ILN Today Post

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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Chambers Europe 2020 Recognition

Holmes O’Malley Sexton’s insurance team is ranked as one of the best is Europe by Chambers & Partners following market plaudits for its  defence practice. The independent accreditation notes that the team have expertise in professional indemnity and negligence cases, frequently pertaining to the construction, accounting and legal sectors. The report also notes that the team are experienced in personal injury claims, often relating to road traffic accidents.

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ILN Today Post

Amendment in CIRP Regulations amid Covid-19 lockdown

In a move aimed at smooth resolution of insolvent firms, the Insolvency and Bankruptcy Board of India (“IBBI”) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”) on March 29, 2020.

Due to the declaration of 21 days lockdown by the Government of India with effect from 25th March, 2020 as a measure to contain the spread of Covid-19, it has become extremely hard for the insolvency professionals to continue to conduct the process, for members of committee of creditors to attend the meetings, and for prospective resolution applicants to prepare and submit resolution plans, during the period of nationwide lockdown.

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Major Cities in Texas Enter “Stay at Home” Orders: Implications and Other Considerations for Employers

On March 13, 2020, Governor Greg Abbott declared a State of Disaster in Texas due to COVID-19. Subsequently, on March 19. 2020, Governor Abbott issued a Public Health Disaster Declaration, and an Executive Order, which, among other things, prohibited congregating in groups consisting of more than ten people, and closed all Texas restaurant dining rooms [1] bars, gyms and schools, effective March 20, 2020.  Governor Abbott has refrained from issuing a statewide shelter-in-place order, and has instead left the decision up to city and county leaders.  In the days that followed, and throughout this week, 16 counties, and major cities in Texas, including Austin, Dallas, El Paso, Houston, and San Antonio have issued “Stay at Home” orders, which share many similarities, with a few distinctions.  The following are summaries of the key aspects of the orders that may impact the workplace, followed by a glossary defining some of the key terms in the orders.

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Coronavirus and Cash Shortfalls – What Can You Do to Mitigate the Effects of Coronavirus on Your Organization’s Financial Health?

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:

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AB 5, Dynamex and Borello: What Standard Governs Independent Contractor Status In California?

It is no secret that independent contractor misclassification claims are being filed against employers with a great deal of frequency, often as class actions and often in California.  Many of those lawsuits have been filed against gig economy companies.  But, of course, they are not the only companies facing such claims.

As a result, many companies that classify workers as independent contractors are asking a basic question, “Are those workers properly classified?”

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ILN Today Post

Massachusetts Suspends State Permitting Deadlines

On March 26, 2020, Governor Baker issued Executive Order No. 17 as part of his continued response to the COVID-19 pandemic. This order suspends or tolls deadlines related to permits being sought or pending before state permit agencies that report to the Executive Office of Energy and Environmental Affairs, such as the Massachusetts Department of Environmental Protection and the Executive Office of Housing and Economic Development, which could include developments being planned under G.L. c. 40B.
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ILN Today Post

Tax Credits Offered to Employees Under the Families First Coronavirus Response Act

The Families First Coronavirus Response Act (the Act) was signed into law on March 18, The Act authorizes certain relief to businesses pertaining to the COVID-19 pandemic, including tax credits to employers to help offset the cost of wages to employees taking time off under the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act.
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ILN Today Post

Update: New Effective Date for Paid Sick Leave and Paid Emergency FMLA Provision in Families First Coronavirus Response Act

We previously provided guidance regarding paid sick time and leave under the Families First Coronavirus Response Act. Employers take note: recently released guidance from the Department of Labor has clarified that the Act will go into effect on April 1, not April 2 as the legislation implied.
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ILN Today Post

Reserve Bank of India Press Conference – Financial relief measures amid Covid-19 pandemic

The Reserve Bank of India (“RBI”) Governor Shri. Shaktikanta Das, during the press conference today, announced various measures to increase liquidity and ease banking regulations during the challenging times and to safeguard country’s economy from the impact of Covid-19 pandemic related lockdowns.

The key highlights of the announcements made are as follows:

  • The Monetary Policy Committee reduced the repo rate by 75 basis points and reverse repo rate by 90 basis points.
  • The RBI will conduct auctions of Targeted longer-term refinancing operations of up to three-year tenor of appropriate sizes for a total amount up to Rs. 1 lakh crore at a floating rate, linked to policy repo rate.
  • The cash reserve ratio of all banks to be reduced by 100 basis points to 3 percent beginning March 28th, 2020 for a year. This cut down will release liquidity of Rs. 1,37,000 crores across the banking system.
  • The Marginal Standing Facility (MSR) raised from 2 percent of Statutory Liquidity Ratio (SLR) to 3 percent with immediate effect and shall be applicable up to June 30th, 2020.
  • The RBI Governor declared that the above liquidity measures will inject liquidity of Rs 3.74 lakh crores to the Indian economic system.
  • All lending institutions and banks are being permitted to allow a moratorium of three months on repayment of installments for term loans outstanding as on March 1st, 2020.
  • The lending institutions also permitted to allow deferment of three months on payment of interest w.r.t all such working capital facilities outstanding as of March 1st, 2020.
  • The RBI Governor stated that moratorium on term loans and deferment of interest payment will not result in asset classification downgrade.
  • Further deferring implementation of last tranche of 0.625 percent of capital conservation buffer to September 30th, 2020.
  • The banks in India that operate IFSC banking units allowed to participate in offshore INR NDF market w.e.f. June 1st, 2020.
The RBI Governor further stated that the projections of growth and inflation as the outlook are heavily dependent on the spread and containment of the virus. He further said that RBI will continue to remain vigilant and take whatever steps needed to mitigate the economic impact of Covid-19 and maintain financial stability in the country.
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