On May 13, 2020, the Department of the Treasury and the Internal Revenue Service (“IRS”) issued final regulations under Section 385 of the Internal Revenue Code (“Code”), T.D. 9897 (“Final Regulations”), which address the classification of certain related party debt as stock or equity for U.S. Federal income tax purposes ...
This eighth edition of Unprecedented, our weekly update on COVID-19-related litigation, follows what we hope was a restful and meaningful Memorial Day weekend. For the third week in a row, shutdown challenges, workers' compensation claims, and wrongful death lawsuits have dominated the news cycle. But, we are also seeing a continuation in refund claims and an uptick in fraud claims involving everything from alleged misuse of sick days to corporate press releases ...
THE MOST OUTSTANDING ADVANCES OF THE DAY (May 26) Mandatory preventive isolation is extended until May 31.As announced last week, the National Government decided to extend the mandatory isolation until May 31, 2020. This new extension contemplates the same measures and exceptions established in Decree 636 of May 6, 2020. Three days without VAT in Colombia.The National Government has decided to exclude commercial leases from VAT and reduce national consumption tax rates ...
Key Points City council and planning commission recusals can have a significant impact on the outcome of hearings involving land use and environmental issues. Recusals can lead to tie votes or the loss of a quorum, which may make it impossible for local governments to approve development projects. Failing to disclose conflicts of interests can be grounds for reversing local government approvals ...
In 鄧錦祥 v 鄭鄧錦容 , CACV 370/2019, the Hong Kong Court of Appeal exercised its discretion to dismiss the Respondent’s late application for security for costs and reminded litigants and their legal representatives of their duty to proceed promptly with making interlocutory applications in an appeal, as delay in making such applications can be a ground for the court to dismiss them, especially where a hearing date for the appeal has already been fixed ...
In Da Shing Group Ltd v Rich Promise Limited [2020] HKCFI 588[1], the Hong Kong Court of First Instance provided guiding principles in the interpretation of a memorandum of understanding (MOU) and considered whether pre-contractual exchanges could be admitted as evidence. The MOU in Chinese related to the acquisition of about 50.46% of the shareholding (Shares) in a listed company, Crocodile Garments Limited (Crocodile) ...
As many states and municipalities begin lifting stay at home orders and implementing steps for a phased reopening of businesses, employers should be developing a written “game plan” to minimize the risks of transitioning from a COVID-19 complete or partial shutdown to resumption of business as usual, or business in the post-Pandemic workplace ...
The SBA, in consultation with the U.S. Department of Treasury, issued the Paycheck Protection Program Loan ForgivenessApplicationand related instructions on May 15, 2020. While the application and instructions answer many of our questions about PPP loan forgiveness, it leaves many others open. Treasury has promised that the SBA also will soon issue regulations and guidance that we hope will address these questions ...
HAS SUPREME COURT TAKEN A STEP BACK IN ITS RECENT JUDGMENT IN “NAFED VS. ALIMENTA S.A.”? The Supreme Court on April 22, 2020 declared a foreign award unenforceable on the ground that one of the provisions of the Agreement in question was hit by Section 32 of the Indian Contract Act, 1872 and thus violative of public policy of India. Brief Background: NAFED and Alimenta S.A ...
Rule 2-2020, as amended by Rule 3-2020 of the Superintendency of Banks of Panama (hereinafter, “SBP,” for its initials in Spanish). On March 16, 2020, the SBP issued Rule 2-2020, which was subsequently amended by Rule 3-2020 (here in after referred to as “Rule 2-2020") and "establishes additional, exceptional and temporary measures for compliance with the provisions contained in Rule 4-2013 on credit risk".” ...
The COVID-19 pandemic has forced companies to change the way that they do business. The fact that the National Capital Region is currently under a Modified Enhanced Community Quarantine (MECQ),[1] and prior to that, was under Enhanced Community Quarantine (ECQ) for two months since 16 March 2020, makes it difficult for Philippine domestic corporations to navigate the Philippine business landscape and conduct business as usual ...
