Minimum Wage Increase The Act of 15 December 2020 amending article L.222-9 of the Labor Code comes into force on 1 January 2021.The new legal provisions increase the minimum wage by 2.8%: raising unskilled employees' minimum monthly wages from EUR 2,141.99 gross to EUR 2,201.93 gross; and raising qualified employees' minimum monthly wages from EUR 2,570.39 gross to EUR 2,642.32 gross. The index applicable to employees' wages (834,76) remains however unchanged ...
The underlying dispute relates to the MV «Cheshire»-incident in 2017, where a cargo of fertiliser was subject to a major decomposition incident. The fertiliser that was carried on the vessel was damaged, and the vessel was declared a total loss. In February 2020, Oslo District Court ruled in favour of the cargo interests, holding the carriers liable for the cargo loss (approx. USD 25 million) (TOSLO-2017-180657-1). The carriers have appealed the judgement ...
After a hectic first quarter, the focus shifted dramatically after the lockdown in mid-March. Within a few days, we went from negotiating new financings within most industries to assisting our clients with urgent waivers and liquidity loans. After the initial chaotic period, we have, however, seen a more normalized period with considerable activity where strong companies and good projects have been able to obtain new financings on acceptable terms ...
The underlying dispute relates to the MV «Cheshire» incident in 2017, where a cargo of fertiliser was subject to a major decomposition incident. The fertiliser that was carried on the vessel was damaged, and the vessel was declared a total loss. In February 2020, Oslo District Court ruled in favour of the cargo interests, holding the carriers liable for the cargo loss (approx. USD 25 million) (TOSLO-2017-180657-1). The carriers have appealed the judgement ...
The Management and Supervision of Legal Entities Act (Wet Bestuur en Toezicht Rechtspersonen, hereinafter referred to as the "Wbtr") aims to improve the quality of management and supervision of various Dutch legal entities, such as associations, cooperatives and foundations. A number of articles of law in the field of management and supervision, which now only apply to Dutch BVs and Dutch NVs, will also become applicable to these legal entities ...
The Government Emergency Ordinance no. 220/30.12.2020 on 2020 on the application of social protection measures after January 1, 2021 in the context of the spread of SARS-CoV-2 coronavirus, as well as for the amendment of some normative acts was published within the Official Gazette no. 1326 dated December 31, 2020 ...
Decree-Law 106/2020 of 23 December (the “TPR Law”), which was published on 23 December, sets out a Temporary Permissions Regime (the “Portuguese TPR”) for UK entities that provide financial services in Portugal under the freedom to provide services or freedom of establishment as provided for in the applicable EU legislation (the “EU Passport”) ...
As part of our ongoing focus on social mobility, we look at the impacts of the pandemic on existing and new social mobility challenges, how we're responding, and what businesses can focus on in 2021. 2020 has been a year like no other. The way we live, work, and connect has changed significantly. The way we do business continues to evolve ...
The International Court of Arbitration of the International Chamber of Commerce (‘ICC’) has issued a revised version of its Arbitration Rules. The 2021 Rules enter into force on 1 January 2021 and aim to make arbitration even more efficient, flexible and transparent ...
The Government of the Russian Federation approved new rules covering the remuneration payment for employees’ inventions, utility models and industrial designs (“Rules”) by the Decree dated November 16th 2020, No. 1848 (“Decree”). The Decree comes into force on January 1 st 2021 and will be valid for 6 years, until January 1 st 2027. The text of the Decree is available in Russian here ...
2020 has been a year of new challenges and uncertainty due to the Covid-19 pandemic. Despite these turbulent times, the Norwegian real estate market has remained relatively stable and strong. According to the last known reports and statistics, we see a total transaction value that has surpassed NOK 51 billion in 2020, compared to NOK 100 billion in 2019. The project finance facilitators remain more active than ever ...
Reid Hoffman is an American-based venture capitalist, author and entrepreneur at Greylock Partners who is best known for being the co-creator of the social network, LinkedIn ...
