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Firm: Heuking Kühn Lüer Wojtek

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EU Commission Approves Economic Stabilization Fund for Liquidity and Capital Support for the Real Economy
Heuking Kühn Lüer Wojtek, July 2020

By adopting the Act on the Establishment of the Economic Stabilization Fund of March 27, 2020, the German Parliament and the Federal Council established theEconomic Stabilization Fund(“ESF”) as a special fund to stabilize the real economy in times of the COVID-19 pandemic. The ESF is intended to support German companies in the real economy suffering from the consequences of the COVID-19 pandemic by providing liquidity and capital support...

Public Financial Aid for Start-Ups in the Corona Crisis
Heuking Kühn Lüer Wojtek, July 2020

The German government launched an aid program to support start-ups and young growth companies in the corona crisis aimed at providing start-ups with liquidity quickly. One of the pillars of this program is the Corona Matching Facility (CMF), where KfW Capital and the European Investment Fund (EIF) are “matching” investments of private venture capital funds (VC funds). The aid is therefore linked to the investments of VC funds...

Securities Regulators Demand Fair Disclosure of Consequences of the COVID-19-Pandemic from Issuers
Heuking Kühn Lüer Wojtek, June 2020

Issuers need to make transparent the effects of the COVID-19 pandemic on their companies. The International Organization of Securities Commissions (IOSCO) emphasized the importance and obligation of timely and transparent disclosure of “high-quality information” in a recent statement issued on May 29, 2020. It recalled the corresponding obligation for issuers to report on important matters and encourages companies to comply with their disclosure obligations...

The Virtual General Meeting 2020: Selected Tips for Use in Practice
Heuking Kühn Lüer Wojtek, June 2020

On March 28, 2020, the Act on Measures in Corporate, Cooperative, Association, Foundation, and Home Ownership Law to Combat the Effects of the COVID-19 Pandemic (COVID-19 Act) entered into effect. Among other things, the COVID-19 Act provides for substantial facilitations for stock corporations to hold general meetings. The most important innovation for use in practice is the possibility of holding general meetings entirely virtually, i.e...

Establishing an Economic Stabilization Fund for the Real Economy
Heuking Kühn Lüer Wojtek, May 2020

By adopting the Act on the Establishment of the Economic Stabilization Fund of March 27, 2020, the German Parliament and the Federal Council established the Economic Stabilization Fund (“ESF”) as a special fund to stabilize the real economy in times of the COVID-19 pandemic...

Facilitations for Circular Resolutions in the Gmbh by the Covid Mitigation Act - Overview and Open Questions
Heuking Kühn Lüer Wojtek, May 2020

The Act to Mitigate the Consequences of the COVID-19 Pandemic in Civil, Insolvency and Criminal Procedure Law (“COVID-19 Act”) provides for the option of online general meetings (“virtual general meetings”) for AGs [stock corporations], which numerous small and large stock corporations, including DAX-listed corporations, are already frequently using...

Review Periods for Merger Control to be Temporarily Extended
Heuking Kühn Lüer Wojtek, May 2020

On May 29, 2020, the “Act to Mitigate the Consequences of the COVID-19 Pandemic in Competition Law” entered into force. It includes provisions for a one-off extension of the examination periods of the Federal Cartel Office in the context of merger control. This applies exclusively to the examination periods for merger control notifications received by the Federal Cartel Office between March 1 and May 31, 2020...

Drafting Contractual Force Majeure And Corona Clauses for the Post-Pandemic Period
Heuking Kühn Lüer Wojtek, May 2020

The COVID-19 pandemic distinctly reminds us that during their term, contracts may be exposed to influences beyond the parties’ control, which may unforeseeably complicate their performance or make it impossible. Examples include civil wars, natural disasters, terrorist attacks, or pirate attacks on cargo ships...

Voucher Instead of Refund: Federal Government Adopts Draft Bill for an Amendment in Event Contract Law
Heuking Kühn Lüer Wojtek, April 2020

On April 8, 2020, the federal government adopted draft wording presented by the Federal Minister of Justice and Consumer Protection for a draft bill to mitigate the consequences of the COVID-19 pandemic in event contract law in order to protect organizers of recreational events and operators of recreational facilities from considerable outflows of liquidity...

Dispute Resolution before State Courts and Arbitral Tribunals in Times of the COVID-19 Pandemic
Heuking Kühn Lüer Wojtek, April 2020

The COVID-19 pandemic with contact restrictions and travel bans also poses challenges for civil proceedings. In the future, the functionality in pandemic times could be the material factor for the choice between state courts and arbitral courts because flexibility and options for responding to the COVID-19 pandemic are varying. State court proceedings Despite the COVID-19 restrictions, court deadlines must still be met...

Upcoming Changes to German Foreign Investment Control Regime
Heuking Kühn Lüer Wojtek, April 2020

GERMAN GOVERNMENT INTENDS TO INCREASE HURDLES FOR ACQUIRING GERMAN COMPANIES IN STRATEGICALLY IMPORTANT BUSINESS SECTORS On April 8, 2020, the German government adopted the draft bill of the Federal Ministry for Economic Affairs to amend the Foreign Trade and Payments Act (Außenwirtschaftsgesetz, AWG)...

Local Decisions in Corona Times
Heuking Kühn Lüer Wojtek, April 2020

Even against the backdrop of the current COVID-19 pandemic (“corona”), cities, municipalities, and municipal associations need to continue to be efficient and, above all, capable of making decisions. This article provides an overview of the problems they are facing and offers some possible solutions.   Problem Numerous scheduled meetings have been canceled and remain suspended until further notice...

