Discussing the legal concept ‘Force Majeure’ in credit agreements – if it can be called upon, it has in principle a temporary nature and does not relief you from payment obligations. In general, force majeure is an unforeseeable and unavoidable event that occurs after a credit agreement has been concluded (i.e ...
The Corona crisis is not only a huge challenge for health care, but also the consequences for the economy will be enormous. Different sectors (such as the hospitality sector and the transport sector) will not be able to overcome the difficult times we are currently facing without public support ...
The coronavirus crisis could make the ability of a business to perform pending contracts harder. Even though so-called ‘hardship’ clauses are perfectly valid and enforceable under Belgian law, hardship is not generally accepted as a principle of Belgian contract law. Until the rules on obligations of the new Civil Code, which recognise hardship, enter into force, there are exceptions and creative ways to deal with this problem ...
EUIPO On 16 March 2020, the Executive Director of the European Union Intellectual Property Office (EUIPO) has issued Decision No EX-20-3 extending all time limits expiring between 9 March 2020 and 30 April 2020, that affect all parties before the Office, to 1 May 2020. In principle, the new deadlines will not be communicated to the parties on a case-by-case basis ...
All shops, bars, restaurants and leisure centres will be closed at least until 6 April 2020. Only grocery stores, pet food stores, pharmacies, banks, post offices and book shops will remain open until that date insofar as the social distancing (at least 1 meter distance) can be guaranteed. Night shops can stay open until 10 pm insofar as social distancing is applied. Food stalls on markets are only allowed insofar as considered essential ...
This is an update with respect to notifying the proforma of applications and End Use Certificate for implementation of ‘Global Authorisation for Intra-Company Transfers (GAICT) of SCOMET items / software/ technology’ w.e.f. 17 March 2020 vide Public Notice No.65/2015-20 dated 17 March 2020 issued by DGFT. The proforma and their applicability to seek export authorisation has been notified as tabulated below....... S ...
A. SHORT-TIME WORK 1. WHAT IS THE LEGAL POSITION? According to the "Act on the temporary crisis-related improvement of the regulations for short-time work compensation" ("Gesetz zur vorüberristeten krisenbedingten Verbesserung der Regelungen für das Kurzarbeitgeld") (see preliminary version of BT publication 19/17893), a company can order short-time work due to the worldwide cases of illness caused by the coronavirus and thus reduce working hours ...
On March 17, Treasury Secretary Steve Mnuchin announced a new tax plan to stimulate the economy during the COVID-19 crisis. Under the new plan, individuals and corporations can defer $1 million, and $10 million, respectively, in tax payments for 90 days. Importantly, individual and corporate taxpayers can take advantage of the new plan without incurring any interest or penalties ...
On March 16, seven Bay Area counties issued "shelter-in-place" restrictions, which create compliance issues for cannabis operations licensed as dispensaries or as delivery services ...
At Patterson Belknap we continue to diligently monitor the outbreak of the COVID-19 coronavirus and assess the potential legal and business issues that may arise relating to the virus. The situation is fluid, and best practices and guidelines are evolving in real time. We are closely monitoring the situation as it unfolds, and share our latest perspectives on the legal issues relating to COVID-19 below ...
Over the last few days, Judge Lawrence K. Marks, the Chief Administrative Judge of the New York State Unified Court System, issued two memoranda bearing on COVID-19’s effect on the Commercial Division. First, by memorandum dated March 13, 2020, Judge Marks announced that he and Chief Judge Janet DiFiore have implemented a number of measures to prevent the spread of COVID-19 and protect the well-being of court personnel ...
Our colleagues have discussed the application and interpretation of force majeure clauses in contracts related to COVID-19 disruptions. These clauses are included in a contract by the parties and spell out the circumstances under which performance will be excused during one of the specified circumstances, such as natural disaster, disease, epidemic, or pandemic ...
The coronavirus is making a significant impact to our daily lives in every respect. This includes a growing impact on the global economy and the day-to-day business activities of pharmaceutical and medical device companies. This legal alert summarizes the evolving situation and its implications on the operations of life sciences companies. HHS Declaration of Liability Immunity Issued The U.S ...
