Please find a summary of regulations related to COVID-19 in more than 32 countries (including Indonesia prepared by our Firm) as per 22 April 2020 below. Economic Measures Loan Facilities: The Indonesian Financial Services Authority (OJK) issued Regulation No. 11/POJK.03/2020 (March 16, 2020), which relaxes the loan quality assessment and restructuring requirements for borrowers affected by COVID-19 until March 31, 2021 ...
In a scenario that has played out across the country for nearly a year now, a group of restaurants based in Ohio were ordered by government authorities to close their on-site dining operations to abate the spread of the coronavirus. However, when the restaurants sought insurance coverage for their loss of business income, their insurer, Zurich American Insurance Company, denied coverage. Last week, the U.S ...
Due to the current lockdown, companies were not able to hold shareholders meetings and pass resolutions on certain matters requiring urgent attention/approval of the shareholders. With a view to facilitate such companies, the Ministry of Corporate Affairs (MCA) has issued a recent circular no. 14 of 2020on April 8, 2020 permittingcompanies to convenetheirExtraordinary General Meetings (EGM)s through video conferencing or other audio-visual means ...
Introduction In light of cessation of routine judicial activities in recent times on account of the Covid-19 pandemic, the decision of the High Court at New Delhi on April 20, 2020 in Halliburton Offshore Services Limited vs. Vedanta Limited and Another comes as a welcome breather in an area otherwise seemingly parched for development of case law ...
Obligation of Czech employers to protect employees from coronavirusPursuant to Section 106 (1) of the Labour Code, an employee has the right be assured of occupational health and safety protection at work (hereinafter referred to as "OHS"), even during a pandemic.Regarding prevention, the provision in section 102 of the Labor Code remains paramount ...
The much-awaited relaxation of regulatory compliances under the Companies Act, 2013 (hereinafter “the Act”) have been introduced by the Ministry of Corporate Affairs (hereinafter “the MCA”). Please see below the detailed analysis of relaxations introduced by the MCA on regulatory compliances applicable under the Act: (i) Directors need not plan their Board meetings in the coming quarter of this calendar year i.e. upto June 30, 2020 ...
The key Direct tax changes as announced by the Union Finance & Corporate Affairs Minister Smt ...
The sudden onset of the Covid-19 emergency has caused significant disruption across swathes of the Japanese economy and raised novel and urgent questions for businesses as they seek to handle the challenges they face, whilst balancing the protection of their businesses and their obligations to their customers, suppliers, and banks, etc. This memorandum briefly addresses a number of key issues and questions relating to force majeure under Japanese law ...
As a result of the COVID-19 changes to foreign investment in Australia announced on Sunday, investors that are now caught by the Foreign Investment Review Board (FIRB) regime will also be subject to scrutiny from other regulators. Our team explains what this means for investors and what they can do to manage this process ...
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’ ...
Aid for self-employed persons and small and medium-sized enterprises (SMEs) affected by anti-coronavirus measures pursuant to the Czech Government’s 'COVID GUARANTEE' programme was exhausted in one day. On Monday, March 30, 2020, the terms and conditions of the follow-up COVID II program will be published, in which CZK 5 billion should be available. The rush of applications is expected, so action needs to be taken quickly and not delayed ...
Covid III is starting and you need to act fast! At its meeting on 18 May 2020, the Government approved by Resolution No. 553 the Covid III guarantee program for self-employed persons and companies employing up to 500 employees. Immediately afterwards, the websites of Českomoravská záruční a rozvojová banka, a.s. ("ČMZRB") published the conditions of the program ...
The new COVID Prague program focused on business activities in the Capital City of Prague followed the fate of its predecessors COVID I and COVID II. This means that the available funds were exhausted on the same day as the receipt of applications, which thus ends. The COVID I and COVID II programs are also exhausted. Entrepreneurs thus have no choice but to wait for the announcement of the conditions of the COVID III program ...
The state contribution for commercial leases to entrepreneurs with forcibly closed establishments will be launched on June 26, 2020 at 9 AM. If the entrepreneur has negotiated a 30% discount on the rent from his landlord, he will be able to apply for state support in the amount of 50% up to a ceiling of CZK 10 million for the period from April to June ...
The state contribution for commercial rents to entrepreneurs with forcibly closed establishments is gaining more concrete outlines. If an entrepreneur negotiates a 30% discount on rent from his landlord, he will be able to apply for state support in the amount of 50% up to a ceiling of CZK 10 million for the period from April to June. However, the program has yet to be notified to the European Commission before it can be launched ...
Key Points IRS releases new COVID-19 relief for Qualified Opportunity Funds Taxpayers granted significant postponement of various timing requirements to ensure compliance with IRC section 1400Z-2 The IRS released Notice 2020-39 on June 4, 2020, providing significant relief for investors in qualified opportunity funds (QOFs) ...
With the recent outbreak and spread of COVID-19, businesses may experience several problems, such as absences of employees or disruptions in a supply chain required for their manufacturing or deliveries, which negatively impact their performance under a contract. In this alert we address the question whether negative consequences of COVID 19 could be under Slovak law considered as force majeure events, i.e ...
(continuation from Part I - separate article) Part II - "Antivirus Programme" - Financial Assistance to Czech Employers The Ministry of Labour and Social Affairs was mandated by the Government to further prepare a compensation program for entrepreneurs who continue to operate but whose production has decreased due to measures (category C of the Antivirus Programme) ...
The spread of the Coronavirus now affects all parts of society. Businesses must review their operations to minimize the negative consequences that may follow. At the same time, it is important to be aware of the legal consequences that may arise from risk minimization. Below is a general summary of some issues that can arise for tenants in commercial premises ...
What is known to exist but is not visible is surrounded by mystery. It excites the imagination and people spin yarns about it. Though that is not true when it comes to novel coronavirus (“COVID-19”), the outbreak of which has been globally reported. COVID-19 has caused worldwide unprecedented disruptions to business operations; and the commercial turmoil continues ...
Introduction What is known to exist but is not visible is surrounded by mystery. It excites the imagination and people spin yarns about it. Though that is not true when it comes to novel coronavirus (“COVID-19”), the outbreak of which has been globally reported, COVID-19 has caused worldwide unprecedented disruptions to business operations; and the commercial turmoil continues ...
Co-authored by MV Credit Partners LLP As the world watches the spread of COVID-19 across all continents, global economies are reacting to the impact and trying to foresee eventualities to mitigate the inevitable loss. There are some industries that will undoubtedly be more effected than others, and as with any economic crisis this will have a knock-on effect ...
