The coronavirus is having a direct effect – financial and otherwise – on nearly every business. While the long-term effects of the global pandemic will be significant and far-reaching, the short-term financial consequences to businesses, due to expected cash shortfalls, could make the difference in a company’s survival. Here are four areas that businesses should review that could impact – and potentially improve – their financial situation:
Coronavirus and Cash Shortfalls – What Can You Do to Mitigate the Effects of Coronavirus on Your Organization’s Financial Health?
TGS Baltic offers up-to-date information on the availability of Covid-19 crisis mitigation measures and the newest regulatory changes.
In accordance with Cabinet Order No. 119 of 24 March 2020, which amends Cabinet Order No. 103 On the Declaration of Emergency Situation of 12 March 2020, new restrictions take place:
Imagine these scenarios:
- Your company cannot perform a contract because of the COVID-19 pandemic.
- A vendor informs you that she cannot provide your company with necessary goods because of supply chain issues caused by a governmental emergency declaration.
- A subcontractor cannot perform because its employees are self-quarantining.
These are not hypotheticals. Scenarios like these are playing out around the country. The real-world impact of the COVID-19 pandemic is colliding with contractual requirements, and there is new attention to the legal doctrines of “impossibility,” “frustration of purpose,” “impracticability, and “force majeure.”
The Union Finance & Corporate Affairs Minister, Government of India, Ms. Niramla Sitharaman, in her interactions with the press yesterday, i.e., on March 24, 2020, has announced multiple relaxations to statutory and regulatory compliances under various legislations viz., the Companies Act, 2013 (“CA2013”), Limited Liability Partnership Act, 2008 (“LLP Act”), Insolvency and Bankruptcy Code, 2016 (“IBC”), Income Tax Act, 1961, the Goods and Services Tax legislations, Customs Act, 1962 etc. The complete press release vis-à-vis all measures announced can be accessed at http://pib.nic.in/newsite/PrintRelease.aspx?relid=200639.
Even Skypen of Facetimen in plaats van vergaderen. De laatste weken doen we niet anders. Maar hoe zit het eigenlijk met de rechtsgeldigheid van besluiten die in zo’n digitale vergadering worden genomen? Zijn die net zo geldig als besluiten tijdens een ‘echte’ vergadering? Read more…
We have received several inquiries from clients asking for guidance regarding their shareholders meetings in light of the rapidly evolving novel coronavirus (“COVID-19”) pandemic and the need to socially distance ourselves. With the annual general shareholder meeting (“AGM”) season upon us, this article seeks to provide information relating to (i) the options available for holding AGMs in light of the COVID-19 concerns and (ii) the procedures to be followed in the event that an issuer decides to change the date, time or location of its inperson AGM due to COVID-19. Read more…
Federal Paid Sick Leave Passed By The Senate California Suspends Warn Act Orange County Reigns In Shelter-In-Place Order
Developments around the COVID-19 pandemic continue to move fast and significant changes in the relevant laws continue to evolve. This Client Alert covers three recent developments, including the passage by the United States Senate of the Families First Coronavirus Response Act, California’s temporary suspension of the California WARN Act, and significant softening of the Orange County Public Health shelter-in-place regulations. As always, we encourage you to reach out to any member of team listed at the end of this Alert with any questions you may have on these fast moving topics. Read more…
U.S. Federal Government Proposes Various Changes to SBA Loan Programs to Assist Small Businesses Affected by Coronavirus
In light of the economic impact of the COVID-19 pandemic, the federal government has taken steps to expand the availability of, and streamline the process for, obtaining loans administered by the U.S. Small Business Administration (SBA). In addition, further changes are expected as part of a sweeping stimulus package, which is currently under negotiation in Congress. Read more…
In the midst of the shutdown of businesses all over India to contain the spread of the highly contagious Covid-19 infection, Finance Minister Smt. Nirmala Sitharaman today addressed a press conference on various statutory and regulatory compliance issues and announced a slew of measures for providing relief amid the pandemic outbreak.
The brief highlights of the announcements made by the Finance Minister:
LIBOR – the London Interbank Offered Rate – represents the average interest rate at which major banks reasonably expect they can borrow money from each other without putting up collateral. With only 21 months left until the 2021 deadline to transition away from LIBOR, how does COVID-19 impact LIBOR transition plans? READ MORE