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 ...
On 11 March 2020, the World Health Organization declared a public health emergency of international concern (PHEIC) following the spread of SARS-CoV2 (Coronavirus) and the disease it causes, Covid-19.A state of emergency was declared in Portugal by Decree of the President of the Republic 14- A/2020 of 18 March and was renewed by Decree of the President of the Republic 17-A/2020 of 2 April ...
As a result of the pandemic, many planned and existing contracts have been paralysed. The uncertain situation forces the parties to cease performing contracts or at least poses barriers to performance. In this situation, can they change the contract? Will they have to pay contractual penalties and damages? The Anti-Crisis Act comes to their aid ...
1. Force Majeure - Meaning. The term ‘force majeure’ translates literally from French assuperior force. It is also generally defined in the Merriam Webster dictionary as ‘an event or effect that cannot be reasonably anticipated or controlled’ ...
On Monday, 30th March 2020, the Deputy Prime Minister and Minister of Finance, the Honourable K. Peter Turnquest addressed the House of Assembly to provide an overview of the expected economic fallout in The Bahamas from the Covid-19 pandemic along with some details as to the Government’s proposed stimulus measures to support citizens and businesses alike during this time of uncertainty ...
Following the announcement of economic measures aimed towards responding to the COVID-19 outbreak, the Serbian Government issued two regulations on 10 April 2020 that determine the conditions and criteria for compliance of the state aid (i) for remedying the negative effects caused byCOVID-19 and (ii) for remedying a serious disturbance in the economy caused byCOVID-19, whereas both regulations will be valid until 1 July 2021 ...
OSHA requires that covered employers record certain work-related injuries and illnesses on their OSHA 300 log. Under OSHA’s recordkeeping requirements, COVID-19 is a recordable illness, and employers are responsible for recording cases of COVID-19, if all of the following are met: The case is a confirmed case of COVID-19; The case is work-related, as defined by 29 CFR 1904.5; and The case involves one or more of the general recording criteria set forth in 29 CFR 1904 ...
The SEC’s Office of Municipal Securities recently released guidance providing that statements made by municipal issuers, such as public announcements, press releases, interviews with media representatives, and public reports, may be subject to the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 (the Exchange Act) and Rule 10(b)-5 thereunder. On Feb. 7, 2020, the Office of Municipal Securities released Staff Legal Bulletin No ...
Across the country, construction projects of every nature are impacted by the COVID-19 pandemic. The situation and governmental response to the pandemic continue to evolve, and owners must keep abreast of these changes to ensure they manage their construction projects appropriately. There are a litany of issues, legal and practical, that owners need to assess when deciding how to manage ongoing projects and those in the pipeline ...
In passing the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES), Congress provided much-needed relief to project owners by making it easier to modify construction loans. Under the Act, an owner may qualify for a forbearance arrangement, an interest rate modification, or a repayment plan, among other options, and the modification does not adversely impact the credit of the borrower ...
The IRS continues to provide clarity regarding application of the various Coronavirus Aid, Relief, and Economic Security ("CARES Act") modifications to the Internal Revenue Code (the "Code") (see prior coverage here). In addition to recent guidance regarding bonus depreciation, the IRS on April 9 released Rev. Proc. 2020-24 and Notice 2020-26, both of which address CARES Act amendments applicable to net operating losses ("NOLs") ...
Background On 15 February 2019, a petition for a judicial review was submitted by two individuals (“Petitioners”), claiming that their constitutional rights had been violated by Article 15 (2) and Article 15 (3) of Law No. 42 of 1999 on Fiduciary Security (“Fiduciary Security Law”) ...
This newsletter explains the consequences of the texts adopted by the government on the withdrawal period granted to the non-professional buyer (i), the fulfilment of the conditions precedent provided for in the sale commitment (ii) and the notarial deed of sale (iii). (i) THE WITHDRAWAL PERIOD When the legal withdrawal period of 10 days which the non-professional purchaser has following the signature of a sale commitment (Article L ...
In the face of governmental orders shutting down businesses, redirecting business efforts and assets, and even seizing business property to redistribute to others, we see more and more questions about the limits of governmental authority and the remedies for affected people and businesses. Lawsuits already are being filed, and the courts undoubtedly will have to provide the answers. Click here for a more detailed discussion of COVID-19 and governmental takings ...
In the face of governmental orders shutting down businesses, redirecting business efforts and assets, and even seizing business property to redistribute to others, we are seeing more and more questions about the limits of governmental authority and the remedies for affected people and businesses. Lawsuits already are being filed, and the courts undoubtedly will have to provide the answers ...
In the face of governmental orders shutting down businesses, redirecting business efforts and assets, and even seizing business property to redistribute to others, we are seeing more and more questions about the limits of governmental authority and the remedies for affected people and businesses. Lawsuits already are being filed, and the courts undoubtedly will have to provide the answers ...
In the face of governmental orders shutting down businesses, redirecting business efforts and assets, and even seizing business property to redistribute to others, we see more and more questions about the limits of governmental authority and the remedies for affected people and businesses. Lawsuits already are being filed, and the courts undoubtedly will have to provide the answers. Click here for a more detailed discussion of COVID-19 and governmental takings ...
In an April 7, 2020 press release, the SEC Office of Inspections and Examinations (OCIE) issued two risk alerts. The first, involving examinations, focuses on compliance with Regulation Best Interest, and the second focuses on compliance with Form CRS. OCIE has released these two risk alerts to give investment advisers and broker-dealers advance notice as to what they can expect, in terms of scope and substance, during initial exams for compliance with the two initiatives ...
When COVID-19 first hit, many employers were initially faced with the need to identify if they qualified as an essential business under the operative orders issued by the federal and state governments, and then come into compliance with safety measures, all while ensuring compliance with other requirements such as those laid out by the Americans with Disabilities Act ...
For over 240 years, Congress has allowed citizens of different states to litigate in federal court and, for equally as long, has permitted defendants to remove such cases from state court to federal court in cases exceeding the jurisdictional minimum. Judiciary Act of 1789, 1 Stat. 79 Section 12 ...
On April 9, 2020, the Argentine Executive Branch issued and published in the Official Gazette Decree No. 351/2020, whereby it summons the mayors of all the country’s municipalities to control and monitor compliance with National Secretariat of Domestic Commerce’s Resolution No. 100/2020 concurrently with the national government and while health emergency lasts ...
Does the Covid-19 pandemic (or actions taken to counter the spread of Covid-19) constitute a Force Majeure in a refit/ repair contract? Is there any implied right of relief for the contractor or the owner? Under English law, unlike civil law systems, a force majeure is neither defined nor automatically applicable to commercial contracts ...
Does the COVID-19 pandemic (or actions taken to counter the spread of COVID-19) constitute Force Majeure and is there any implied remedy (e.g. implied force majeure relief) arising as a result of the COVID-19 pandemic? Under English law, unlike civil law systems, force majeure is neither defined nor automatically applicable to commercial contracts ...
