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COVID-19: Main Amendments made by the Conversion Law to the Liquidity Decree with Respect to the Measures Aimed at Ensuring the Going Concern of Companies
Gianni, Origoni, Grippo, Cappelli & Partners, June 2020

1. Introduction Pursuant to Law no. 40 of 5 June 2020, published in the Official Gazzette no. 143 of 6 June 2020 (the “Conversion Law”), Law Decree no. 23 of 8 April 2020 (the “Liquidity Decree”) was converted into law with amendments. Below is a summary of the key amendments made to Chapter II (Urgent Provisions to Ensure Going Concern) by the Conversion Law. 2...

Covid-19: Decree Law No. 33 of 16 May 2020 and PMD of 17 May 2020
Gianni, Origoni, Grippo, Cappelli & Partners, May 2020

After the start of Phase 2 (which began on 4 May 2020) the Italian government adopted on 16 May Law Decree no. 33 concerning, inter alia, "Further urgent measures to deal with the COVID-19 outbreak" (the "DL 16 May 2020"). Moreover, on 17 May 2020, in implementation of the aforementioned DL 16 May 2020, the Prime Minister issued a new decree with specific implementing provisions (the "PMD 17 May 2020")...

New EU Rules to Protect Strategic Companies
Gianni, Origoni, Grippo, Cappelli & Partners, May 2020

“We continue to work closely with Member States to ensure that European businesses have access to urgently needed liquidity”, said the vice-president of the European Commission (“Commission”) Margrethe Vestager in connection with the amendment to the Temporary Framework on State aid adopted on 8 May 2020...

COVID-19 and Antitrust: The Measures Adopted by the Italian Competition Authority
Gianni, Origoni, Grippo, Cappelli & Partners, May 2020

1. Introduction The crisis caused by the Covid-19 pandemic has called for unprecedented measures also in relation to the enforcement of competition law. At the national level, the Italian Competition Authority (Autorità Garante della Concorrenza e del Mercato – “ICA”) has put in place several initiatives to support undertakings and protect consumers during the current emergency.   2...

COVID-19: Prime Minister Decree dated 26 April 2020 - The Start of Phase 2
Gianni, Origoni, Grippo, Cappelli & Partners, April 2020

As the contagion rate and death toll caused by the Covid-19 emergency (“Covid-19”) continues to decrease, on 26 April 2020 the Prime Minister announced in a press conference the measures adopted to ease the lockdown during the so-called “phase 2”. The new measures are reflected in the Prime Minister Decree dated 26 April 20201 (the “26 April 2020 Decree”)...

H&S Protocol
Gianni, Origoni, Grippo, Cappelli & Partners, April 2020

On April 24, 2020, the Protocol signed on March 14 2020 (the “H&S Protocol”), providing for the measures to be complied with by employers to continue the activity while ensuring the maximum degree of protection for the employees, has been amended. The amendments encompass all the sections of the H&S Protocol...

Liquidity Decree - Golden Power Rules
Gianni, Origoni, Grippo, Cappelli & Partners, April 2020

Law Decree n. 23 of 8 April 2020 (the “Liquidity Decree”) has introduced significant changes to the socalled “golden power rules” and to the disclosure duty of relevant shareholdings in listed companies. These rules are aimed at discouraging “predatory purchases” of Italian strategic and listed companies in times when their share price may be particularly depressed due to the COVID-19 emergency...

Liquidity Decree - Tax Support Measures
Gianni, Origoni, Grippo, Cappelli & Partners, April 2020

ThThe Italian Government has adopted Law Decree no. 23 of 8 April 2020 (the "Liquidity Decree"), published in the Official Journal of the Italian Republic no. 94 of 8 April 2020, which provides for additional measures to support companies in the current COVID-19 emergency...

Liquidity Decree - Restructuring Support Measures
Gianni, Origoni, Grippo, Cappelli & Partners, April 2020

Introduction The Italian Government has adopted Law Decree no. 23 of 8 April 20201 (the "Liquidity Decree"), which provides for additional measures to support companies in the current COVID-19 emergency...

The European Commission Strengthens the Temporary Framework on State Aid
Gianni, Origoni, Grippo, Cappelli & Partners, April 2020

The new measures adopted by the European Commission Last Friday, the European Commission (“Commission”) has adopted an amendment to existing State aid rules to widen the perimeter of the national measures which can be authorized based on the exceptional legal framework to cope with the current crisis. a. In particular, the Commission considered the following measures:a. More support for research and development related to the current health crisis...

UK Measures to Contrast COVID-19
Gianni, Origoni, Grippo, Cappelli & Partners, April 2020

Introduction The UK government has recently adopted a series of recommendations aimed to face the Coronavirus outbreak due to the rise in the number of infections and deaths caused by this virus. The strict approach of the UK Government would be in line with the measures adopted by the other countries in Europe, such as Italy or Spain...

COVID-19 Emergency: Extension of Lockdown Measures until 13 April 2020
Gianni, Origoni, Grippo, Cappelli & Partners, April 2020

On 1 April the Prime Minister adopted a new decree (the “1 April Decree”) to extend the lockdown measures previously introduced through the decrees issues on 8 March, 9 March, 11 March and 22 March 2020...

“Cura Italia” Decree - Measures to Support Liquidity Through the Banking System
Gianni, Origoni, Grippo, Cappelli & Partners, April 2020

1. Introduction The Law Decree n. 18 of 17 March 2020 (the so-called "Cura Italia" Decree, the "Decree"), providing "Measures to strengthen the national healthcare system and to economically support households, workers and enterprises in the context of the COVID-19 epidemiological emergency" has been published on the Official Gazette of the Republic of Italy no. 701 of 17 March 2020. The Decree covers mainly the following four areas of intervention: a...

