-C of the General Credit Institutions and Financial Companies Regime (the RGIC), as most recently amended by Article 2 of Decree-Law 211-A/2008, of 3 November ...

Deacons | January 2009

China's Anti-monopoly Law ("AML") became effective on 1 August 2008. This new piece of legislation has attracted attention worldwide because of its potential impact on foreign investments in China. This article will outline the key activities prohibited by AML and explain how AML will affect foreign investors. Three main types of activities are specified under AML, namely (1) monopoly agreements, i.e ...

ALRUD Law Firm | February 2009

The amendments to Russian Federal Law “On the insolvency (bankruptcy)”, adopted and came into force in January, 2009, affected both general and procedural provisions of the Law. We at ALRUD Law Firm provide full professional service at the highest level for our clients therefore we ought to analyze the impact and the consequences of these substantial changes of the procedure of bankruptcy ...

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