Austria introduces a requirement of legalisation when making share transfers

5 February 2021 - Following the recent decision by the Austrian Supreme Court 23/4/2020, 6 Ob 59/20z, it was announced that any purchase and/or transfer of limited liability company (GmbH) shares shall be considered null and void if a notarial deed is missing. The wording of such transaction needs to be clear, accurate, and address the intention of an immediate transfer so that undertaking and transfer of title (signing and closing) will coincide.