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Firm: Heuking Kühn Lüer Wojtek

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Corona and the Adoption of Annual and Consolidated Financial Statements, in Particular Relating to the Supervisory Board's Financial Statement Meeting
Heuking Kühn Lüer Wojtek, April 2020

Current status: March 31, 2020 Increasingly far-reaching restrictions with respect to the COVID-19 virus also bring to light the issue of timely drafting, auditing, adoption, and publication of annual and consolidated financial statements, in particular for listed companies. This against the background that capital market-oriented companies, i.e...

Corona-Info: The Legislator Acts - We Summarize For You!
Heuking Kühn Lüer Wojtek, April 2020

The legislator acts - Special regulations on, among other things, deferral of claims, insolvency law, tenancy law and loan agreements in Germany to come. At the end of March, the German legislator adopted special regulations in response to the COVID 19 pandemic in fast-track proceedings. The law was passed by the German parliament (Bundestag) on Wednesday, March 25, 2020, and, in a special session, also by the German Federal Council (Bundesrat) on Friday, 27 March, 2020...

Antitrust Law and Corona (COVID-19) - Unclear Signals from the Antitrust Authorities
Heuking Kühn Lüer Wojtek, March 2020

In view of the current and imminent economic challenges, many companies are asking to what extent cooperation and concerted practices with competitors are able to ensure the supply of goods, thus cushioning the threat of an economic downturn. While the antitrust authorities have been keeping quiet on this issue for some time, several official statements have now been issued which we would like to comment on briefly below...

Effects of the COVID-19 Pandemic on Contractual Relations
Heuking Kühn Lüer Wojtek, March 2020

For all parties, the question arises at present as to what effects COVID-19 will have on existing contractual relationships – specifically, who will bear the economic burden of the pandemic. In the following is a brief overview: 1...

State Support for Businesses
Heuking Kühn Lüer Wojtek, March 2020

In recent weeks, the corona-related effects on the economy have led to hectic activities by the EU Commission, the federal government, and the German states to make State support services available at short notice and in a manner that is as unbureaucratic as possible. This article provides an overview of the measures taken at federal and state level and their legal framework...

Coronavirus: FAQ Employment Law Part 3
Heuking Kühn Lüer Wojtek, March 2020

A. SHORT-TIME WORKING ALLOWANCE REGULATION 1...

Liquidity Support Through "Unlimited" Loan Guarantees - Update - Including Initial Emergency Measures by German States (Bavaria, Hamburg)
Heuking Kühn Lüer Wojtek, March 2020

Current status: March, 30, 2020 Corona-related sales slumps in many industries are leading numerous companies to experience short-term liquidity bottlenecks. To cover these shortages quickly, the federal government adopted theKfW Special Program 2020, which is available for commercial enterprises and members of the independent professions with immediate effect. Loan terms were improved and standardized yet again to make it easier for companies to access favorable loans...

Corona and Commercial Leases
Heuking Kühn Lüer Wojtek, March 2020

Current status: March, 26, 2020 The joint guidelines of the federal government and the German states of March 16, 2020 also provide for the closure of retail and wholesale stores and the partial closure of restaurants and food outlets. It is now at the latest that it becomes apparent how the COVID-19 pandemic will also have a direct impact on commercial lease law...

Measures under German Tax Law to Create or Preserve Liquidity
Heuking Kühn Lüer Wojtek, March 2020

Companies and taxpayers alike are experiencing massive liquidity shortages due to the far-reaching restrictions on the economy and on public life caused by the COVID-19 pandemic, or at least will be exposed to such a risk in the medium term. This forces them to examine, also in relation to taxes, how existing liquidity may be preserved or additional liquidity created. In addition, the question is how to deal with ongoing tax audits and what other procedural relief is available...

Special Provisions for The Current Crisis: Emergency Legislation for General Meetings 2020
Heuking Kühn Lüer Wojtek, March 2020

Various European countries already passed emergency legislation which, among other things, enables companies to hold general meetings without physical presence rights and obligations in the 2020 general meeting season. The German legislator is now also drafting appropriate special provisions for the current crisis...

COVID-19 And Its Impact on Criminal Procedure and Criminal Law
Heuking Kühn Lüer Wojtek, March 2020

Criminal justice and public prosecution offices are also impacted by the protective measures taken nationwide to prevent the spread of the COVID-19 pandemic. The fact that Germany is “powering down the systems” to deal with the pandemic has implications not only for criminal proceedings that are already underway but also for future ones...

Restructuring in Times of Corona - Legislator Assists with Suspending the Obligation to File for Insolvency
Heuking Kühn Lüer Wojtek, March 2020

I. LEGISLATIVE INTERVENTION: DRAFT AVAILABLE In our March 17, 2020 article (“Restructuring in times of corona – What companies need to know now” LINK), we reported about the COVID-19 pandemic frequently causing extreme financial difficulties for German companies...

Also a Task for Corporate Compliance: Violations of Curfews and Quarantine are Punishable
Heuking Kühn Lüer Wojtek, March 2020

The COVID-19 pandemic brings to light penal and fine regulations that have hitherto led a shadowy existence. In particular, quarantine requirements and curfews and the punishability of violations thereof are currently under discussion. Companies and executives must also familiarize themselves with the provisions and official orders to avoid sanctions. Violations of curfews and requirements by authorities as well as quarantine violations are punishable by fines or even imprisonment...

