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Legislation
How statutory body members can easily lose their royalties and even property in 2014 (Part I)
Doing business will be easier in many respects starting this year. We have all heard about one-crown limited liability companies and the end to the requirement to have an employee representative on the supervisory board. But less is spoken about the greater demands placed on statutory body members. Although the new Corporations Act brings a number of advantages for businesses, it is also stricter in certain respects. Let’s take a look at the changes.
Changes to executing agreements from 2014
The new Civil Code, which took effect on 1 January 2014, has significantly changed the process of concluding an agreement. Let’s look at some of the major changes.
Contractual penalties and what to keep in mind in 2014
Penalties are often used by parties to a contract as protection against a breach of obligations. Even though the law does not restrict such parties very much in how they formulate the penalty, the general principles of private law and established case law need to be considered. Otherwise, contractual penalty covenants could be invalid or the penalty could be reduced by the courts. Let’s look closer at why and when this could occur and what the new Civil Code has to say about such penalties.