A recent Supreme Court decision held that the doctrine on disguised contributions in kind also applies to corporate groups, with the same legal consequences as transactions that take place outside of corporate groups. The court held that this is the only way to prevent a circumvention of the provisions of the Stock Corporation Act on contributions in kind.
The Austrian Supreme Court has confirmed a decision of the Vienna Court of Appeals affirming that auditors may be liable not only towards an audited company, but also towards the company’s investors.
Thresholds that were expressed in Austrian schillings are converted to euros and increased in line with new European law thresholds. As a result of the increase, more small and medium-sized firms will come within the derogation that provides for preparation, audit and disclosure exemptions.
Including: Takeover Code; Cartel Amendment Act 1999; Share Buy-Back Act; Parent Companies Consolidated Accounts Act; New Business Promotion Act