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 ...
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 ...
Some experts have described the rise of AI as the next industrial revolution. Generative AI is a powerful tool that can transform how your business operates. However, businesses intending to make use of AI solutions need to understand the benefits and risks of implementing generative AI.1 What is Generative AI? Artificial Intelligence – Generative AI is a branch of AI that uses pre-trained AI models to generate new data including text, images, videos, music, and even computer code ...
Introduction Parts of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (“Law”) came into force on 1 January 2023.The Law introduces new licensing regimes for lending, credit and finance activities and provides UK-style consumer protection for retail and home borrowers. The Law replaces the registration regime under the Registration of Non- Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 (“RNFSB”) ...
Disclaimer: To provide employers with quick and practical information about how to comply with their obligations between now and the entry into force of the Law (as defined below), this newsflash has been prepared on the basis of Bill of law n°7890 as debated and voted on in Parliament on 13 June 2023 ...
Introduction In recent years, non-compete agreements have been a subject of scrutiny in the United States, with concerns raised over their potential impact on employee mobility and labor market competitiveness. In 2021, President Joe Biden directed the Federal Trade Commission to ban or limit non-compete agreements. Historically, non-compete agreements have been regulated by the states, not the federal government ...
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 ...
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 ...
The FSR addresses such distortions and closes a regulatory gap. Subsidies granted by non-EU governments (so called third states) currently go largely unchecked, while subsidies granted by Member States are subject to scrutiny under EU State aid rules. The FSR includes new tools to effectively tackle foreign subsidies that cause distortions and undermine the level playing field in the internal market ...
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 ...
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 ...
While employers cannot police all employee conduct outside the workplace, employee interactions outside of work can – and do – impact the work environment. Indeed, under certain circumstances, inappropriate conduct by an employee outside the workplace may still subject an employer to liability. What constitutes actionable discrimination or harassment, triggering potential employer liability, is often a murky question ...
Employee performance is always rated in one manner or another. Best practice is to rate this performance through known, objective processes. In the context of the employment relationship, performance evaluations are an essential tool for providing workers with insight into how managers are making decisions about promotions, equity, and pay. In addition, performance evaluations will most certainly play a critical role if the employment relationship ends and litigation occurs ...
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 ...
The rules governing discrimination and psychosocial risks at work have been revised to bring them in line with European legislation and the European Court of Justice’s recent case law. Various legislation has now changed, including: the Gender Act of 7 May 2007, the Antidiscrimination Act of 7 May 2007, the Racism and Xenophobia Act of 30 July 1981, the Wellbeing Act of 4 August 1996, and the Wellbeing at Work Code. These new rules entered into force on 1 June 2023 ...
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 ...
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 ...
Law firms have a lot more male than female partners, though the situation is changing Business Plus June 17, 2023 Gender pay gap reporting has highlighted that across the largest law firms there is a substantial pay gap between men and women when the earnings of equity partners are included. In general terms, commercial law firms have more female than male solicitors in their ranks, but there are much more men than women at the top table ...
