Corporate Law

Covid-19 – A force majeure event under the Irish legal system?

As the global effect of Covid-19 increases day by day, parties’ abilities to perform contractual obligations have been impacted and will inevitably be further interfered with as this pandemic continues.

In Brief: It remains to be seen whether Covid-19 will enable parties to affected commercial contracts to invoke force majeure relief and therefore excuse non-performance or delay of their contractual obligations, or will it remain possible to issue proceedings against parties for breach of contract, despite the cause of non-performance being the current global pandemic?

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Covid-19: Is your business insured?

What is BI Insurance?

BI Insurance covers losses which result from closure of business. BI Insurance is usually part of a commercial combined policy.

What does BI Insurance cover?

If cover exists:

  • loss of income;
  • fixed costs such as: payroll, operating expenses and business loan repayments; and
  • costs of temporary relocation. Read more…
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SBA Loans

The Small Business Act Paycheck Protection Program authorizes up to $349 billion for low-interest loans of up to $10,000,000 to borrowers to fund eligible payroll costs, interest on mortgage payments (which includes mortgages on real property and personal property), rental payments, utilities payments, and for other permitted purposes. The loans made under the Paycheck Protection Program would be eligible for forgiveness for certain payroll and other operating costs, as long as the borrowers maintain their payrolls to fund payroll costs and certain other expenses. Read more…

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COVID-19 SMALL BUSINESS LOAN AND GRANT RELIEF PROGRAMS

Small businesses are facing an unprecedented economic challenge arising from the coronavirus (COVID-19) pandemic and the related government ordered closures of business operations and “stay at home” orders. In response, federal, state and local government agencies have begun developing various loan and grant programs to help small businesses negatively impacted by COVID-19. We have been working with a number of small businesses to advise them on the available government programs and to assist with the application process.

This alert outlines current loan and grant programs that may be available to the small businesses we serve. We will work to provide updates once the final details and eligibility requirements of these programs become clear and as other loan or grant programs become available. Read more…

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Does the current corona crisis constitute a (global) force majeure – act of god situation from a legal point of view?

Under the Russian Law the force majeure – act of god situation means emergency, unforeseen and unavoidable situations, which cannot be reasonable predicted, avoided or overcome in time of contracts execution and are not under the control of parties.

The standard list of the force majeure – act of god situations includes among others mass diseases (epidemies)1.

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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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NOVA MP ALTERA REGRAS DA LEI DE ACESSO À INFORMAÇÃO

A Lei nº 13.979/2020, norma geral que traz medidas para o enfrentamento do coronavírus, foi alterada pela Medida Provisória nº 928/2020, publicada no Diário Oficial da União no dia 23.3.2020, em edição extra. Os principais acréscimos promovidos pela MP à Lei de Acesso à Informação (Lei nº 12.527/2011) incluem: Read more…

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DILEMMA: Bestyrelsens opgaver og ansvar i krisetider

Coronakrisen og de voldsomme konsekvenser, den har for samfundet og erhvervslivet, har sat en række nye punkter på dagsordenen i bestyrelseslokalerne. Her vil vi kort gennemgå dels de formelle regler om bestyrelsens opgaver og ansvar (som findes i Selskabsloven §§ 115 og 361), dels de ledelsesmæssige udfordringer og dilemmaer, coronakrisen fører med sig. Read more…

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Economic Measures for Entrepreneurs Proposed by Slovak Government

PETERKA & PARTNERS Slovakia has prepared a brief summary of economic measures aiming to support entrepreneurs and prevent massive layoffs announced by Slovak Government yesterday.

To view the full text, please click HERE.

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