Support Measures and State Aid by the Federal Government and the German States
Heuking Kühn Lüer Wojtek, April 2020

In coordination with the EU Commission, the federal government has launched numerous support measures and state aid in the form of grants, loans, and guarantees with facilitated conditions in a short period of time. For this purpose, the federal government mainly used already existing funding programs. An explanatory article on the support measures and state aid provided by the federal government can be found here...

Corona and the Adoption of Annual and Consolidated Financial Statements, in Particular Relating to the Supervisory Board's Financial Statement Meeting
Heuking Kühn Lüer Wojtek, April 2020

Current status: March 31, 2020 Increasingly far-reaching restrictions with respect to the COVID-19 virus also bring to light the issue of timely drafting, auditing, adoption, and publication of annual and consolidated financial statements, in particular for listed companies. This against the background that capital market-oriented companies, i.e...

Effects of the Coronavirus on the Right of Residence
Heuking Kühn Lüer Wojtek, April 2020

The COVID-19 virus has a worldwide impact on travel activities, affecting foreigners such as employees of companies intending to travel to Germany as well as those who are already in Germany but are now effectively unable to leave. 1. RESTRICTIONS ON ENTRY AND VISA ISSUANCE The countries of the Schengen area have decided to impose entry restrictions on all non-essential travel from third countries...

European Commission Publishes Guidance on Public Procurement Law
Heuking Kühn Lüer Wojtek, April 2020

On April 1, 2020, the European Commission published a “Guidance on using the public procurement framework in the emergency situation related to the COVID-19 crisis” (Official Journal of the European Union, 2020/C 108 I/01). In particular, the Commission explains various options for awarding public contracts as quickly as possible within the European public procurement framework, which remains unchanged in this respect...

Corona Info: The Legislator Acts, Summarized For You
Heuking Kühn Lüer Wojtek, April 2020

The legislator acts - Special regulations on, among other things, deferral of claims, insolvency law, tenancy law and loan agreements in Germany to come. At the end of March, the German legislator adopted special regulations in response to the COVID 19 pandemic in fast-track proceedings. The law was passed by the German parliament (Bundestag) on Wednesday, March 25, 2020, and, in a special session, also by the German Federal Council (Bundesrat) on Friday, 27 March, 2020...

Antitrust Law and Corona (COVID-19) - Unclear Signals from the Antitrust Authorities
Heuking Kühn Lüer Wojtek, March 2020

In view of the current and imminent economic challenges, many companies are asking to what extent cooperation and concerted practices with competitors are able to ensure the supply of goods, thus cushioning the threat of an economic downturn. While the antitrust authorities have been keeping quiet on this issue for some time, several official statements have now been issued which we would like to comment on briefly below...

Effects of the COVID-19 Pandemic on Contractual Relations
Heuking Kühn Lüer Wojtek, March 2020

For all parties, the question arises at present as to what effects COVID-19 will have on existing contractual relationships – specifically, who will bear the economic burden of the pandemic. In the following is a brief overview: 1...

State Support for Businesses
Heuking Kühn Lüer Wojtek, March 2020

In recent weeks, the corona-related effects on the economy have led to hectic activities by the EU Commission, the federal government, and the German states to make State support services available at short notice and in a manner that is as unbureaucratic as possible. This article provides an overview of the measures taken at federal and state level and their legal framework...

Coronavirus: FAQ Employment Law Part 3
Heuking Kühn Lüer Wojtek, March 2020

A. SHORT-TIME WORKING ALLOWANCE REGULATION 1...

Liquidity Support Through "Unlimited" Loan Guarantees - Update - Including Initial Emergency Measures by German States (Bavaria, Hamburg)
Heuking Kühn Lüer Wojtek, March 2020

Current status: March, 30, 2020 Corona-related sales slumps in many industries are leading numerous companies to experience short-term liquidity bottlenecks. To cover these shortages quickly, the federal government adopted theKfW Special Program 2020, which is available for commercial enterprises and members of the independent professions with immediate effect. Loan terms were improved and standardized yet again to make it easier for companies to access favorable loans...

Corona and Commercial Leases
Heuking Kühn Lüer Wojtek, March 2020

Current status: March, 26, 2020 The joint guidelines of the federal government and the German states of March 16, 2020 also provide for the closure of retail and wholesale stores and the partial closure of restaurants and food outlets. It is now at the latest that it becomes apparent how the COVID-19 pandemic will also have a direct impact on commercial lease law...

Measures under German Tax Law to Create or Preserve Liquidity
Heuking Kühn Lüer Wojtek, March 2020

Companies and taxpayers alike are experiencing massive liquidity shortages due to the far-reaching restrictions on the economy and on public life caused by the COVID-19 pandemic, or at least will be exposed to such a risk in the medium term. This forces them to examine, also in relation to taxes, how existing liquidity may be preserved or additional liquidity created. In addition, the question is how to deal with ongoing tax audits and what other procedural relief is available...

Special Provisions for The Current Crisis: Emergency Legislation for General Meetings 2020
Heuking Kühn Lüer Wojtek, March 2020

Various European countries already passed emergency legislation which, among other things, enables companies to hold general meetings without physical presence rights and obligations in the 2020 general meeting season. The German legislator is now also drafting appropriate special provisions for the current crisis...

 

 

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