In order to prevent the spread of COVID-19, the Government of the Slovak Republic has adopted several restrictive measures which may, in contractual relationships governed by the Civil Code, cause impossibility of t debtor’s performance.[1]In this alert we focus in more detail on the issue of additional impossibility of performance and subsequent cessation of obligation due to the spread of COVID-19 and adoption of the related preventive measures ...
In the fight against the Covid-19 pandemic, the scale of measures to protect public health and their consequences are starting to be felt by businesses and, in particular, they are suffering from strains on cash flow. As a result, on Wednesday, 18 March, the Portuguese Government approved and presented a package of economic measures to support companies ...
This new framework will remain in force until 31December 2020 and it allows Member States to provide: a) Aid in the form of direct grants, selective tax advantages and repayable advance payments, up to EUR 800,000 per company, to companies in most economic sectors to meet their urgent liquidity needs; b) State guarantees for loans taken out by companies from banks and the framework defines, among other possibilities, minimum guarantee premiums for this purpose; TYPE OF BENEFICIARY MARG
On 11 March 2020, the World Health Organization declared the existence of a pandemic. The main focus is now to guarantee the safety of workers and employees. However, the potential repercussions for the activities of companies – in the short and medium term – are vast, complex and, in certain cases, they conflict with each other. PLMJ has created a multidisciplinary team dedicated to analysing the problems facing businesses ...
At a time when there is a huge reduction in their income, companies will have to cope with enormous pressures on their liquidity. In this context, bond issuances should continue to be a growing way for companies to obtain finance, in particular, in the case of assets eligible under the European Central Bank’s (ECB) purchasing programmes ...
The impact of the novel coronavirus (COVID-19) across the globe remains a significant concern in every aspect of business – and the representation and warranty (R&W) insurance market is no different. The following Frequently Asked Questions are designed to address some of the more common questions that have arisen since the outbreak of the pandemic.As always, advice in this area is fact-sensitive ...
The CFTC recently published several no-action letters issuing temporary relief to certain market participants in response to the Coronavirus/COVID-19 outbreak, which was declared a pandemic by the World Health Organization on March 11, 2020 ...
COVID-19 and the sweeping government actions to curtail the effects of the virus have disrupted business activities across the globe, requiring businesses to carefully examine their existing contracts and in certain cases deliver important notices thereunder, such as notices of force majeure ...
The COVID-19 pandemic and the sweeping government action to curtail its effects across the globe has disrupted global supply chains and may continue to do so for quite some time. These constraints will strain project development timelines across the renewable energy industry ...
Last week, in response to the COVID-19 coronavirus pandemic, the Premerger Notification Office of the Federal Trade Commission (the “PNO”) announced temporary e-filing procedures for the submission of HSR filings and a temporary suspension of early termination requests. Key Takeaways: As of March 17, 2020, the PNO and the Department of Justice (“DOJ”) will accept only electronic submissions of HSR filings (no paper or DVD filings) ...
Several state and local governments have issued “shelter in place” orders and undoubtedly more will follow. All have various exemptions for “essential businesses” and many rely on exemptions outlined in the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (“CISA”) guidance on critical infrastructure workers ...
In the wake of the economic downturn caused by the coronavirus outbreak, Congress sought to pass a stimulus bill designed to mitigate the negative impact on the U.S. economy of measures taken to slow the spread of the virus.Hopes of a quick passage of the bill dimmed on March 21, when the Democrat and Republican negotiators in the Senate could not agree on worker protections or stock buyback restrictions for businesses that received funding, among other issues ...
The General Meeting during the State of Emergency? Can it take place? And can it be convened? Do crisis measures contain an exception for meetings of the statutory organs of the company (e.g ...
The awaited regulation by the Ministry of Economy, Energy and Business Environment on issuance of the Certificate for emergency situations (“CES”) has been adopted through Order 791/2020 relating to the granting of emergency certificates to the economic operators whose activity is affected in the context of SARS-CoV-2 pandemic published on 25 March ...
Decree 457 of 2020 issued a mandatory preventive isolation order for every resident of the Republic of Colombia, as a consequence of the economic, social and ecological emergency that has been declared in the national territory. In this regard, it is required to regulate the mandatory isolation ordered by Decree 092 of 2020 in Bogotá D.C ...
By means of Circular No. 4007 of 25 March 2020, the Ministry of Mines and Energy set out some considerations on the understanding of paragraphs 13 and 25 of Article 3 of Decree 457 of 2020, by which the National Government ordered the preventive isolation of all inhabitants of Colombia for a period of 19 days. Paragraphs 13 and 25 refer to exceptions to the restrictions on freedom of movement ...
We foresee that, as a result of the current situation of the Covid-19 outbreak in Chile, there may be a significant increase in breaches to the obligations set forth in commercial contracts, under the argument of force majeure ...
Superintendence of Environment orders the suspension of terms and enforces virtual channels in the context of Covid-19 The Superintendence of Environment has suspended all of sanctioning proceedings and implemented virtual channels to receive consultations, complaints and replace its reception office ...
On March 25, 2020, the SEC issued an order granting temporary relief from the filing deadlines for certain SEC filings due between March 1, 2020, and July 1, 2020. This order supersedes the SEC’s March 4 order ...
The impact of Covid-19 is becoming more prevalent throughout the economic landscape of The Bahamas. Most recently, in an effort to contain the spread of the virus, preventative measures involving the closure of non-essential local businesses for a specified duration were introduced by the Government in exercise of its emergency powers. This has had far-reaching effects in the employment sphere ...
In recent weeks, Governments around the world have been grappling with how best to combat the spread of the Coronavirus (COVID-19). The Bahamas is no exception. To date the Prime Minister has issued two Emergency Orders aimed at ensuring the health and safety of persons within The Bahamas ...
An issue concerning businesses at present is the problem of settlements between them resulting from non-culpable inability to perform contracts. This is an area that may require the Parliament’s intervention if current regulations prove insufficient. Due to the closure of anumber of facilities (restaurants, cinemas, some retail outlets), businesses are incurring huge losses ...
In order to alleviate the effects of the coronavirus, the Swedish government has proposed a crisis package that includes proposals for strengthening companies’ liquidity through the tax account, a new system for short-term working and the state taking over responsibility for sick-leave payment for two months. It is of course our hope that these proposals will result in most companies managing the effects of the coronavirus ...