Section 29 of the Bankruptcy Ordinance (Cap. 6) (BO) allows a trustee in bankruptcy to apply to the Courts for orders compelling disclosure of material documents and/or information of the bankrupt in order for the trustee to carry out his/her duties under the bankruptcy. For the authors’ previous article on Section 29, please see here ...
Section 29 of the Bankruptcy Ordinance (Cap. 6) (BO) allows a trustee in bankruptcy to apply to the Courts for orders compelling disclosure of material documents and/or information of the bankrupt in order for the trustee to carry out his/her duties under the bankruptcy. For the authors’ previous article on Section 29, please see here ...
On May 19, 2020, OSHA issued two revised enforcement policies with respect to in-person workplace inspections, and an employer’s obligation to record occupational injuries and illnesses, specifically cases of COVID-19. As phased re-openings of businesses are occurring throughout the United States, OSHA explained that it revised its policies to ensure that employers are protecting the health and safety of their workers ...
As we continue our series on bankruptcy litigation, we want to discuss the use of receiverships as an important aspect of a fully developed creditors' rights practice. Creditors often face recalcitrant corporate debtors who continue to reap the rewards of their business while ignoring all attempts by creditors to collect amounts owed to them. Sometimes, those debtors' intricate corporate structure makes it harder for creditors to trace money and assets and easier for debtors to hide them ...
The pandemic and government health protection measures have created a series of challenges and smart government responses to try to deal with the imposed social distance ...
The landmark CARES Act, signed into law by the President on March 27, provides many employers with several options to increase liquidity and cash flow during the time of the COVID-19 pandemic. And only 9 days before that legislation was enacted, the Families First Coronavirus Response Act (FFCRA) also created two other payroll tax-related incentives for certain employers, and to self-employed individuals ...
The government has rolled out a series of measures to relieve the economic impact brought about by the COVID-19 pandemic. Introduced under the second round Anti-epidemic Fund, the Employment Support Scheme (ESS) has come under the spotlight as it aims to provide wage subsidies to employers against their undertaking to spend all subsidies on paying wages to their employees and not to implement redundancy during the subsidy period ...
Effective Tuesday, May 19, 2020, the Department of Labor issued a new rule to provide greater simplicity and flexibility to retail and service-industry employers. The rule relaxes the regulatory framework underpinning Section 7(i) of the Fair Labor Standards Act, also known as the “retail service exemption ...
On 18 May 2020, the UAE government announced the following timings with effect from today, 20 May 2020: the National Disinfection Programme will take place between 08:00pm (not 10:00pm) to 06:00am the following day. working hours of butchers, mills and cafes will be from 06:00am to 08:00pm. commercial centres and malls will be open from 09:00am to 07:00pm (with new opening hours to be announced after the upcoming Eid ...
The National Privacy Commission (NPC) has issued guidelines on data protection in work from home (WFH) arrangements (NPC PHE Bulletin No. 12 on “Protecting Personal Data in a Work from Home Arrangement; issued May 15, 2020). The full text of the guidelines can be found here: https://www.privacy.gov.ph/2020/05/npc-phe-bulletin-no-12-protecting-personal-data-in-a-work-from-home-arrangement/ ...
Philippine government agencies continue to issue additional and more specific guidelines on dealing with business continuity concerns, in light of more enterprises being able to resume operations under the Modified Enhanced Community Quarantine (MECQ), and more areas now being under the less restrictive General Community Quarantine (GCQ). This briefing covers the following more recent advisories: Department of Labor and Employment (DOLE) Labor Advisory No ...
The Department of Labor and Employment (“DOLE”) issued Labor Advisory Nos. 17 and 18 dated 16 May 2020 containing guidelines on employment preservation upon the resumption of business operations as well as guidelines on the cost of COVID-19 prevention and control measures, respectively. Read the analysis of DFDL’s collaborating firm in the Philippines, Ocampo & Suralvo Law Offices, now: Contact View More
