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Awards & Deals


  • (IFLR 1000 2019, Slovakia)

    The IFLR1000 guide ranked HKV in the categories Banking and finance, Project development and M&A for the year 2019.

  • (Law Firm of the Year 2018, Slovakia)

    HKV became the absolute winner in the category Mergers & Acquisitions of the competition Law Firm of the Year 2018.

  • (Law Firm of the Year 2018, Slovakia)

    HKV was ranked among the „highly recommended“ and „recommended“ law firms in the categories Corporate Law, Developer Projects and Real Estate, Banking and Finance, Completion and Restructuring & Insolvency.

  • Law Firm of the Year 2017, Slovakia

    HKV named as the “highly recommended law firm” in seven categories of the competition Law Firm of the Year 2017: Corporate Law, Competition, Developer Projects and Real Estate, Mergers and Acquisitions, Banking and Finance, Employement and Public Procurement.

  • Legal 500 2017, Slovakia

    Legal 500 guide for the year 2017 identified HKV in five ranking categories: Banking, Finance & Capital Markets; Commercial, Corporate and M&A; Employement; Projects and Energy and Real Estate and Construction.

  • IFLR 1000 2017, Slovakia

    “They have deep knowledge in all areas, provide quick reactions and deliveries and have done a good job recently,” says a client who worked with the firm on project finance.

  • Chambers Europe 2017, Slovakia

    HKV ranked by the Chambers Europe 2017 in the categories Banking & Finance, Corporate/M&A, Employment, Energy, Real Estate and Restructuring/Insolvency.

  • Chambers Europe 2017, Slovakia

    Peter Víglaský is admired by clients and highlighted for his "excellent knowledge of the international environment."

  • Chambers Europe 2017, Slovakia

    Well known as a practitioner who "makes deals happen," Roman Hamala is appreciated by his clients, who say: "He can anticipate future problems and avoid them or provide solutions before we ask."

  • Chambers Europe 2017, Slovakia

    Martin Kluch impresses clients with his "pro-deal" attitude. He is described as "technically very good, very pragmatic and personable. We get clear answers from him. He provides business-oriented advice."

  • IFLR 1000 2017, Slovakia

    The IFLR1000 guide ranked HKV in the categories Energy and Infrastructure and Financial and Corporate for the year 2017.

  • IFLR 1000 2017, Slovakia

    „The approach that we have experienced was client friendly, pro-active and practical,” says a client from the energy industry.


News



Amendment to the Act on the Ownership of Apartments and Non-Residential Premises


The Slovak Parliament approved an amendment to the Act on the Ownership of Apartments and Non-Residential Premises in order to simplify and clarify the legislation concerning the decision-making process of owners of apartments and non-residential buildings and to eliminate interpretational ambiguities and practical complications related to the administration of residential buildings.

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Effective as of November 1, 2018, the Amendment to Act. No. 182/1993 Coll. on the Ownership of Apartments and Non-Residential Premises and on the Amendment and Supplementation of Certain Acts, as amended, introduced new definitions of the terms garage in a building, garage stand, storage and related new rules.

The amendment clarifies that the obligation of owners of apartments and non-residential premises in a building to ensure its administration (by an owners’ community based on a community contract or by an external administrator based on a management contract) applies from the day of the first transfer of ownership of an apartment or non-residential premises in a building. In the event that, as of November, several management contracts or community contracts have been concluded, only the contract which was entered into first shall remain valid; the other contracts shall be deemed invalid by operation of law.

The method of entering into a community contract was also affected by the Amendment. The contract is to be signed only by the person elected as the president of the owners’ community and another person authorized by the owners of the apartments and non-residential premises (their signatures must be officially verified).  The signatures of other owners are not required. Any other new (co)owner of an apartment or non-residential premises in a building will accede to the community contract by operation of law at the moment of acquisition of the (co)ownership right without the need to perform any other legal act. A community contract may not be terminated by any owner. A similar approach was also established for management contracts.

