In a remarkable ruling from February 18, 2021, the Landgericht (LG) Berlin – the Regional Court of Berlin – declared a million-euro fine imposed in response to a breach of the General Data Protection Regulation (GDPR) invalid. We at the commercial law firm MTR Rechtsanwälte note that the extent to which companies or legal persons […]
In a ruling from February 19, 2021, the Landgericht (LG) Düsseldorf – the Regional Court of Düsseldorf – held that the provider of business closure insurance has to pay out for bars closing in connection with the coronavirus (Az.: 40 O 53/20). The case-law concerning the obligation of a provider of business closure insurance to […]
The COVID-19 pandemic and related restrictions had a significant negative impact on the economic health of many companies, which made businessmen think about stabilizing of the financial situation in their companies without using loans, credits and other similar instruments. Currently, many financial instruments available in other states, for example, converting monetary claims into equities (shares), […]
On 12 March 2021, the amendments to the Measures against Money Laundering Act (MMLA) were published in the State Gazette. Legislative changes have amended the scope of the obligated subjects (legal entities and natural persons) that should implement measures against money laundering and terrorist financing. The above-pointed out obligated subjects under the MMLA are specified […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Kabo Motswagole of Motswagole & Company. Kabo has joined IR as our exclusive Commercial Law Member in Botswana. Mr. Motswagole has received legal training both in Botswana, at the University of Botswana and in the United States at Fordham University Graduate School […]
Unlike in the case of eminent domain, the foreclosure of a property may constitute a private sales transaction. That was the verdict of the Finanzgericht (FG) Düsseldorf, the Fiscal Court of Düsseldorf (Az.: 2 V 2664/20 A (E)). It can be a very bitter experience for the property owner. We at the commercial law firm […]
On 18th February 2021, the Brazilian Supreme Court (“STF”) ended a dispute of many years and ruled that Municipal Service Tax (“ISS”) is the correct tax to be levied on software transactions, especially in respect of software licensing and use assignment transactions. The understanding handed down more than two decades ago, in the sense that […]
A recurring question in the commercial business (B2B) is which general terms and conditions apply. An important legal question. Often both the principal and the contractor will (afterwards) invoke its own general terms and conditions. This conflict is referred to by the term ‘the battle of forms’. In this blog I will discuss the question […]
According to a ruling of the Bundesgerichtshof (BGH) – Germany’s Federal Supreme Court – property buyers can potentially reclaim the commission they paid to the real estate agent if the latter fails to inform them about their right of withdrawal and provides no guidance on the issue. In a judgment from November 26, 2020, the […]
As part of efforts to combat cross-border tax evasion, it appears that Turkey has yet to provide Germany with any financial information. This means that the individuals concerned still have the opportunity to submit a voluntary declaration. There are now more than 100 countries participating in the automatic exchange of (financial) information (AEOI), including one […]
Foreward by Andrew Chilvers When the 5th Anti-Money Laundering Directive was introduced into law by the UK and EU in January 2020, for many professionals it was a much needed addition to legislation that would significantly help business transparency and combat money laundering. In essence, it was good for business and for public and professional […]
The Law on Measures and Actions during the State of Emergency (announced by a decision of the National Assembly on 13 March 2020) was amended in mid-February 2021. First of all, the legislative changes concern the municipalities that have not repaid in time the interest-free loans provided to them by the central budget. In this […]