Corona and intended mergers and acquisitions (M&A’s): terminate, invoke MAC’s or other conditions or postpone?

The Corona crisis has severe consequences for intended mergers and acquisitions (M&A’s). Many merger or acquisition plans and even pending deals are being terminated or being shelved. The question is which legal instruments parties may use under Dutch law to terminate a pending deal. And what can parties do in case they do not want to close the merger or acquisition at this moment, but want to uphold the possibility to reach a transaction in the future? The Corona crisis is unchartered territory in this respect as well. However, some general rules can be mentioned.

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Commercial Tenants and Landlords: Navigating through the challenges of Covid-19

The closure of all but essential businesses will inevitably lead to commercial tenants being unable to pay their rent and seeking accommodations to be made by their landlord due to the unprecedented global health crisis.

In Brief

Commercial landlords must confront the reality that many tenants will simply be unable to pay their rent in the coming months due to the complete cessation of their business function.  Eviction is not a feasible solution as, in most instances, there is no realistic prospect of putting in place a new tenancy.  Even if a new tenancy were achieved, it would almost certainly be at a lower rent due to the decrease in market demand.

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Covid-19 in Latvia: State of Emergency extended until 12 May 2020 and other updates

Covid-19 in Latvia: At the meeting of April 7, the Cabinet of Ministers extended the State of Emergency until May 12, 2020. In turn, at an extraordinary session on April 3, the Parliament of Latvia adopted several amendments to the regulatory enactments due to the spread of Covid-19.

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The list of organizations, which are allowed to continue working, is amended

The Moscow Mayor Decree dd 04.04.2020 No. 39-UM “On amendments being made to the Moscow Mayor decree dd 05.03.2020 No. 12-UM” (“Mayor Decree”) stipulates the following amendments:

  1. from organizations, operation of which was suspended within the high-alert regime, are excluded specialized objects of retail trade, selling medical and optico-ophthalmological devices (equipment); as well as organizations, rendering services under a license to carry out medical care
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Moratorium on initiating bankruptcy proceedings

In the time of coronavirus Russian regulators implemented package of emergency legislation including Insolvency law. On April 1, the law was published, and on April 3, the Government exercised the right and introduced a moratorium on initiating bankruptcy proceedings for certain categories of debtors for 6 months.

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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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A fenyegető gazdasági válság előreláthatólag számos vállalkozás pénzügyi helyzetét fogja megingatni. Ezeknél a vállalkozásoknál módosul a cégvezető felelőssége is: csődközeli helyzetben a vezető ugyanis már nem csak a társaság, hanem a hitelezők érdekeit is köteles figyelembe venni. De ami egyszerű a papíron, az nem annyira az a gyakorlatban. Read more…

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COVID-19: Pressede erhvervslejere skal betale husleje

Mens regeringen har lukket store dele af Danmark ned for at afbøde og forsinke smitten med Corona-virus, bløder store dele af dansk erhvervsliv. Samtidig med, at en lang række butikker, forretninger og centre skal holde lukket, er erhvervslejerne som udgangspunkt stadig forpligtede til at betale husleje. I denne artikel sætter vi fokus på risikofordelingen mellem udlejere og lejere ved myndighedsregulering, der påvirker brugen af erhvervslejemål. Read more…

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Covid-19 in Latvia: Updates

The Cabinet of Ministers extends the range of beneficiaries eligible for idle time benefits and tax holidays, establishing that the benefits will also be available to those having a tax debt in an amount less than EUR 1,000 and to companies established after March 1, 2019.

On April 2, 2020, the Cabinet of Ministers adopted the following amendments to the criteria and procedures for receiving an idle time benefit and extension of the tax payment term or a deferral of up to 3 years for any Covid-19 crisis-hit company:

  • The allowed tax debt threshold has been increased to EUR 1000 while maintaining the condition that in case of higher tax debt, the employer shall have a prior agreement with the SRS;
  • If the employer or the taxpayer was established in the period from 1 March 2019 to 31 December 2019, the decrease in turnover shall be calculated taking into account the average turnover in 2019;
  • When receiving the idle time benefit, the employer shall not increase the number of employees compared to the number of employees at the beginning of the idle time.

Read more about the amendments here

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State Duma adopted amendments aimed at implementing the President’s and Government initiatives

Deputies of the State Duma adopted the Law “On making amendments to certain legal acts of the Russian Federation on the prevention and liquidation of emergency situations” in terms of regulating relations arising in connection with the need for emergency response to calls related to the spread of coronavirus infection (“Law”)1.

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