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Tag: covid19; Country/ State: austria

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Bankruptcy Avoidance - But How? An Important Step in Facilitating the Preventive Restructuring of Companies
DORDA, February 2021

Good news in times of crisis: The eagerly awaited draft of the Restructuring and Insolvency Directive Implementation Act (RIRL-UG) was published yesterday. The law with which Directive (EU) 2019/1023 (Restructuring Directive) is implemented in Austria is to come into force on July 17, 2021 (at the end of the implementation period). The review phase will run until April 6, 2021...

What are the Effects of COVID-19 and the Measures Recently Taken by the Federal Government on Litigation Proceedings?
DORDA, March 2020

CIVIL LITIGATION What are the effects of COVID-19 and the measures recently taken by the federal government on litigation proceedings? Will the civil courts remain in operation? As of 16 March 2020, a regulation amending the rules of procedure for courts of first and second instance will come into force. This regulation provides for a restriction of court services limited to the strict minimum...

What are the Legal Consequences of the Official Measures to Curb the Spread of COVID-19 for Entrepreneurs for their Commercial Contracts? Who is Liable for Delivery Failures?
DORDA, March 2020

Are delivery obligations between businesses still to be fulfilled? In principle, commercial contracts and the rights and obligations contained therein remain legally binding, despite the official measures taken to prevent the spreading of COVID-19. However, in connection with travel contracts, the Austrian Supreme Court qualified the outbreak of the infectious disease SARS as a force majeure event that made it unreasonable to perform the contract...

COVID-19: Financing
DORDA, March 2020

The first part of the article deals with various legal issues that may become relevant for financings in connection with measures to limit the spread of COVID-19. The second part sets out links to current public subsidy offers. 1.  Q&A Information is of a general nature and, therefore, cannot replace specific advice in individual cases. Only the legal position of an entrepreneur but no specifics for consumers are addressed. 1.1...

M&A and Capital Markets Law: What Needs to be Considered? COVID-19 Poses Major Challenges for (Cross-Border) M&A Transactions and Capital Market Deals
DORDA, March 2020

Introduction COVID-19 poses great challenges, especially for cross-border M&A transactions and capital market deals. In the last five years or so, the M&A sector has seen a strong seller's market in which sellers have been able to generate high selling prices and enforce contractual arrangements in their favour. This will likely change rapidly now...

Corporate Law: What Effects Does the Current Situation Have On Planned Shareholders' Meetings? Can General Meetings Be Held? Are There Any Delays in Company Registrations?
DORDA, March 2020

When should we hold our annual shareholders' meeting this year? The shareholders' meeting of a stock corporation must be held each year within eight months as of the end of the financial year. Therefore, if the financial year corresponds to the calendar year, there is time until the end of August. If possible, we would therefore recommend holding the annual shareholders' meeting a bit later this year in order to be better prepared...

COVID-19 Q&A on Real Estate and Tenancy Law
DORDA, March 2020

  In the days between 13 March 2020 and 15 March 2020, the government announced a comprehensive package of measures to combat Covid-19 ("Corona virus"), which is to enter into force on 16 March 2020. This in particular includes the ordered closure of shops and restaurants. The following initial overview addresses a number of key issues that arise for tenants and landlords as a result of the current situation...

Austrian Short-Time Working Model "Corona Immediate Assistance-Short Time Flex"
DORDA, March 2020

Short-time work is generally understood to be the temporary, foreseeable reduction in normal working hours (by at least 10% to a maximum of 90%). A special feature of Corona Immediate Assistance Short-Time Flex is that working hours can even be reduced to zero. Short-time work requires a social partner agreement and contact with the Austrian Labour Market Service (Arbeitsmarktservice – AMS)...

Corona Virus: Impacts on Taxation, Financial Statements, Ability to Distribute Dividends
DORDA, March 2020

The Corona virus has dramatic consequences for most Austrian enterprises. But could it even have an impact on their 2019 financial statements (provided they were not resolved and filed yet)? Will it be possible to use the crises negative effects for claiming deductions in the 2019 tax return? Will it reduce the capacity of an entity that was profitable 2019 to distribute dividends? We limit this short overview on the most common forms of Austrian entities, i.e...

Which Insurance Covers Corona Damages? What Do You Have to Do Not to Lose Coverage?
DORDA, March 2020

Insurance companies ensure uncertain risks of individuals that may arise in the future and cover such risks with the premiums of the insured community. Once the risk has already occurred or is about to occur immediately and one does not have taken out insurance already, it is not possible to get insurance cover anymore...

How Can Managers Avoid Personal Liability for the Financial Impact of the Corona Crisis on the Company they Manage? Precautionary Measures to Avoid Insolvency
DORDA, March 2020

Limited liability companies and stock companies must file for the opening of insolvency proceedings if they are unable to pay their open debts (illiquidity) or over-indebted without a positive prognosis. If such ground to file for insolvency has occurred, managers are obliged to file for insolvency as soon as possible, but at the latest within 60 days. Otherwise they are personally liable - without limitation - for damages caused by a delayed filing for insolvency (i.e...

COVID-19: Supervisory Law for Banks and Other Financial Service Providers
DORDA, March 2020

On 13 March 2020, the Austrian Government announced a comprehensive package of measures to combat COVID19 ("Corona virus"), which is to come into force on 16 March 2020...

Which Privacy Aspects must Companies Take into Account when Processing Health Data?
DORDA, March 2020

Can a company collect data about a (potential) infection with COVID-19? Both, in case of information on a suspected case and in a confirmed case, special categories of personal data are processed. Whether a company may process such health data of employees, customers, suppliers or other third parties is exclusively governed by Art 9 GDPR...

Public Law Measures and Orders Against COVID-19
DORDA, March 2020

Which laws are applicable and what are the most important regulations? Epidemic Law 1950 COVID-19-Measures Law The legal basis for the measures imposed by the federal government last week is the Epidemic Law of 1913, which was re-introduced in 1950. The object and aim of the law are to combat notifiable transmissible diseases. This includes COVID-19...

Civil Litigation: What are the Effects of COVID-19 and the Measures Recently Taken by the Federal Government on Litigation Proceedings?
DORDA, March 2020

Will the civil courts remain in operation? As of 16 March 2020, a regulation amending the rules of procedure for courts of first and second instance will come into force. This regulation provides for a restriction of court services limited to the strict minimum. In the implementation decree, the Federal Ministry of Justice clarified that the courts will remain in operation only to the extent necessary...

Legal Impact of Corona Virus on Supply Chains and Workers
DORDA, February 2020

The outbreak of the coronavirus and the measures taken by the Chinese government to contain it have brought production in China as the world's workbench to a complete standstill. Companies that operate in China or purchase such goods are currently facing delivery shortfalls. A similar situation could soon threaten Italy, where the first factory closures have already taken place...

 

 

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