The communication of owners of apartments and non-residential premises with an administrator is ensured by the elected representative who must be an owner of some apartment or non-residential premises in the building. Already-elected representatives that are not owners must be replaced by June 30, 2019.

The Amendment also specifies that the responsibility of an administrator or a community for liabilities incurred in relation to the administration is limited to the amount of the owners´ contributions paid in connection with the use of apartments or non-residential premises or to the amount of the balance of funds collected for the operation, maintenance and repairs in a building. The responsibility for any amount above this limit is transferred to the owners of the apartments or non-residential premises to the extent of their co-ownership share in the building.

As of November 1, 2018, the rights and obligations from liabilities for defects and damage towards the builder of the building are transferred to the owners of the apartments and non-residential premises in the building.

Last but not least, the amendment also covers the matter of owners´ meetings. For instance, the amendment stipulates that a power of attorney granted for representation and voting at a meeting must also include an order on how the representative should vote on specific questions to be dealt with at the meeting (unless a general power of attorney applies). It also stipulates that a valid decision and approved contract or amendment to an existing contract is binding on all owners, even if not signed by all owners.

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Modification of the squeeze-out process


The Government of the Slovak Republic has approved a draft law amending, among others, the Securities Act, which should enable the more efficient buyout of shares of minority shareholders, the so called squeeze-out.

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On September 26, 2018, the Government of the Slovak Republic approved a draft law amending, among others, Act No. 566/2001 Coll. on Securities and Investment Services and on Amendments to Certain Laws (Securities Act), as amended; the intended changes should simplify the squeeze-out process.

The right to buyout means the right of a shareholder who owns shares whose aggregate nominal value represents at least 95% of the target company’s share capital with at least 95 % of the voting rights attached, to request the acquisition of shares of all the remaining minority shareholders of the target company.

According to the current wording, the purchase of shares of minority shareholders is carried out in a contractual form with the participation of both parties. The aim of the draft amendment being discussed is to switch to a system of transfer of the ownership right to shares of minority shareholders based on the decision of the general meeting of the target company. To approve a share-transfer decision, at least 95 % of the votes of all the shareholders of the target company would have to vote in favour of the squeeze-out. The adoption of the decision would then be registered in the Commercial Register and, after 30 days from the date of registration in the Commercial Register, the shares of the minority shareholders would automatically be transferred to the majority shareholder.

As according to the current wording, also in the sense of the amendment, a majority shareholder who decides to exercise the right to buyout is obligated to notify the National Bank of Slovakia of this decision, because the squeeze-out shall only become effective with the prior approval of the National Bank of Slovakia. The majority shareholder will have to wait before taking any further steps until the prior approval of the National Bank of the Slovakia is granted, because only after obtaining the approval will it be possible to request that the board of directors of the target company convene a general meeting in order to adopt a decision on the transfer of shares of the minority shareholders to the majority shareholder.

In order to ensure that the majority shareholder pays a consideration to the minority shareholders after the transfer of shares, the amendment proposes that the majority shareholders will be obligated to deposit the financial means necessary to pay all of the consideration to the minority shareholder with an authorized person (e.g., a bank, the central depository) before filing an application for the approval of the National Bank of the Slovakia. The consideration should be paid by the authorized person no later than three days after the transfer of shares of the target company.

The draft amendment does not affect the method of determination of the amount of the offered consideration, which must be determined adequately. According to the amendment, the right of shareholders to ask the court to review the adequacy of the consideration would remain, but it should not have any impact on the process and completion of the squeeze-out.

If this amendment to the Securities Act is approved by the National Council of the Slovak Republic, the buyout of minority shareholders will have reached the standard European level, and it is expected that this adjustment will be positively assessed, as the current wording does not allow for an effective realization of a squeeze-out, complicates the functioning of joint-stock companies with a majority shareholder and increases the operating costs of such companies.

If approved, the amendment shall come into force on January 1, 2019.

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