In the shadow of COVID-19, company directors are having to take decisions at speed across a range of issues. The government is encouraging companies to help re-open the economy by bringing staff back to their work places. This challenge, alongside others that directors face, must be met against a backdrop of economic uncertainty, the end of the furlough scheme and planning for the repayment of government loans ...
How Wirecard skirted regulatory scrutiny by jurisdiction-shopping and canny intra-group structuring. It would have been the quintessential business success story. Founded in Munich in 1999, this small payment processor for online gambling and pornography sites grew so massive that, by 2018, it had displaced Commerzbank from Germany’s prestigious Dax 30 index. At its peak, the juggernaut was valued at more than €24 billion (S$38.6 billion) ...
Unprecedented. Have you heard that word a lot in the past 4-5 months? Not surprisingly, the word ‘unprecedented’ is the default word to describe society’s reaction to COVID-19, its effects on our healthcare systems, our behaviours, our compliance (or not) with government directives and guidelines, and the impact to our economy and economic well-being. This is, in our lifetimes, the most rapid response to a threat on a global level ...
On July 28, the Federal Reserve announced that many of its emergency lending facilities, including the Main Street Lending Program’s New Loan Facility, Priority Loan Facility, Expanded Loan Facility, Nonprofit Organization New Loan Facility and Nonprofit Organization Expanded Loan Facility, are being extended to December 31, 2020. The facilities were previously scheduled to be available until on or about September 30, 2020 ...
The Federal Reserve ’s Main Street Lending Program has recently been expanded to add two potential loan options, which will enable nonprofit organizations such as educational institutions, social service organizations and hospitals to receive financial support in addition to the previously announced programs benefiting for-profit entities ...
On July 24, 2020, the California Department of Public Health issued a new guidance document for all employers within California, entitled “COVID-19 Employer Playbook For a Safe Reopening ...
On Monday July 27th, Law No. 21,247 which establishes special benefits for some parents and children’s guardians (the “Law”) in the context of the COVID-19 pandemic, was published on the Official Gazette. The main aspects regulated by the Law, are the following: I. Preventive parental leave It consists in the granting of preventive leave for taking care of children whose parents were making use of the parental postnatal leave ...
For a long time, we have heard in different social media, for various reasons, some more positive than others, information related to Turnkey Contracts and the State indebtedness resulting from the Partial Payment Accounts (in Spanish, “Cuentas de Pago Parcial”) and Certificates of No Objection (in Spanish, “Certificados de No Objeción”) ...
An entrepreneur has a lot to consider when starting a new business ...
This article first appeared on the website of the Corporate and M&A Law Committee of the Legal Practice Division of the International Bar Association (here), and is reproduced by kind permission of the International Bar Association, London, UK. © International Bar Association. The Covid-19 pandemic has pushed countries across the world into an unprecedented humanitarian and economic crisis ...
Key Points Small employers (with fewer than 500 employees) and governmental employers who are required to provide employees with paid sick and expanded family leave related to COVID-19 are required to report the amounts paid on Form W-2. IRS guidance provides information about how to report paid leave on employees’ Forms W-2 ...
On July 23, SBA announced that lenders may begin submitting PPP loan forgiveness requests to SBA on August 10. To assist lenders, SBA issued a Procedural Notice with new guidance regarding lenders’ reviews of forgiveness applications. The Notice may be found here: https://www.sba.gov/sites/default/files/2020-07/5000-20038.pdf The Notice reaffirmed forgiveness guidance and rules previously issued ...
The Department of Labor’s Wage and Hour Division (WHD) recently released streamlined forms employers may use to coordinate leave under the Family and Medical Leave Act (FMLA) ...
In March, due to the spread of the coronavirus (COVID-19) the Ministry of Health established that an employee required to quarantine at home in accordance with Ministry of Health guidelines would automatically receive a sick leave certificate which could present to the employer and receive sick pay for the quarantine period ...
As workplaces continue to reopen, the U.S. Department of Labor (DOL) and Centers for Disease Control and Prevention (CDC) issued additional guidance addressing various return to work issues and leave under the Family and Medical Leave Act (FMLA) and Families First Coronavirus Response Act (FFCRA). The new DOL guidance, summarized below, appears on the DOL’s FFCRA Questions and Answers page ...
In the rush to seek relief under force majeure clauses following the devastating impact of the Covid-19 pandemic, it is likely that some claims were made incorrectly, albeit in good faith. Particularly in circumstances where force majeure relief is linked to a purported termination, the party seeking to terminate needs to comply with any contractual requirements and ensure that the event relied upon is capable of being caught by the force majeure clause ...
As we have outlined in Part 1 and Part 2 of our blog series, ‘Returning the Workplace to Safe Operation’, employers have a duty to reduce the risk of COVID-19 in the workplace as much as reasonably practical. Consequently, employers may determine it is appropriate to conduct certain active screening, such as questionnaires, temperature screening, and testing ...
As organisations start planning their post COVID-19 workforce arrangements, leaders need to consider how these new and amended work practices will help or hinder their efforts to strengthen their risk culture. While having a distributed workforce increases some challenges to improving risk culture, it also provides opportunities which need to be embraced. It is becoming increasingly clear that the post COVID-19 workplace will be very different to what it was before the pandemic ...
While most employers and HR departments still are addressing issues related to the COVID-19 pandemic, the U.S. Department of Labor ("DOL") issued new standard forms for handling Family and Medical Leave Act ("FMLA") claims. Specifically, there are new forms for FMLA notice of eligibility, designation notice, and medical certification for employees to use. At first glance, the new forms look quite different than their predecessors, but there are no major changes ...
Did you know? The Hong Kong courts are now relaxing the legal test on what is a “penalty” to allow a wider range of agreed damages in commercial contracts. Why does this matter to you? It is notoriously difficult and time consuming (not to mention costly!) to assess damages for breach of contract which must be proved by the innocent party ...
On 22 July 2020, data protection authorities from Australia, Canada, Gibraltar, Hong Kong, Switzerland and United Kingdom (together the Authorities), issued an open letter (Letter) on global privacy expectations of video teleconferencing companies (VTC companies)[1]. Why there is such a Letter? As a result of the COVID-19 pandemic, the Authorities have witnessed an increasing use of VTC tools, both in social and business contexts ...
In two recent Awards of the Industrial Court involving the retrenchment of 7 Claimants, Mizman Bin Ngadinan & Others v City Facilities Management Sdn Bhd (Award 989 of 2020) and Roslan Bin Mohd Tahir & Others v City Facilities Management Sdn Bhd (Award 990 of 2020), the Industrial Court found that the LIFO principle was inapplicable where the selection criteria and process adopted by the Company involving specialised skills sets and the competency of the employees was upheld ...
