This new framework will remain in force until 31December 2020 and it allows Member States to provide: a) Aid in the form of direct grants, selective tax advantages and repayable advance payments, up to EUR 800,000 per company, to companies in most economic sectors to meet their urgent liquidity needs; b) State guarantees for loans taken out by companies from banks and the framework defines, among other possibilities, minimum guarantee premiums for this purpose; TYPE OF BENEFICIARY MARG
On 11 March 2020, the World Health Organization declared the existence of a pandemic. The main focus is now to guarantee the safety of workers and employees. However, the potential repercussions for the activities of companies – in the short and medium term – are vast, complex and, in certain cases, they conflict with each other. PLMJ has created a multidisciplinary team dedicated to analysing the problems facing businesses ...
At a time when there is a huge reduction in their income, companies will have to cope with enormous pressures on their liquidity. In this context, bond issuances should continue to be a growing way for companies to obtain finance, in particular, in the case of assets eligible under the European Central Bank’s (ECB) purchasing programmes ...
Therefore, we expect that, in the coming days, weeks and months, the number of notifications to the European Commission in the field of state aid will see a significant increase. Indeed, the Commission has already relaxed the rules currently in force by introducing a new temporary framework for state aid measures to support the economy in the current COVID-19 outbreak ...
The business financing sector is among those that could suffer the greatest impact due to the economic crisis that is expected to be the inevitable result of the global COVID-19 pandemic. In fact, the paralysis of economic activities will undoubtedly have a negative impact on the liquidity of companies that have to make regular payments under financing agreements. These liquidity problems will seriously harm the ability of companies to meet their obligations on time ...
In order to prevent the spread of COVID-19, the Government of the Slovak Republic has adopted several restrictive measures which may, in contractual relationships governed by the Civil Code, cause impossibility of t debtor’s performance.[1]In this alert we focus in more detail on the issue of additional impossibility of performance and subsequent cessation of obligation due to the spread of COVID-19 and adoption of the related preventive measures ...
In these difficult times, many employers are facing problems related to low demand for their services and goods and the resulting lack of work to be assigned to their employees.On the other hand, there are also employers which are currently lacking employees (for example, due to the closure of schools, which caused many employees to stay at home with their children or because employees are kept in quarantine etc.) ...
On 25 March 2020 the Slovak parliament approved relevant changes in the field of social security and employment to mitigate the effects of the outbreak of COVID-19. This new piece of legislation shall enter into force very soon immediately upon its publication in the Collection of Laws of the Slovak Republic. Allowance to Maintain Job Positions Already now certain employers may apply with the office for labour, social affairs and family for an allowance to maintain job positions ...
In the fight against the Covid-19 pandemic, the scale of measures to protect public health and their consequences are starting to be felt by businesses and, in particular, they are suffering from strains on cash flow. As a result, on Wednesday, 18 March, the Portuguese Government approved and presented a package of economic measures to support companies ...
Introduction Covid-19 is a force majeure event, meaning an extraordinary, unexpected and unforeseeable event, which is certainly not attributable to the voluntary conduct of an entrepreneur who is currently undergoing a restructuring or insolvency procedure and now faced with the Covid-19 crisis ...
On 25th March 2020,President Putin made an official COVID-19 address to the nation, in which he announced a series of measures aimed at reducing the spread of the COVID-19 and lower the negative impact on the Russian economy. Among others, President Putin stated that the period from March 30th till April 3th, 2020 would be a nationwide paid week-off, which is formalized by a special Presidential Decree, and which is obligatory for everyone in Russia ...
Force Majeure clauses are used in many contracts in the most diverse business areas. These contractual provisions are rarely invoked in practice in Latvia, as the parties usually do not face any circumstances that could qualify as Force Majeure ...
Thousands of disputes are dealt with by way of international arbitration every year and it is inevitable that when most countries started introducing social distancing measures, a number of arbitrations were either part heard or just about to start and will have been derailed, at least to some extent ...
Amid the spread of COVID-19, the Romanian President decreed a state of national emergency in Romania, with express measures to be taken in the justice system. Although the Decree does not refer to arbitration, the state of national emergency and the need of social distancing inevitably impact it as well ...
The awaited regulation by the Ministry of Economy, Energy and Business Environment on issuance of the Certificate for emergency situations (“CES”) has been adopted through Order 791/2020 relating to the granting of emergency certificates to the economic operators whose activity is affected in the context of SARS-CoV-2 pandemic published on 25 March ...
The M&A market has entered a volatile period, but there are several strategies that you as a seller or buyer can use to navigate your deal through to completion. These strategies may be particularly relevant for buyers who have secured financing or large cash reserves. We also expect that it will generally be a buyer’s market for some time to come. Read this article as a PDF here. Purchase price mechanism ...
It is, to say the least, an overwhelming time. On 16 March 2020, the government presented a proposal for support measures to companies and employees to mitigate the effects of the corona virus. The proposal was followed on 19 March 2020, by the bill “Additional Amending Budget due to the Corona Virus”. Read this article as a PDF here ...
Covid-19 continues to affect businesses negatively. We have previously written about a few important considerations for tenants in connection with the extraordinary situation we are in. As mentioned in that article, if the tenant, on its own initiative, is forced to shut the business it conducts on the premises, the tenant is generally still obligated to pay rent as usual ...
In order to alleviate the effects of the coronavirus, the Swedish government has proposed a crisis package that includes proposals for strengthening companies’ liquidity through the tax account, a new system for short-term working and the state taking over responsibility for sick-leave payment for two months. It is of course our hope that these proposals will result in most companies managing the effects of the coronavirus ...
The coronavirus pandemic is already affecting contractors carrying out public projects and other contracts under the public procurement regime. With the dynamic development of the situation, there is arisk that negative consequences will go even further. The current situation affects not only the performance of contracts but also ongoing and future public procurement procedures ...
An issue concerning businesses at present is the problem of settlements between them resulting from non-culpable inability to perform contracts. This is an area that may require the Parliament’s intervention if current regulations prove insufficient. Due to the closure of anumber of facilities (restaurants, cinemas, some retail outlets), businesses are incurring huge losses ...
On 16 March 2020 the Polish Bank Association (ZBP) published astatement on helpful actions to be undertaken by Polish banks in connection with the COVID-19 pandemic. The statement clearly shows that banks recognise the need to take urgent action in response to anticipated difficulties borrowers will have in performing their obligations ...
Justice systems around the world will soon be exposed to the same pressure as is currently crushing healthcare systems in the wake of the Covid-19 pandemic. What can judges and advocates doto “flatten the curve” and increase the resilience of the justice system as it awaits the post-pandemic wave of disputes? Healthcare systems around the globe are wobbling, and in some states collapsing under atsunami of Covid-19 cases ...
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 ...
