ATLAS Attorneys at Law successfully advised LSG Group GmbH on the first cross-border merger from Croatia under the EU Reorganization Act.
The EU Reorganization Act has only been in force in Austria for cross-border European reorganizations since August 1, 2023. Accordingly, there has been little practical experience to date and new legal ground had to be broken in many detailed issues.
In particular, the planning and implementation of the interplay between provisions of the jurisdictions involved in the merger process proved to be complex. In addition, only a few European courts are currently part of the BRIS (Business Register Interconnection System), meaning that direct communication between the courts (as required by law) is not possible and a pragmatic solution had to be found.
“We are pleased that we were able to support LSG Group quickly and efficiently in this complex restructuring and will use the know-how we have acquired for future cross-border restructurings,” says lead partner Wolfgang Sieh about the successful conclusion.
“Thanks to legal expertise, short reaction times and a pragmatic approach, this reorganization was successfully completed despite all adversities and under great time pressure,” adds LSG managing director Karl Göth.
LSG Group is one of the leading internationally active Austrian companies in the fields of renewable energies (development and construction of photovoltaic systems and battery storage systems) as well as electrical and building services engineering for industrial and commercial customers (www.lsg-group.eu).