GCC E-Alert
Gianni, Origoni, Grippo, Cappelli & Partners, April 2020

In times such as these, it is important to get the best available legal information and advice and remember that not all information and advice will be applicable to a particular situation or contract. Many businesses in the United Arab Emirates (the UAE) and the countries of the Gulf Cooperation Council (the GCC) are wondering what to do with respect to their obligations or those of their cocontracting parties...

COVID-19 as a Force Majeure Event and Effects on Pending Restructuring Procedures
Gianni, Origoni, Grippo, Cappelli & Partners, March 2020

Introduction Covid-19 is a force majeure event, meaning an extraordinary, unexpected and unforeseeable event, which is certainly not attributable to the voluntary conduct of an entrepreneur who is currently undergoing a restructuring or insolvency procedure and now faced with the Covid-19 crisis...

Chinese Government’s Measures to Support Businesses During the COVID-19 Outbreak in China
Gianni, Origoni, Grippo, Cappelli & Partners, March 2020

During the outbreak of COVID-19, the Chinese authorities have jointly released a series of measures to support enterprises and industries and reduce the negative economical impact of the epidemic...

COVID-19: Prime Minister’s Decree of 22 March 2020 Temporary Closure of Production Activities to Limit Spread of Covid-19
Gianni, Origoni, Grippo, Cappelli & Partners, March 2020

The 22 March Decree was anticipated by two ordinances issued on 21 March 2020 by, respectively, the Lombardy Region1, subsequently amended on 22 March 2020 (the “Lombardy Ordinance”), and the Piedmont Region 2 (the “Piedmont Ordinance”). The ordinances provide for even more stringent restrictions for the regions concerned, and will remain in force until 3 April 2020 (for the Piedmont Region) and 15 April 2020 (for the Lombardy Region)...

The new EU Legal Framework for State Aid to Support the Economy in the Current COVID-19 Outbreak: Flexibility and Efficiency
Gianni, Origoni, Grippo, Cappelli & Partners, March 2020

Following the publication of the proposal a few days ago, on 19 March the European Commission adopted the communication introducing a new temporary legal framework for State aid measures to support the economy in the current COVID-19 outbreak1. The last time the Commission had adopted a similar temporary framework was during the global financial crisis in 2008...

COVID-19: Update on Law Decree No. 18 of 17 March 2020 Businesses Support Measures
Gianni, Origoni, Grippo, Cappelli & Partners, March 2020

In response to the severe public health emergency and the economically-damaging nationwide confinement measures triggered by the Covid-19 (“Covid-19”) outbreak in Italy, on 17 March 2020 the Italian government has adopted Law Decree #CuraItalia1 (the “Decree #CuraItalia”)...

COVID-19: Shareholders’ Meeting Season 2020 and COVID-19 Emergency
Gianni, Origoni, Grippo, Cappelli & Partners, March 2020

1. Introduction On 18 March 2020, the Decree #CuraItalia1 introduced “measures to strengthen the national health ser- vice and economic assistance to families, employees and companies related to the epidemiological emer- gency of COVID-19” (the “Decree #CuraItalia”)...

COVID-19: Update on Law Decree No. 18 of 17 March 2020 Tax Support Measures
Gianni, Origoni, Grippo, Cappelli & Partners, March 2020

Payments of tax and penalties falling due between 8 March and 31 May 2020 arising out of tax assessments issued by the Italian Tax Authorities, the National Social Security Agency (INPS), the Italian Customs Agency and by Regional and Local Authorities, and any other enforcement claims aimed at collecting tax revenues, must be made in a single instalment by 30 June 2020. Payments made before the issuance of the Decree cannot be reimbursed to the taxpayer...

GOP Won't Stop
Gianni, Origoni, Grippo, Cappelli & Partners, March 2020

  Dear Clients, Friends and Partners, Since day one, our firm has been responding to the challenges of the Coronavirus emergency with proactive and socially responsible strategies. In these difficult times, our first thoughts are with all those impacted by the COVID-19 outbreak as well as with the health professionals working to help them...

COVID-19: Health and Safety Protocol
Gianni, Origoni, Grippo, Cappelli & Partners, March 2020

COVID-19: health and safety protocol - Last night the Italian Government and National representatives of employers’ associations and unions have reached an agreement over a COVID-19 health & safety protocol that employers need to implement to ensure the maximum possible protection of their employees against the COVID-19 virus. This protocol is a crucial step to allow business continuity for manufacturing companies and professional service providers...

EU legal Framework on State Aid and Coronavirus: Flexibility in the Enforcement of the Rules
Gianni, Origoni, Grippo, Cappelli & Partners, March 2020

During the press conference of 13 March 2020, Executive Vice-President Margrethe Vestager made a statement regarding the enforcement of EU State aid in connection with measures adopted by Member States to combat the negative repercussions of COVID-19 on the economy...

COVID-19: New Emergency Measures - Prime Minister Decree of 11 March 2020
Gianni, Origoni, Grippo, Cappelli & Partners, March 2020

  As the number of novel coronavirus infections (“Covid-19” or “Coronavirus”) and fatalities continue to rise, on 11 March 2020 the Italian Prime Minister issued a decree to impose new emergency measures to contain and manage the spread of the virus (the “11 March Decree”). Always on 11 March, the World Health Organisation has declared that Covid...

 

 

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