Impact of The Coronavirus (COVID-19) Pandemic on Proceedings Before the Trade Mark And Design Offices
Heuking Kühn Lüer Wojtek, March 2020

The currently unstoppable strong spread of COVID-19 and the resulting restrictions on public life, such as quarantine measures and curfews, which are imposed in EU Member States and worldwide and which are sometimes very drastic, are also increasingly impairing the ability to work and communicate. In the meantime, various IP Offices have also reacted to this. 1...

Corona and Transport Law
Heuking Kühn Lüer Wojtek, March 2020

In connection with the coronavirus, prices for transport services have increased, in some cases very considerably, such as when a reduction in freight space necessitates rebooking and rescheduling. Not everyone, and not even all commercial customers, may be aware of these price increases. It is also questionable whether corona-related additional costs may always be deemed usual remuneration (Section 632 German Civil Code)...

Data Protection in The Era of the Coronavirus
Heuking Kühn Lüer Wojtek, March 2020

According to press reports, most Germans are willing to accept limitations on the extent of the protection of their personal data vis-à-vis public authorities and agencies in order to tackle the coronavirus crisis. However, that alone is not an adequate justification for measures that employers may take during a coronavirus pandemic to prevent an outbreak in their company...

Coronavirus (COVID-19): Contingency Plans at Credit and Financial Services Institutions Under Scrutiny
Heuking Kühn Lüer Wojtek, March 2020

While the coronavirus continues to spread, the German Federal Financial Supervisory Authority (“BaFin”) also published a document on the Minimum Requirements for Risk Management (“MaRisk”) for credit and financial services institutions on March 12, 2020, in which it addresses the issue of activities outside business premises and risk management in the trading sector from a regulatory perspective...

The Impacts of The Coronavirus on Professional Sports (In Particular, Soccer)
Heuking Kühn Lüer Wojtek, March 2020

STATUS QUO (ON MARCH 18, 2020) The Europe-wide spread of the coronavirus (COVID-19) is now also directly affecting the professional sports sector. As a consequence, there are not only games that are being played without fans and soccer leagues suspended from the Bundesliga all the way down to the 3rddivision, but even entire remaining seasons (including of the German Ice Hockey League and the German Volleyball League) have been canceled...

Coronavirus: FAQ Employment Law Part 2
Heuking Kühn Lüer Wojtek, March 2020

A. SHORT-TIME WORK 1. WHAT IS THE LEGAL POSITION? According to the "Act on the temporary crisis-related improvement of the regulations for short-time work compensation" ("Gesetz zur vorüberristeten krisenbedingten Verbesserung der Regelungen für das Kurzarbeitgeld") (see preliminary version of BT publication 19/17893), a company can order short-time work due to the worldwide cases of illness caused by the coronavirus and thus reduce working hours...

Is the State Liable for Loss of Revenue Resulting from Measures Taken Against COVID-19?
Heuking Kühn Lüer Wojtek, March 2020

The coronavirus is not only harmful to health but also to our finances, leading to considerable financial losses for many companies and employees. In individual cases, insurance companies may be liable for the loss of sales associated with the virus. We will inform you about this option separately...

Is the State Liable for Loss of Revenue Resulting from Measures Taken Against COVID-19?
Heuking Kühn Lüer Wojtek, March 2020

The coronavirus is not only harmful to health but also to our finances, leading to considerable financial losses for many companies and employees. In individual cases, insurance companies may be liable for the loss of sales associated with the virus. We will inform you about this option separately...

Restructuring in Times of Corona - What Companies Need to Know Now
Heuking Kühn Lüer Wojtek, March 2020

I. RISK TO COMPANIES FROM THE IMPACTS OF THE CORONA PANDEMIC The corona pandemic leads to a decline in sales revenues worldwide. Demand is plummeting. At the same time, supply chains in the globally networked economy are no longer reliable. Obligations to pay compensation for the inability to supply are impending, particularly in cases of no-fault supply guarantees. The liquidity and therefore the continued existence of many companies are at risk...

Liquidity Support Through “Unlimited” Loan Guarantees
Heuking Kühn Lüer Wojtek, March 2020

Corona-related sales declines in many industries lead to short-term liquidity bottlenecks for numerous companies. As the third pillar of the protective shield for employees and companies, the German Federal Government has therefore decided on new and unlimited measures to expand liquidity assistance to facilitate companies’ access to cheap loans...

Corona on the Construction Site
Heuking Kühn Lüer Wojtek, March 2020

The coronavirus has arrived in Germany. This is the central statement of the press conference held by Chancellor Angela Merkel on March 12, 2020. Ongoing construction projects are therefore also affected by the corona crisis, with considerable construction delays to be expected. Contractual provisions are usually lacking Contracts are reflecting the parties’ experiences and expectations. They provide for conceivable or expected circumstances, aiming to create legal certainty...

ESMA Has Lowered the Initial Reporting Threshold For Net-Short Positions To 0.1 Per Cent
Heuking Kühn Lüer Wojtek, March 2020

ESMA DECISION The European Securities and Markets Authority („ESMA“) announced today the decision to lower the initial reporting threshold for net short positions under the EU Short Selling Regulation to 0.1 percent (the „ESMA Decision“). The ESMA Decision has entered into force immediately after its publication on ESMA’s website. INITIAL REPORTING THRESHOLD NOW 0.1 PERCENT (PRIOR: 0...

 

 

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