The Ohio State Dental Board (“Dental Board”) issued a COVID-19 advisory Monday, March 16, 2020, at the direction and request of Governor Mike DeWine ...
I. RISK TO COMPANIES FROM THE IMPACTS OF THE CORONA PANDEMIC The corona pandemic leads to a decline in sales revenues worldwide. Demand is plummeting. At the same time, supply chains in the globally networked economy are no longer reliable. Obligations to pay compensation for the inability to supply are impending, particularly in cases of no-fault supply guarantees. The liquidity and therefore the continued existence of many companies are at risk ...
The GST Council in its 39th meeting held on 14 March 2020 has made the following recommendations: Movement in Tax Rate Goods Increase in GST rates on mobile phones and specified parts to 18% from 12% Handmade and other than handmade matches rates rationalised to 12 %, thereby solving the HSN classification issue: Increase in handmade matches from 5% to 12 % Decrease in other matches from 18% to 12% Services Reduction in GST rates on maintenance, re
The Corona virus has dramatic consequences for most Austrian enterprises. But could it even have an impact on their 2019 financial statements (provided they were not resolved and filed yet)? Will it be possible to use the crises negative effects for claiming deductions in the 2019 tax return? Will it reduce the capacity of an entity that was profitable 2019 to distribute dividends? We limit this short overview on the most common forms of Austrian entities, i.e ...
Limited liability companies and stock companies must file for the opening of insolvency proceedings if they are unable to pay their open debts (illiquidity) or over-indebted without a positive prognosis. If such ground to file for insolvency has occurred, managers are obliged to file for insolvency as soon as possible, but at the latest within 60 days. Otherwise they are personally liable - without limitation - for damages caused by a delayed filing for insolvency (i.e ...
Can a company collect data about a (potential) infection with COVID-19? Both, in case of information on a suspected case and in a confirmed case, special categories of personal data are processed. Whether a company may process such health data of employees, customers, suppliers or other third parties is exclusively governed by Art 9 GDPR ...
When should we hold our annual shareholders' meeting this year? The shareholders' meeting of a stock corporation must be held each year within eight months as of the end of the financial year. Therefore, if the financial year corresponds to the calendar year, there is time until the end of August. If possible, we would therefore recommend holding the annual shareholders' meeting a bit later this year in order to be better prepared ...
We are all facing an unprecedented event in our lives with the rapid spread of the COVID-19 virus. Although we are COVID-19 free, we are implementing precautionary and contingency measures to protect the safety and welfare of everyone at the Firm, and those who are connected to the Firm. Effective 16 March 2020, we have been implementing a work-from-home system ...
BOTSWANA: New tax management system introduced With effect from 1 April 2020, the Botswana Unified Revenue Service is introducing a new tax management system called Lekgetho Live. Under the new system, companies’ Companies and Intellectual Property Authority (“CIPA”) numbers will be used as their tax identification number (“TIN”), whereas citizens’ TINs will consist of the letter I and their Omang number ...
In a press release today, 17 March 2020, the Department of Employment and Labour (the “Department”) appealed to employers to use the prescriptions of the Occupational Health and Safety Act, 1993 in governing workplaces in relation to the Coronavirus (COVID-19). The Department has implored employers to prepare themselves and their employees as far in advance as possible for potentially worsening outbreak conditions ...
The economic climate in which many South African firms operate has meant that dismissals for operational requirements have become an inescapable concern. However are employees always entitled to severance pay? Section 41(1) of the Basic Conditions of Employment Act, 1997 provides that a retrenched employee is entitled to severance pay at least equal to one week’s remuneration for every year of completed service with the employer ...
The Estonian, Latvian and Lithuanian governments have indicated their support for the companies in the form of tax relief and liquidity support. As of 17.03.2020, the initial measures in Estonia and Latvia are expected within this week. Companies with business in Lithuania can already benefit from tax relief, with a draft law on liquidity support expected within 48 hours. Due to the exceptional circumstances created by COVID-19, many companies have had to restructure their operations ...
