COVID-19: Implications for Business
Rightfully labelled as a human tragedy, the spread of Coronavirus (COVID-19) has forced us to think and act differently. Beyond the human response, now is the time to think about what the consequences may be for your business, and how best you can prepare for those.
Corporate and M&A - View Our Insights
A lot has changed since our last “unhappy bedfellows” alert on shareholder meetings. This note summarises the key takeaways that we have been discussing with clients.
The ASX has provided welcome guidance on their 31 March compliance update on the obligations of listed entities during the COVID-19 outbreak. Our experts outline what ASX has said regarding continuous disclosure, financial reporting and AGMs
COVID-19 will have a significant impact on investment funds and their trustees and manager. While there is uncertainty about how the pandemic will develop, many relevant legal issues can be anticipated and planned for now.
Our experts have outlined key considerations for trustees and managers.
On 31 March 2020, the Australian Securities and Investments Commission (“ASIC”) and the Australian Securities Exchange (“ASX”) announced that they would each grant temporary capital raising relief to facilitate emergency capital raisings for ASX-listed entities.
Our experts examine the key competition and consumer laws that businesses may encounter during this time, discuss how the ACCC, the Courts and the Government may approach the unfolding situation, and provide suggestions on how to navigate unexpected challenges
Identifying the key matters to consider will enable Boards to get ahead of the actions they will need to take. In particular, those matters that may be important considering a Board’s role in managing risk and overseeing the strategic direction of the company as a whole.
The unprecedented uncertainty and volatility resulting from COVID-19 obviously has significant impacts for M&A transactions – both those currently under negotiation and those signed but yet to complete.
The present economic climate is challenging for all businesses. Businesses suffering interruption and financial loss as a result of COVID-19 (including due to supply chain interruptions), may have insurance recoveries available.
As the COVID-19 situation continues to develop, there is unsurprisingly an increased focus on the continuous disclosure obligations of Australian listed entities.
What impact will COVID-19 have on complying with statutory requirements to hold AGMs or EGMs within required timeframes? As expected, the answer is not necessarily straightforward.
Consumer and Health - View Our Insights
This table provides an overall summary, followed by a state by state timeline, of the material restrictions on businesses, venues and movement that have been imposed by the Australian, State and Territory Governments in response to the COVID-19 outbreak.
Companies around Australia are developing contingency plans for the spread of the novel coronavirus. What should they expect in the way of Government action? Our experts bring you what you need to know.
A number of governments are considering implementing special measures. Some present companies that produce medical supplies with new opportunities to fast-track delivery of such supplies to virus affected countries.
Contract and Supply Chain - View Our Insights
In the wake of the coronavirus, many businesses are now having employees work from home. This raises the question of how contracts can be signed when signatories may be working remotely and may not be able to print documents.
IWhere does current uncertainty leave bidders in public control transactions? Our experts outline key statutory and contractual rights that bidders need to be aware of, in the event they may need to walk away.
In this short update, we summarise how this risk may be allocated under construction contracts and provide some practical tips on the administration of those construction contracts in light of the impact of COVID-19.
The impact of the novel coronavirus outbreak on international commodity contracts with Chinese buyers raises challenging and important questions of whether it constitutes ground for buyers to be relieved from their performance and the procedure for claiming such relief.
What if I cannot meet my contractual obligation to import or export goods to or from China? What if travel restrictions mean I cannot meet certain contractual deadlines? Will my contracts automatically terminate, or will they hold until the restrictions lift? Our experts explore these questions.
Finance and Insolvency - View Our Insights
As part of its economic response to the COVID-19 pandemic, yesterday the Government passed a ‘temporary safe harbour’ insolvency measure. This alert explains the key considerations for directors.
Today, the Government has announced a range of initiatives as part of their economic response to the Coronavirus. Legislation will be considered, and we anticipate this will be passed on Monday 23 March 2020, or shortly after.
The impact of COVID-19 on financing transactions has come into focus given the effect of the virus on the world’s economy. Our experts look at certain key aspects of existing and future finance transactions under which we are discussing with clients.
Labour and Employment - View Our Insights
The Fair Work Commission has proposed to vary 103 modern awards by inserting a new Schedule: Schedule X – Additional measures during the COVID-19 pandemic. The Schedule introduces two measures - unpaid pandemic leave, and annual leave at half pay. Our experts unpack the proposed changes and what they might mean for you.
There will be a fine balance to be struck over the coming period as workplaces are forced to adjust to external forces on an unprecedented scale at an unprecedented speed. Our experts update the top employment related legal implications.
One of the biggest questions many businesses are now facing in the constantly changing COVID-19 environment is how to effectively manage a workforce that’s wholly or partly working away from the office? Our experts bring you what you need to consider in addressing the challenge and to meet occupational safety and health duties.
Data and Technology - View Our Insights
While some were frantically stocking up on toilet paper and hand sanitiser when the news of the novel coronavirus COVID-19 broke, others were busy trying to capitalise on the outbreak. As of Monday 23 March 2020, over 20 applications have been filed by opportunistic applicants to register trade marks containing “COVID” or “CORONAVIRUS” in Australia, the United States and the United Kingdom.
It is important that both employers and employees maintain awareness of cyber-security risks while adapting to and operating in the home workplace environment. Our experts bring you what you need to know amidst the uncertainty surrounding the standard of care the management and private and confidential client information.
Tax - View Our Insights
As part of the economic stimulus response to COVID-19, the State and Federal governments, and regulators, have announced a number of measures. To help you stay on top of these announcements, the KWM Tax Team has prepared the following summary table. This table is being progressively updated as further measures are introduced and detailed.
Real Estate - View Our Insights
Governments and banks are putting in place emergency measures to provide relief for tenants who are struggling to meet their rental obligations and landlords trapped between their mortgage obligations to financiers, ongoing rates and property taxes and reduced income streams from tenants.
Foreign Investment - View Our Insights
The Australian Treasurer has announced temporary changes to foreign investment in Australia, reducing the monetary threshold which applies to foreign investment in Australia to $0. Our experts unpack the changes and what they mean for foreign investors.
To speak with our experts, contact Renae Lattey