1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? Guernsey stands out against many offshore jurisdictions because it has a dedicated administration regime designed to facilitate corporate rescue. The procedure is broadly similar to that in the United Kingdom, albeit it has been simplified and tweaked to suit Guernsey’s finance industry ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? There is no bespoke legislation dealing with “pre-pack” restructuring or sale of the business or assets of an insolvent Cayman Islands company ...
There is no bespoke legislation dealing with “pre-pack” restructuring or sale of the business or assets of an insolvent British Virgin Islands (BVI) company, and in practice, as primarily a holding company jurisdiction pre-packs are not in high demand in the BVI ...
The Supreme Court (“Hof van Cassatie/Court of Cassation”) overruled on 26 May 2023 a decision that determined that Article 1722 (old) Civil Code (a partial or total “destruction” of the leased premises) does not apply for the tenant that can not operate its premises due to the measures taken by the Belgian Government in order to prevent the spread of the COVID-19 pandemic, because there was only a temporary impossibility and thus only a temporary loss of enjoyment ...
More than a month after the G7 meeting in Hiroshima, the EU has reached an agreement on the 11th sanctions package against Russia following the Russian invasion of Ukraine. The key focus in the novel sanctions package is the mitigation of diversion and circumvention risks. The 11th sanctions package has been much anticipated since the G7 meeting at the end of May 2023 ...
In Dubin v. United States, the Supreme Court gave a narrowing construction to a federal statute, 18 U.S.C. § 1028A. This statute provides that whomever, “during and in relation to any [predicate offense], knowingly transfers, possesses, or uses, without lawful authority, a means of identification of another person” is a guilty of a crime ...
On the 21st of April, Bill number 53 entitled the Arbiter for Financial Services (Amendment) Act (Chapter 555 of the Laws of Malta) was published among the Government Notices in the Supplement to the Government Gazette ...
In October 2022, the Virginia Supreme Court decided the case of Hawkins v. Town of South Hill (view the opinion here), which fundamentally alters 40 years of precedent in the Commonwealth concerning what is considered confidential and not subject to production in response to a Virginia Freedom of Information Act (“FOIA”) request. Earlier this month, the Circuit Court issued its decision on remand in light of the Virginia Supreme Court’s decision in Hawkins ...
Two months ago, in mid-April, the European Parliament approved the first legislation in the European Union on tracking payments in cryptocurrencies, supervision in this area and combating money laundering. The MEPs also adopted common rules for the supervision and protection of consumer rights (MiCA, or Markets in Crypto assets) with safeguards against market manipulation and financial crimes ...
Employers may be tempted to think that, compared to a human, using technology produces more accurate results faster and that it should be embraced at all costs. While tech can be a valuable aide, care is needed particularly when it comes to recruitment. Can technology lawfully screen applications? When it comes to recruitment, any way to quickly and accurately sort through applications to identify viable candidates is a benefit to employers ...
What is workplace artificial intelligence or AI? In its simplest form, AI in the workplace is the use of technology or software to monitor employees’ work performance, gather data, problem-solve, or aid in decision making ...
Employers must be cautious in disciplining employees for offensive or abusive conduct directed at management in the workplace in light of standards recently reestablished by the National Labor Relations Board (“NLRB”). On May 1, 2023, via its supplemental decision in Lion Elastomers LLC, 372 NLRB No ...
As we have often discussed, the National Labor Relations Board under the Biden administration has prioritized expanding employees’ rights under Section 7 of the National Labor Relations Act (the “Act”). Most recently, in GC Memo 23-08, the General Counsel, Jennifer Abruzzo, argued that the “proffer, maintenance, and enforcement” of non-compete agreements violate the Act because they interfere with employees’ rights under Section 7 ...
On July 1, 2023, laws that were passed by the General Assembly and signed into law by Governor Glenn Younkin become effective in Virginia. In the most recent legislative session, a number of new employment laws were passed applicable to Virginia employers. 1. HB1895 – Expansion of Prohibited Contractual Provisions in Cases of Sexual Assault and Sexual Harassment Current Virginia law (Va. Code § 40.1-28 ...
On 14 June 2023, the European Parliament adopted its positionon the draft AI Act, which brings one step closer an EU regulation for generative AI and other AI systems. This blog gives the highlights of the current draft text, taking into account the newest amendments that have been proposed ...
As a part of Federal agencies’ issuance of their semi-annual Spring 2023 Regulatory Agenda, the CFPB has published its Spring 2023 Agency Rule List (“2023 List”). In that List, the CFPB has set forth the status of its present rulemaking activities and its plans for such activities in the next 6 months ...
Over the past few years, the United Arab Emirates has witnessed an increase in awareness and significance of environmental, social and governance (ESG) issues. While businesses in the UAE have begun to acknowledge that conscious efforts towards ESG compliance is imperative for growth and longevity of their business, the question remains whether ESG compliance can truly be said to now form a part of the UAE compliance ecosystem ...
The European Commission has sent a Statement of Objections (SO) to Google over abusive practices in online advertising technology. Uniquely it seems, the Commission has identified in the press release that to remedy the situation the Commission is of the preliminary view that divestment by Google is required. This would be the first example of a proposed break-up of a tech business by the EU under market dominance rules ...
The National Labor Relations Board (“NLRB”) reinstated the test established in FedEx Home Delivery (FedEx II), lessening the requirements for a worker to be considered an employee and not an independent contractor. The decision in The Atlanta Opera, Inc., issued on June 13, 2023, overruled the 2019 SuperShuttle decision, opting to return to “common-law principles ...
