1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? There is no bespoke legislation dealing with “pre-pack” restructuring or sale of the business or assets of an insolvent Cayman Islands company ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? Guernsey stands out against many offshore jurisdictions because it has a dedicated administration regime designed to facilitate corporate rescue. The procedure is broadly similar to that in the United Kingdom, albeit it has been simplified and tweaked to suit Guernsey’s finance industry ...
1. What measures are available in your jurisdiction to allow struggling businesses to enter into a “pre-pack”? Jersey does not have a formal administration regime and neither the Companies (Jersey) Law 1991 nor any other legislation provides for a specific rescue remedy equivalent or similar to administration. The one Jersey statutory route closest to administration is the remsie de biens ...
Article PDF On April 17, 2019, the Treasury Department released a second round of proposed regulations (the "4/19 Regulations") providing additional guidance on the implementation of the Opportunity Zone (“OZ”) tax incentive included in the Tax Cuts and Jobs Act. The 4/19 Regulations are taxpayer-friendly and expand upon (but in some cases modify) the guidance provided in the initial proposed regulations released on October 19, 2018 (the "10/18 Regulations") ...
Article PDF On April 17, 2019, the Treasury Department released a second round of proposed regulations (the "4/19 Regulations") providing additional guidance on the implementation of the Opportunity Zone (“OZ”) tax incentive included in the Tax Cuts and Jobs Act. The 4/19 Regulations are taxpayer-friendly and expand upon (but in some cases modify) the guidance provided in the initial proposed regulations released on October 19, 2018 (the "10/18 Regulations") ...
It is practically impossible these days to turn on the news, get on the internet or listen to the radio without hearing about some polarizing event. Whether it is a debate over the presidential candidates, the #BlackLivesMatter movement, or the legality of North Carolina’s HB-2 (dubbed the “Bathroom Bill”) or other similar state law, the American populace is being bombarded from all sides ...
Introduction Today--more than ever--corporate management is under attack. In the wake of the Enron debacle, corporate decisions are more carefully scrutinized, and the conduct of the company’s directors and officers are now constantly under the watchful eyes of investors, creditors, and government regulators ...
The Labour Appeal Court ("LAC") judgment in Liberty Group Limited v MM is a reminder to employers to be vigilant when dealing with allegations of sexual harassment in the workplace and to ensure that managers are equipped to deal with reports of sexual harassment. A failure to do so can be a costly mistake, as the employer in this decision learnt ...
On April 1, 2020—the effective date of the Families First Coronavirus Response Act (FFCRA)—the U.S. Department of Labor (DOL) issued temporary regulations to interpret and enforce the landmark legislation passed by Congress “to assist working families facing public health emergencies” arising out of the COVID-19 pandemic ...
The notion of insurable interest is funa mental to insurance law as it is at the very heart of the validity of this contract. The lack of insurable interest leads to the nillity of the insurance policy and justifies the insurer's refusal to indemnify its insured1. In a decision rendered on March 2, 2012, the Court of Appeal upheld a judgment of the Superior Court2, where an insurer refused to indemnify the insured, raising its lack of interest in the property3 ...
On August 23, 2023, the extracts from the minutes of the meeting of the Sub-commission of the Government Commission for Control over Foreign Investments in the Russian Federation No. 182/5 dated August 09, 2023, were published. (“Extracts No. 182/5”). The said Extracts No ...
FACTS Mr. Gibbens, the insured, became a paraplegic following an inflammation of his spinal cord. This inflammation was caused by the herpes HSV-2 virus, contracted during unprotected sexual intercourse with three different women in January and February 2003. A diagnosis of viral infection was confirmed on February 17, 2003. Mr. Gibbens’s condition deteriorated rapidly and, on February 23, 2003, he became paraplegic ...
Over the years, the Quebec courts have repeatedly stated that dismissed employees have a duty to mitigate the damages they suffer as a result of a dismissal. This obligation, which is now codified in the Civil Code of Québec,1 has been adapted to the circumstances of the cases over which the courts have presided. The question, then, is whether the COVID-19 pandemic is likely to have an impact on a dismissed employee?s obligation to mitigate damages ...