PORTUGAL I. Courts The Competition Court reduces fine of EUR 38.3 million imposed on EDP and Sonae by 10%On 30 September 2020, the Competition, Regulation and Supervision Court (Competition Court) reduced by 10% the fine of EUR 38.3 million imposed by the Portuguese Competition Authority (PCA) on EDP and SONAE in May 2017 ...
Key issues The consequences in terms of applicable law will likely be limited A jurisdiction clause in general terms and conditions may be insufficient Consumer law may require attention where diverging future regulations are concerned The consequences in terms of applicable law are likely to remain limited Should parties not have included a choice of law in their agreement, then EU-courts apply the Rome I Convention to determine applicable law ...
Charities need many things to make a difference, including good people and sufficient funding, but effective leadership underpins everything and the recently refreshed Charity Governance Code is a valuable tool in striving to practise good governance ...
On 16 December we held a webinar as part of the IHL series looking at the preparatory steps you need to have in place within your organisation as well as outline the new Immigration routes from January 2021 and onwards. We have briefly summarised the key points discussed and further sources of guidance below. The information contained in it is for educational purposes only and does not constitute legal advice ...
Is coronavirus vaccination a cure that will solve many challenges faced by employers or does it just inject further issues for employers to deal with? We answer the key questions. To be vaccinated or not to be vaccinated? That is the question... being discussed in homes and in workplaces up and down the country ...
With employees potentially returning to the workplace, we take a look at what will need to be done to tackle a number of mental health challenges – both for people and the companies they work for. Part three of our mental health series. With the second lockdown now over and the tier system fully in play, some employers are finding themselves able to open and trade again ...
Set-off is a common defence in adjudication. When money is sought it is likely that any available deductions or cross-claims will be used to prevent payment. But does an adjudicator have jurisdiction to consider them? This point was recently re-examined in Global Switch Estates 1 Limited v Sudlows Limited [2020] EWHC 3314 (TCC). Global Switch Global Switch employed Sudlows to fit out and upgrade its data centre in London under a contract based on the JCT Design and Build 2011 ...
It is clear that government restrictions and trading difficulties have created an environment in which existing transfer pricing policies will not always be appropriate. The OECD has done well to reach rapid consensus among its members on four key transfer pricing topics, namely: comparability analysis, losses and the allocation of COVID-19-specific costs, government assistance programmes and advance pricing agreements (APAs) ...
So called ‘direct agreements’ in the context of debt financing, has the main purpose of establishing a direct contractual relationship between a lender and the borrower’s counterparties for the purpose of enabling the lender to gain control over the borrower’s contracts. Direct agreements are most common for project financings and other facilities where the value of the assets being financed at large depend on the borrower’s contracts. Examples are e.g ...
The Brexit transition agreement, which governs the relationship between the European Union and the United Kingdom in 2020, including arrangements relating to data protection, ends on December 31, 2020. Without an agreement, the UK becomes a third country The European Union and the United Kingdom are still in intensive negotiations over how they will shape future trade relations, and it is so far unclear whether they will arrive at a follow-up agreement ...
From 1 January 2021, debtors insolvent due to COVID-19 pandemic will benefit from suspension of duty to file for insolvency until 31 January 2021 for companies expecting COVID-19 financial assistance related to November and December 2020 lock-down easier access to protective shield proceedings and self-administration proceedings, shorter prognosis period for over-indebtedness test (four months instead of twelve) SanInsFoG becomes effective 1 January 2020 The Act for the Further
The government has launched its long-awaited Energy White Paper, expanding on the government’s 10-point plan for a Green Industrial Revolution. The Energy White Paper commits to the creation and support of up to 220,000 jobs over the next decade, ranging from jobs in major power generation, carbon capture storage and hydrogen projects supported by a new £240 million net zero Hydrogen Fund, to the retrofit of homes and buildings for greater energy efficiency ...
Yesterday the government published its response to the consultation on the proposed changes to the calculation of local housing need set out in the ‘Changes to the current planning system’ document published on 6 August 2020. To say that the outcome of the consultation constitutes a u-turn on planning policy would be an understatement ...
