ACT 42/2015 AMENDS ARTICLE 1964 OF THE CIVIL CODE (STATUTE OF LIMITATIONS ON ACTIONS)

DOING BUSINESS IN PORTUGAL A legal and tax perspective This guide provides general information to investors intending to operate in Portugal on legal issues on which they may need advice. It is not intended, and cannot be considered, as a comprehensive and detailed analysis of Portuguese law or, under any circumstances, as legal advice from Cuatrecasas, Gonçalves Pereira. This guide was drafted on the basis of information available as of October, 2015. Cuatrecasas, Gonçalves Pereira is under no obligation and assumes no responsibility to update this information. All rights reserved.

The Hungarian Parliament has adopted a new legal regime setting out debt settlement procedures for private individuals.  The act will enter into force on 1 September 2015, and will have a huge impact on the business of banks and financial undertakings in Hungary.

Judgment of the Court of Appeal of Lisbon of 02-06-2015

Interpretation of the intentions of a commercial company – Attribution of communications by members of corporate bodies – Signatures

The Bulgarian Corporate Commercial Bank ("CCB")’s insolvency has resulted in a variety of changes to the Bulgarian banking legislation. Lifting of bank secrecy in cases of bank insolvency is the newest addition to the pile of governmental attempts at accountability and transparency stemming from the CCB affair.  

In 2009, to promote corporate restructuring, the MoF and the SAT jointly released Circular Caishui [2009] No. 59 to  grant tax deferral treatment to qualified corporate restructuring transactions (recently modified by Circular 109, mentioned above, which expanded its scope).

In 2010, the SAT released Announcement [2010] No. 4, providing procedural guidelines to benefit from the tax deferral treatment.

NEW REFORM OF THE INSOLVENCY ACT CONTENTS INTRODUCTION 2 AMENDMENTS REGARDING REFINANCING AGREEMENTS 3 - NOTIFICATION OF THE START OF NEGOTIATIONS 3 - REFINANCING AGREEMENTS AND COURT APPROVAL 4 AMENDMENTS REGARDING COMPOSITION AGREEMENTS 4 - CONTENT OF THE COMPOSITION AGREEMENT 4 - QUORUM FOR THE CREATION OF THE CREDITORS’ MEETING AND CALCULATION OF MAJORITIES 5 AMENDMENTS REGARDING LIQUIDATION 5 AMENDMENTS REGARDING THE CLASSIFICATION OF THE INSOLVENCY PROCEEDINGS 6 TELEMATIC COMMUNICATIONS AND PUBLIC INSOLVENCY REGISTRY 7 LEGAL UPDATE I COMMERCIAL AND LITIGATION PRACTICE AREAS June 2015

财政部国家税务总局关于个人非货币性资产投资有关个人所得税政策的通知)

On March 30, 2015, the Ministry of Finance (“MoF”) and the SAT jointly released Caishui [2015] No. 41 (“Circular 41”) to expand nationwide the tax payment installment policy applicable in the Shanghai Free Trade Zone to income derived from non-monetary asset investment made by individuals.

Circular 41 defines non-monetary asset investment and includes the contribution of non-monetary assets to establish a new company, to participate in company capital increase, private placement of stock, stock exchange and corporate restructuring.

(财政部、国家税务总局关于进一步支持企业事业单位改制重组有关契税政策的通知)

Following  the  State  Council’s  call  to  introduce  policies  promoting  corporate restructuring in Guofa [2014] No. 14, MoF and SAT released Caishui [2015] No. 37 (“Circular 37”) to exempt from deed tax the transfer of land use rights and building ownership rights in the following corporate transactions:

Poland's parliament recently adopted a new restructuring law (the “Bill”) which will substantially change the country’s economic environment.

After lengthy works, the draft of new restructuring law was finally adopted by the Polish parliament on 9 April 2015. The Bill now requires only the signature of the President.

The Bill provides for its entering into force on 1 June 2015, except for certain regulations that are to enter into force on 1 September 2015.

Current Polish bankruptcy and insolvency environment