However, Guernsey is also home to a number of insurers and reinsurers underwriting third party risks including life insurance/assurance as well as more exotic risks such as kidnap and ransom and “after the event” insurance ...
Free movement of workers from the European Economic Area (EEA) was ended by Brexit and the UK Government introduced the EU Settlement Scheme to bridge the gap between the UK’s two immigrations systems of those coming from the EEA, and those coming to the UK from outwith the EEEA. The EU Settlement Scheme is a mechanism for any EEA citizen who lived in the UK before 31 December 2020 to remain lawfully in the UK ...
On the morning of April 10, 2021, the State Administration for Market Regulation (“SAMR”) issued on its website an administrative penalty decision and an administrative guidance document against a major digital undertaking for abuse of its dominant position in the domestic digital retail platform services market due to its exclusive dealing behaviors, so-called “choosing one of two”. The administrative penalty imposed amounted to RMB 18 ...
In Castillo v. State Farm Florida Insurance Co., No. 3D06-2874 (Fla. Dist. Ct. App. Oct. 17, 2007), the Court of Appeal of Florida, Third District, reversed a decision granting summary judgment in favor of an insurer, finding issues of fact about whether earth movement, an excluded peril under a homeowners’ insurance policy, played a part in a dwelling’s damage from nearby blasting ...
“I’ve been involved in ESG and sustainability for over 20 years and in the last few years the focus has increased significantly,” says Rich Hall, Head of Sustainability at leading accountancy and professional services firm RSM, on the shift in perception of ESG-related risk within corporate organisations. “Even before the pandemic, we were beginning to see more commentary on ESG issues, mainly centred around the environmental side ...
Since 1965, the West Virginia Supreme Court of Appeals has consistently held that defective workmanship that caused bodily injury or property damage did not constitute an “occurrence” under a policy of commercial general liability insurance, and therefore the insurer was not obligated to pay for the damage or tender a defense. See McGann v. Hobbs Lumber Co., 150 W. Va. 364, 145 S.E.2d 476 (1965) ...
A Georgia intermediate appellate court has affirmed summary judgment in favor of an insurer, holding that there can be no “advertising injury” coverage under a commercial general liability insurance contract where an underlying lawsuit concerning division of profits from a joint copyright work fails to allege a misappropriation of advertising ideas. James C. Shafe, et al. v. American States Insurance Co., No. A07A0879, 2007 Ga. App. LEXIS 1193 (Ga. App ...
As we explained previously, in April 2016 the Second Appellate District held that California’s Fair Employment and Housing Act (FEHA) creates a separate duty to provide reasonable accommodation to an applicant or employee who is “associated” with a disabled person. On rehearing of the Castro-Ramirez v. Dependable Highway Express, Inc. decision (Case No. B261165, B262524), the Court has retreated from its prior holding ...
A government report on Shared Parental Leave (SPL) reveals a low take-up by eligible parents, with only 1% of eligible mothers and 5% of eligible fathers or partners taking it. What is SPL? SPL is a type of paid family leave that enables eligible employees to take flexible leave during the first year of their child’s life or the first year after adoption ...
With the recent and rapid spread of COVID-19 in the U.S., government contractors have already started experiencing contract performance delays, which inevitably will have a significant financial impact ...
Background Ukrainian citizens fleeing their homeland due to the ongoing crisis are welcome to Romania, where they will receive protection and necessary support. During their stay in Romania, accommodation, food and medical services are accessible for Ukrainians seeking safety from the ongoing military invasion, as a result of a combined effort of the authorities and unrivalled mobilization of private entities and the civil society ...
A Guide to Guernsey's population management regime following the new Employment Permit Policy Up until April 2023, two separate policies with different criteria governed immigration Work Permits and Population Management Employment Permits. However, to streamline the process and to enable businesses to look further afield to fill job roles, a new Employment Permit Policy (the New Policy) has been introduced ...
