Corporate Law

SBA loans available for small businesses suffering due to coronavirus

The United States Small Business Administration (SBA) issued guidelines for how to apply for $2 million in low-interest loans for working capital to small businesses suffering substantial economic injury as a result of the coronavirus (COVID-19). READ MORE

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Initiative by Ministry of Corporate Affairs to contain the spread of COVID-19

As a part of Government of India’s initiative to ensure active preparation to face the challenge and threat posed by the growing pandemic of COVID-19, the Ministry of Corporate Affairs (MCA) has relaxed the rules with respect to meetings of board of directors and dispensed with the necessity of holding physical meetings on matters relating to approval of financial statements, board report, restructuring etc. up to 30th June 2020. Therefore, till 30th June 2020 the companies can convene meeting through video conferencing for approval of financial statement, board report etc. The MCA is further examining any other relaxations under the Companies Act, 2013, that may be necessitated on account of COVID-19.
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Revenue and Irish Banks move to reassure and support customers during COVID-19 crisis

We are living in a time of crisis in a constantly evolving situation which is causing hardship and distress for many SMEs and self-employed contractors. This stress is compounded by financial hardship imposed by the current isolation and social distancing Covid-19 restrictions and their immediate and dramatic effect on businesses.

Revenue are closely monitoring the situation. and On 12th March the Revenue Commissioners implemented certain measures in order to alleviate the situation and to assist small and medium enterprise businesses experiencing cashflow and trading difficulties arising from the impacts of the Covid-19 virus.

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COVID-19: Fremrykning af offentlige investeringer og forudbetaling på offentlige kontrakter

Blandt tiltagene, der skal få Danmark bedst gennem Corona-krisen, præsenterede Regeringen og folketingets øvrige partier den 19. marts 2020 fremrykning af offentlige investeringer samt muligheden for forudbetaling på offentlige kontrakter. Dette skal medvirke til at holde hånden under danske virksomheder under Corona-krisen.

Det er næppe set før i historien, at offentlige myndigheder i forbindelse med indgåelse af offentlige kontrakter nu får mulighed for at forudbetale ydelser fra leverandører – og det helt op til 1 mio. kr. Read more…

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Overview of changes in the case of international coronavirus epidemic

Overview of changes in the case of international coronavirus epidemic
The coronavirus outbreak (hereinafter referred to as “COVID-19”) served as a trigger for a targeted effort to assess and manage the possible effects of COVID-19.
For example, among the most significant measures caused by the threat of COVID-19 proliferation in Russia, the following can be identified:
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Aviation Update: Common themes in times of crisis

The Aviation (Enforcement and Recovery) team has been advising clients on issues arising from the current crisis. Three main themes emerge from the current challenges in the airline sector:

1.) Airline insolvency risk.  A number of leasing companies have claims for unpaid rent and maintenance rent. These claims can be pursued by:

  • applying security deposits and enforcing other security; and/or
  • issuing proceedings in the High Court – which will effectively come to halt if the airline then goes into a formal insolvency process; and/or
  • Instigating insolvency proceedings against the airline; and/or
  • Exercising proprietary rights such as arresting and taking possession of the aircraft, with the assistance of a court order or injunction in the relevant location.

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FORCE MAJEURE AND CORONAVIRUS: FREQUENTLY ASKED QUESTIONS

Part 1: Force Majeure and Suspension/Termination of Contracts

Coronavirus (COVID-19) is turning out to be a twin fold pandemic – that started with affecting public health and soon spread throughout the economy. Sudden global shutdown and travel restrictions have brought the economy to a screeching halt, before most of us could even comprehend the real impact. Many businesses are still at a loss and are only doing a guesswork regarding the magnitude of potential losses and recalibration needed for the businesses to survive this time, and remain viable.

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VERTRAGSRECHTLICHE PROBLEME IM ZUSAMMENHANG MIT DEM CORONAVIRUS

HÖHERE GEWALT, WEGFALL DER GESCHÄFTSGRUNDLAGE UND SCHADENMINDERUNGSOBLIEGENHEITEN

Welche Vorgehensweise ist Unternemern bei vertragsrechtlichen Problemen mit Vertragspartnern, insbesondere aus China, zu empfehlen, die sich im Zusammenhang mit dem Coronavirus auf höhere Gewalt (Force Majeure) berufen

  1. Vertragsprüfung

Zunächst ist ein Blick in den Vertragstext zu empfehlen. Viele internationale Verträge zwischen Unternehmern enthalten Klauseln zu Rechtsfolgen bei höherer Gewalt (sog. „Force-Majeure“-Klauseln). Diese können sehr unterschiedlich ausgestaltet sein. Meistens werden die Voraussetzungen und die Frist für die Geltendmachung sowie die Auswirkungen für das Vertragsverhältnis genau geregelt. Meist bestimmt eine solche Klausel, dass die Leistungspflichten für die Dauer der Force Majeure ausgesetzt werden. Oft wird damit gleichzeitig ein Haftungsausschluss vereinbart und Verständigungspflichten ausgelöst. Epidemien werden zumeist von der vertraglichen Definition von höherer Gewalt umfasst. Read more…

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COVID-19: Ny hjælpepakke på vej til små og mellemstore virksomheder

Ny hjælpepakke skal forbedre likviditeten for de små og mellemstore virksomheder og dermed hjælpe dem igennem de udfordringer, som den nuværende sundhedskrise medfører. Pakken omfatter momskredit for små og mellemstore virksomheder og udskydelse af B-skatterater for selvstændigt erhvervsdrivende. Read more…

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Force majeure i offentlige anskaffelser?

Hvilke regler gjelder for force majeure i offentlige kontrakter? I denne artikkelen gir vi en oversikt over når du som leverandør til offentlig sektor kan påberope deg force majeure pga koronautbruddet, samt forhold du nå bør være ekstra oppmerksom på ved inngivelse av tilbud til offentlig sektor.

Problemstilling

Det pågående koronautbruddet og tiltak fra offentlige myndigheter kan ha store konsekvenser for løpende kontrakter, for eksempel gjennom begrensninger i vareflyt, valutasvingninger, råvareknapphet og produksjonsstanser. Det offentliges innkjøp reguleres av anskaffelsesreglene, som i noen grad kan oppfattes som lite fleksible i situasjoner som den vi nå står overfor. Det er likevel rom for tilpasninger, men dette vil stille seg litt ulikt etter hvilken fase av anskaffelsesprosessen en er i. Read more…

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