CARES Act amends Bankruptcy Code to raise debt limit on subchapter V cases

While not as widely reported, the CARES Act amended the SBRA and the Bankruptcy Code in an important respect that should further facilitate reorganizations under the Bankruptcy Code for small businesses. READ MORE

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The CARES Act may help your non-profit

Non-profit organizations are facing challenges similar to those being faced by for-profit businesses as a result of the coronavirus crisis. Fortunately, the CARES Act contains provisions that may be beneficial to your non-profit organization. READ MORE

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Expansion of work share programs under the CARES Act

Among other temporary revisions to unemployment assistance programs, the recently passed CARES Act includes provisions aimed at expanding the effectiveness of state “short-time compensation” programs, also known as “work share” programs. READ MORE

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CARES Act: No required distributions for 2020

The CARES Act waives the 2020 minimum distribution requirement for many retirement plans and IRAs. You can take the distribution if you prefer, of course, but you will not be penalized if you do not. This will be welcome relief for people who do not want to liquidate investments in a down market in order to satisfy the minimum distribution requirement. READ MORE 

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On March 31, 2020, the Decree of Necessity and Urgency No. 329/2020 was published in the Official Gazette, which prohibits dismissals without just cause and on the grounds of lack or reduction of work and force majeure for a period of 60 days from the date of its publication (that is, May 30, 2020).

Likewise, said decree prohibits suspensions for reasons of force majeure or lack or reduction of work for a period of 60 days from the date of its publication.

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Relaxation Schemes for Companies and Limited Liability Partnerships

In furtherance of its previous corporate governance reliefs, the Ministry of Corporate Affairs (“MCA”) has introduced the Companies Fresh Start Scheme, 2020 (“CFS Scheme”) and amended the LLP Settlement Scheme, 2020 vide its circular dated March 30, 2020 (“LLP Modified Scheme”) to allow defaulting companies and limited liability partnerships (“LLPs”) an opportunity to file belated documents, returns etc. without charging of additional fees with respect to the delay in filing and grant immunity from prosecution with respect to such delay.

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Ministry of Corporate Affairs notifies Companies Fresh Start Scheme, 2020

The Ministry of Corporate Affairs (“MCA”) vide its circular dated 30th March 2020 has issued “Companies Fresh Start Scheme, 2020” (“CFSS 2020”) and revised the “LLP Settlement Scheme, 2020” (“LLP Scheme 2020”) to promote defaulting companies/LLPs to make a fresh start on a clean slate and waive the additional fees for delayed filings by the companies/LLPs with the Registrar of Companies (“ROC”) during the currency of the Schemes i.e. from 1st April 2020 to 30th September 2020. Both the schemes incentivize compliance and reduce compliance burden during the unprecedented public health situation caused by the outbreak of COVID-19.

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Canada’s COVID-19 Emergency Response Act came into force on March 25, 2020. Perhaps overlooked amongst emergency relief, health care and financial effects is Part 12 of the Act which makes changes to the Patent Act.

Why should the general public care about this? I’m glad you asked.

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Labour Law News – Coronavirus No 1

We complete our “FLASH INFOS” of 20 March 2020 to inform you about the latest news:

  • Adoption and publication in the Official Journal of the emergency law n°2020-290
    of 23 March 2020 to face the epidemic of Covid-19;
  • Draft decree on partial activity (pending its adoption and publication).
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In view of the coronavirus epidemic in Europe and particularly in France, companies must take measures to both protect their employees and also ensure the continuity of economic activity or at least preserve it. Read more…

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